Rates
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The premium hike marks the 16th consecutive quarter of price increases across all account sizes, rising 8.9%, up 0.6 points from the prior quarter, the survey said.
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Increased competition and new capacity should temper most P&C rate increases in the coming year, despite pressures from social inflation, the pandemic, climate change, cyber and auto woes.
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The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.
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While Willis predicted market moderation as capacity expands, the report concluded that the cost of insurance in the near term is still going up.
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Many insurance carriers will struggle to make a profit this year, as despite increased rates, carriers’ books are still underperforming, according to RPS executive James Rozzi.
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As negotiations begin to pick up heading into January reinsurance renewals, a clear contrast has emerged among executives between the profitability and availability of capacity across the property and casualty markets.
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Rate increases gain steam during Q3 for umbrella, BOP, general liability and commercial property, Ivans reports, while commercial auto upticks slow.
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Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.
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The co-CEO said that rate increases at the company averaged about 10% in the quarter and were higher for casualty and professional lines.
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The chief executive also echoed the comments of RenaissanceRe’s CEO, who said that more than just climate change has contributed to higher catastrophe costs.
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Global commercial pricing gains 15% in Q3, pushed higher by ransomware-driven cyber increases.
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Capping the firm’s positive quarterly results, Travelers noted a strong but moderating rate in the business insurance segment in a positive read-through for commercial lines carriers.
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