All the headlines from our Pricing Trends Topic Page, ordered by recency.
Jan 24 2024 // Ivans Index found the average premium renewal rate increased year-over year for all major commercial lines except workers’ compensation, but every line of business averaged rate increases at renewal during the last...
Jan 23 2024 // North Carolinians have had plenty to say about a proposed homeowners insurance rate increase that could, on average, raise rates in the state by double digits.At a public forum held online and in Raleigh, homeowners...
Jan 22 2024 // State and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving...
Jan 22 2024 // As claim severity rises, U.S. personal auto results are on the decline, according to AM Best’s Market Segment Report, issued in December 2023.The 112.2 net combined ratio in 2022 for personal auto was an almost...
Jan 16 2024 // A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.”“Our forecast calls for 5% to 15% rate...
Jan 11 2024 // Executive Summary: Companies need to enact long-term performance measurement and strategies for underwriting discipline across the underwriting cycle because evidence suggests underwriters will not impose it themselves,...
Jan 10 2024 // Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request.The West Virginia insurance...
Jan 10 2024 // According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of...
Jan 8 2024 // The North Carolina Rate Bureau, basing its calculations on input from 197 property insurance companies, has asked for a 42% average increase in homeowners insurance rates, to take effect Aug. 1.The rate bureau’s...
Jan 8 2024 // This post is part of a series sponsored by IAT Insurance Group. U.S. coastal areas, particularly Gulf Coast states like Florida, Louisiana and Texas, have been hit hard in the past decade by climate change-related natural...
Jan 4 2024 // While the reinsurance market indeed stabilized during the January 2024 reinsurance renewals (from the chaotic January renewals of last year), buyers with loss-affected programs experienced further upward pressure on...
Jan 2 2024 // Louisiana Insurance Commissioner Jim Donelon has approved a 9% reduction in workers’ compensation rates for 2024.The decrease will take effect in May 2024. Louisiana has seen workers’ compensation rates fall...
Dec 27 2023 // Insurance trade organizations are always working for the industry so Insurance Journal asked them: What are the top priorities and/or challenges heading into 2024?Here are the responses we received: In the coming year, the...
Dec 15 2023 // The West Virginia Insurance Commissioner’s Office is accepting comments on a proposed 19.9% auto liability insurance rate increase for Farmers Direct Property and Casualty Insurance Co. The proposed increase is one...
Dec 12 2023 // As claim severity rises, US personal auto results are on the decline, according to AM Best’s latest Market Segment Report.The 112.2 net combined ratio in 2022 for personal auto was an almost 11-point deterioration...
Dec 8 2023 // Insurance companies in Kansas will pay a reduced surplus lines tax rate beginning next year after the legislature passed a law lowering the surplus tax rate from 6% to 3% for tax years 2024 and after.Kansas insurance...
Dec 6 2023 // Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade.War-risk premiums for some vessels have been climbing since shortly...
Dec 5 2023 // War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on...
Dec 1 2023 // The Washington State Department of Labor & Industries announced a 4.9% increase in the average workers’ compensation premium rate for 2024.The increase, which takes effect Jan. 1, 2024, means employers and...
Nov 30 2023 // The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates.The NCCI recently proposed an overall...