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Insurance and reinsurance pricing news

News on pricing in global insurance and reinsurance markets, with a particular focus on renewal rates on line in reinsurance and commercial insurance pricing trends.

Low claims levels keep downward pressure on UK motor premiums: WTW

21st July 2021

Low claims levels of claims over the past year due to COVID lockdowns have resulted in a third consecutive quarter of falling car insurance premiums in the UK, according to the latest Confused.com Car Insurance Price Index in association with Willis Towers Watson (WTW). The index found that comprehensive car insurance ... Read the full article

Commercial property rates up 9.6% in Q2: MarketScout

2nd July 2021

Data from MarketScout shows that commercial property rates increased by 9.6% over the second quarter of 2021, as pricing continued to increase despite moderation in some lines of business. Other lines with significant rate increases over Q2 included business interruption up 7%, umbrella/excess up 11.6%, commercial auto up 9%, and D&O ... Read the full article

Reinsurance market approaching equilibrium: Willis Re 1st View

1st July 2021

Willis Re has reported that reinsurance rate increases continued for most major lines and territories during the June and July renewal period, although in many cases reinsurers had to accept firm order terms below their initial quotes. That indicates that the market is approaching equilibrium, the reinsurance broker says in its ... Read the full article

Reinsurance rate increases outstripped claims inflation through Q1: Willis Re

17th June 2021

Analysts at Willis Re have observed an improvement in underlying profitability among global re/insurers in the first quarter of 2021, as rate increases for both reinsurance and commercial insurance lines of business continued to outstrip claims inflation. Claims inflation has been flagged as one of the key challenges facing the re/insurance ... Read the full article

Aon forecasts shifting re/insurer priorities as pricing moderates

14th June 2021

As part of its Global Market Overview report, broker Aon has forecasts that key longer-term issues are likely to gain relevance in re/insurer appetite and rating models, as the world emerges from the COVID-19 pandemic and as pricing momentum slows. Aon is predicting moderation in rate increases as re/insurers begin to ... Read the full article

Morgan Stanley forecasts slowdown in P&C rate growth

14th June 2021

Analysts at Morgan Stanley are foreasting a deceleration in property and casualty (P&C) insurance rates as lines begin to approach pricing adequacy. At present, overall rate increases continue to remain positive and above loss trend, as evidenced by improvement in Q1 commercial lines margins. But Morgan Stanley believes the evidence now points ... Read the full article

WTW reports uptick in commercial insurance rates through Q1

10th June 2021

US commercial insurance prices increased again during the first quarter of 2021, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) by broker Willis Towers Watson (WTW). The survey compared prices charged on policies underwritten during the first quarter of 2021 to those charged for the same coverage and quarter ... Read the full article

Reinsurance pricing strength to continue into Jan 2022: Moody’s

4th June 2021

Analysts at Moody’s have noted that the 2021 Atlantic hurricane season activity looks set to be “well above long-term historical averages,” which could result in continued pressure on reinsurance rates. According to forecasters, the combination of warmer than average sea surface temperatures in the tropical Atlantic Ocean and Caribbean Sea, weaker ... Read the full article

Premium renewal rates up across almost all major lines: IVANS

14th May 2021

Looking at premium renewal rates over the month of April, the latest data from the IVANS Index shows that nearly all lines of business experienced an increase in pricing. This was with the exception of Workers’ Compensation lines, which continued to see negative premium renewal rates last month. IVANS, a division of ... Read the full article

Capacity is adequate, demand is high: GC’s Peter Hearn

5th May 2021

Peter Hearn, Chief Executive Officer of reinsurance broker Guy Carpenter (GC), has maintained that, despite some moderation in pricing over Q1, reinsurance market capacity remains adequate, and demand is high. The Guy Carpenter global property catastrophe rate online index increased just under 5% at the January 1 reinsurance renewals. And similarly, for ... Read the full article

WTW predicts return to soft cycle as rates decelerate

23rd April 2021

Analysts at Willis Towers Watson (WTW) have said the cyclical nature of pricing in the re/insurance market is set to be “proven again” as prices look ready to decelerate over the coming months. A new report by the broker noted that property rate increases have not been as steep as many ... Read the full article

Instability forecast for motor & home pricing until 2023: Pearson Ham

20th April 2021

Impending action by the FCA on pricing practices, combined with the post lockdown impact on claims, will herald a period of price fluctuation for motor and home lines as insurers adapt their business models to address issues such as ‘price walking’, according to analysts at Pearson Ham. Data from the firm’s ... Read the full article

Morgan Stanley expects “sustained” reinsurance pricing ahead of renewals

19th April 2021

Analysts at Morgan Stanley are expecting reinsurance rate increases to prove more sustainable as they examine pricing trends ahead of the mid-year renewals. Though discussions of pricing at Jan 1 and Apr 1 renewals have been characterized as slightly disappointing, Morgan Stanley noted that pricing was generally up across the board ... Read the full article

Commercial pricing close to peak levels: KBW

13th April 2021

Analysts at KBW believe that commercial insurance lines pricing has been “close to peak levels” during the first quarter of 2021, with plateauing and very modest deceleration expected as the year continues. This could entail slightly smaller rate increases that still remain above loss trends, KBW explained. Analysts added that specialty commercial ... Read the full article

Re/insurers achieve premium growth despite COVID challenges: Willis Re

25th March 2021

A new report from broker Willis Re shows that, globally, re/insurers achieved mild premium growth over 2020 due to rate increases for reinsurance and commercial lines of business. Most lines of business in the US market reversed Q2 declines in premiums and US premiums over the year actually outpaced GDP growth, ... Read the full article

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