property and casualty
September 14, 2023
For the Fifth Straight Year, Surplus Lines Sees Double-Digit Growth
Total U.S. surplus lines direct premiums written (DPW) rose by 19.2% to reach a record $98.5 billion in 2022, marking a five-year streak of double-digit growth rate increase, according to a new AM Bestreport. The new Best’s Market Segment Report, “Surplus Lines Insurers Focus on Evolving Risks to Sustain Premium Growth,” showed eight of the top...
August 29, 2023
7 Factors Driving Commercial Property Insurance Costs
Several cost-driving trends have contributed to the hard commercial property insurance market. This environment has led to continuous rate increases and other challenging conditions. In these circumstances, it’s crucial for businesses to understand why premiums have been rising. This article discusses seven factors currently impacting commercial property insurance costs. Catastrophic losses—Hurricanes, tornadoes, wildfires, winter storms...
June 7, 2023
Hard Market Conditions Intensify in Commercial Property
Hard market conditions of rate hikes coupled with tightening terms have intensified for June 1 renewals in commercial property, as carriers prevail in a “seller’s market” where new capacity remains scarce, sources told this publication. Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in...
February 20, 2023
Revealed – Issues Challenging Commercial P&C in Today’s Environment
Commercial property and casualty (P&C) insurance carriers have been delivering strong financial performance in recent years despite the widespread disruption caused by the COVID-19 pandemic and other global events, according to a recent McKinsey report. The report noted that premiums have been driven by extensive risk-adjusted rate hardening on a year-on-year basis, resulting in an...
January 19, 2023
Property & Casualty Trends to Watch in 2023
Insurance experts often examine how outside influences and trends affect the insurance marketplace, and businesses should follow suit to determine what factors may impact their insurance coverage. For 2023, there are a number of sweeping market developments to consider. Labor ShortagesThe last few years have seen widespread labor shortages. According to a recent survey conducted...
July 13, 2022
2022 Midyear Market Outlook: Commercial Property Insurance
The commercial property insurance market has hardened in recent years, with consistent rate increases since the third quarter of 2017. These rate increases were evident in the beginning of 2022, with first-quarter rates rising by an average of 7.6%, according to industry data. Similar pricing trends occurred in the reinsurance markets during the same period...