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The motor vehicle insurance index rose 7.4% year on year that month, from 6.0% in June, while the annual gain in all-items CPI dropped to 8.5% from 9.1%. -
This is the second monthly decline after May and a sign of continued moderation after the index reached a peak in January.
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The broker sees rising costs pushing more careful underwriting and rate rises across multiple business lines for the rest of 2022.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The cost of a new car gained 6% last month.
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Used car prices are on a general decline this year but the impact on personal auto insurers is yet to be seen.
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Aon said supply chain disruptions are easing, shipping costs are receding and building materials and vehicle pricing are decelerating.
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Commercial auto, hospitality, public entity and higher ed are among the sectors seeing continued rate hikes and limited capacity, according to CRC Group.
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Although P&C insurers had 9% premium growth, the underwriting loss in 2021 follows a $4.4bn underwriting gain in 2020.
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In his new role, he will oversee insurance operations across business development, underwriting, claims, carrier and reinsurance relationships.
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The medical care index increased 0.4% month over month (in line with April's increase) and 4% versus May 2021.
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Month over month, rates were up across business owners’ policy, general liability, commercial property and workers’ comp.
