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Underwriting remains disciplined as insurers target profitable growth. -
The price for policies with the same limit and deductible decreased 6.0%.
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Overall, insurance rates fell by 1%, led by competition in property.
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The carrier will only continue to offer lead capacity to some existing accounts.
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Current rates at 2% to 2.5% translate to an 86% incurred loss ratio.
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D&O direct written premiums fell 8% YoY as of June 30, and direct earned premiums declined 16%.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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The firm will specialize in professional liability insurance for SMEs.
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Renewals with flat or increased premiums are on the rise, however.
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Expansion of the middle-market book is an ongoing focus.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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However, the market is still struggling with excess capacity and low demand.
