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Cat-exposed accounts will still face higher rates and more restrictive terms, however, as carriers continue to manage their aggregate, according to Amwins’s “State of the Market 2024” report. -
Nancy Woode and Erinn Pearson most recently worked at McGill and Partners and will be based in Aon’s Atlanta office.
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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The loss threats come as the space is going through a softening cycle, with 2%-2.5% rates and a few sources noting cases of 1.7%-1.8%.
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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
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The ratings agency cites ongoing deterioration in results for personal auto and homeowners’ lines, along with rising loss costs, driven by inflationary pressures.
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Underwriters’ concern surrounding the volatility of secondary perils is sustaining caution over rate adequacy.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.
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The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
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A quick roundup of this week’s biggest stories.
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Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
