The Hanover
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March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%. -
The carrier said agents who form strategic partnerships with select specialty carriers gain a “unique advantage” in the market.
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The Hanover swung back to underwriting profit of $88mn after a cat-heavy Q3.
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The company’s fourth quarter combined ratio increased by 0.5 points to 92.9% year-on-year.
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The program offers E&O insurance coverage for real estate agents, appraisers, title agents, abstractors, home inspectors and mortgage brokers.
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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The Inside P&C research team looks forward to the big issues of the new year.
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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.
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Hurricane Ida added $75mn in losses to an already active cat season within the carrier’s geographic footprint, the chief executive said.
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The company reported a combined ratio of 102.3, an 8bps increase from last year.
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Gaining market share while avoiding any new business penalty will be an interesting balancing act if the firm is to meet its 2026 targets.
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The carrier is targeting an increase in specialty business, as well as casualty growth to balance property exposures.
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