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On the contrary, GL rate changes decelerated sequentially to 4.9% from 5.9%. -
Executives flagged elevated packaged auto loss activity in Q2.
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Underwriters are getting increasingly granular, rewarding mitigation and prevention with better terms.
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Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
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Twia’s analysis showed existing rates were inadequate.
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The insurance sector’s RoE is expected to exceed 10% next year.
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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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Worsening claims activity, privacy concerns and emerging threat actors have yet to reflect in pricing.
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The flattish outcome comes after a larger year-on-year hike in January.
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Reinsurers were more willing to support lower layers ahead of July 1, the broker said.
