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This continues a consecutive quarterly gain of over 6%. -
Personal lines rate filings are rising, even as some inflation drivers slow.
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Commercial property rates for February rose 10.77%, up from 10.30% in January.
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Premiums rose an average of 7% across all lines, down from Q3.
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Carriers expressed confidence on the line’s ability to withstand medical inflation.
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Otis could be a $2bn-$3bn loss, but more information is expected before June renewals.
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CSAA writes over 70% of its business in the Golden State.
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This follows a record-breaking $63bn of premium and 24.1% growth for 2022.
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The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.
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The broker said softening was emerging in some lines, but cat risks remain challenging.
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The index’s 2023 peak was Q2, when rates increased 19%.
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The growth positives of last year are showing signs of fading.
