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Reinsurers were more willing to support lower layers ahead of July 1, the broker said. -
Challenges such as climate change and civil litigation remain troubling.
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Workers’ compensation renewal rates decreased on a year-over-year basis.
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In 2023, the segment had its best direct loss ratio in nearly a decade at 50.8%.
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In high-capacity, global E&S property, London has continued to be aggressive.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Commercial and residential carriers have different requirements.
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Quarterly price increases of around 6% have remained steady since the pandemic.
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The ratings agency noted robust profit margins for reinsurers.
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The broad themes remained the same as those dominating in April.
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Additional capacity for upper layer coverage is driving rate reductions, the broker says.
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The decrease takes effect August 20, 2024, and impacts new and renewal business.
