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GL and commercial auto rates accelerate at year-end as social inflation worsens. -
Insureds, however, are often reinvesting savings into purchasing increased limit.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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January CPI/PPI heats up but won’t translate to higher loss costs.
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The insurance commissioner said the carrier has not shown the need for price increases.
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The event now includes a casualty portion and has officially been re-branded as the Property and Casualty Symposium.
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Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.
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Changes in cat activity and social inflation have impacted carriers focused on the mid- and small commercial market.
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The impact of the devastating California wildfires is too early to ascertain, executives said during earnings calls.
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The insurer’s strong Q4 results might not read across to the rest of its peer group.
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Insurers are increasingly trying to push attachment points for excess layers up to $10mn.
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Commercial auto ended the year with its biggest gains at 9.82%, compared to 9.71% in Q3 2024.
