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The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues. -
Nearly all lines showed “moderate to significant” price increases, except workers' compensation, D&O liability and cyber.
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Inside P&C’s news team runs you through the key highlights of the week.
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The carrier’s E&S property book is “up 29%, with 25 points of rate”, said the executive.
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Floridians will bear the brunt of Idalia's losses as a retention event, but reinsurers will reap the benefits of pricing.
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In contrast, cyber pricing continued slowing down as Q2 rates increased 3.6%, compared with 8.4% in Q1 and 15% in Q4 as the space was hit by increased competition.
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Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.
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In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.
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It marked the highest YoY growth this year, followed by 46% growth in January and 40% in June.
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At the same time, insurers are assessing the level needed to address loss cost trends.
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The carrier is set to achieve 20% rate increases in auto this year, with the same rate increase likely to be needed in 2024 to achieve its 2025 targets.
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Chubb NA property rates climbed 22% in the second quarter, driven by higher cat losses, inflation and reinsurance costs.
