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This comes as the all-items consumer price index showed only a 5% gain. -
The private broker said replacement cost values in the homeowners' sector will also go up this year to offset increased construction costs and inflation.
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High-impact rate filings in California have driven increases nationwide.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company is “not seeing any meaningful economic slowdown” within its data.
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Meanwhile, commercial auto rates decelerated to 5.64% from 5.84% last month as umbrella slowed down to 4.98% from 5.59%.
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The all-items CPI increase was the smallest 12-month increase since December 2021.
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The rise marked a deceleration from the increase in Q3, when carriers reported a 5.2% climb, according to WTW figures.
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The push for pricing will continue to be strong as at 1.1, but some sources suggest that the upcoming mid-year renewals could be more orderly.
