Rates

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.

Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.

Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends

Carrier and broker sources canvassed by this publication indicate that whatever they imagined pre-January 1 reinsurance renewals, the community is experiencing an even harder market.

Respondents attributed this increase to inflation’s effect on property valuations and the cost of goods, as well as to the natural catastrophe losses.

The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.

Experts at the Plus D&O symposium took a deep dive into the issues and uncertainties affecting the D&O market as rates soften.

Pricing, which includes rate plus exposure, was up 6% for both North America and international.

Of those, around $309mn were associated with nine events primarily in Texas and California, partially offset by favorable reserve re-estimates for prior events.

This compares to a 14.2% annual increase in auto insurance prices in December, while the overall index slightly moderated to a 6.4% gain from 6.5% in December.

Premium bearing transactions increased 6.9% to 5.6 million compared with 2021 totals in the states with surplus lines stamping offices.

While executives remained upbeat about property rates through 2023, commentary surrounding casualty rates were a bit more cautious, especially on the public D&O space.