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In Q2, median property price increases decelerated to 2.3%. -
The all-items CPI increased 2.5% over the last 12 months.
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Commercial auto and excess umbrella continue to face upward pressure.
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Expansion of the middle-market book is an ongoing focus.
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Rate increases on primary liability placements range from 10% to 20%.
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The rate change will be implemented in November.
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The report flagged “opportunistic underwriting” by many of the major markets.
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Premiums increased 5.6% across all major lines, down from last quarter.
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The all-items CPI increased 2.9% over the last 12 months.
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The action follows the completed acquisition of Accredited by Onex Partners.
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The measures include stricter timelines for rate application approvals and follow-ups.
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The board of directors has voted for a 10% rate hike.
