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The central bank set its policy rate at a range of 4.25%-4.5% – the highest it has been since 2007. -
The storm in Florida will drive primary loss costs up for property carriers even more, due to higher treaty attachment levels, the company’s report read.
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The annual increase represents the smallest 12-month increase since the period ending December 2021.
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Only D&O and workers’ compensation clients experienced price decreases during Q3, according to WTW.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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In Texas, the company expects roughly 50% rate increases, whereas in California, the company received approval for a 6.9% increase.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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While Allstate may be beyond the worst of the reserve charges, execution of initiatives needs to go smoothly for it to get back on track.
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The business line’s premium increases this year were less pronounced than in 2021, when quarterly renewals were in the 50%-200% range.
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Year-to-date Texas surplus lines pricing increased 26% to $9.56bn.
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Inside P&C’s news team runs you through the key highlights of the week.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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