Travelers

Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.

Capping the firm’s positive quarterly results, Travelers noted a strong but moderating rate in the business insurance segment in a positive read-through for commercial lines carriers.

The destruction of about 200,000 cars and a shortage of labor and auto parts have affected the company’s personal lines results.

Underwriting income fell, as catastrophe claims rose to $501mn from $397mn last year, and reserve development turned unfavorable.

Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.

Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.

At the White House cyber summit, Resilience also said it would demand best cyber hygiene practices at clients before writing cover.

The newcomers are finding it more difficult to disrupt the sector than they had expected.

Employment data indicates that easy growth and margin expansion may slow soon.

The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.

The broker’s panel includes Chubb, Hiscox, Liberty, Markel, and Travelers.

While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.