CIAB: Rates up 2.8% in Q4

Workers comp rates up 7.5%. Commercial property up 5.7%. Accompanying the press release is this handy chart:

GuyCarp: Reinsurance renewals

I have nothing to add to this: Words here.

Quote of the Day – reinsurance renewals

Brian Boornazian, Aspen Re chief executive: What actually happened on Jan. 1 is that we saw a market hardening in certain lines, but not a ‘classic’ hard market. The signs all point to an industry awareness that the risk being assumed needs more rate to produce adequate returns. The insurance and reinsurance markets are starting [...]

Towers survey: Yup, it’s a hard market

Rates up 2% in the latest CLIPS survey. Q3 increases were bigger than Q2 increases in standard lines (property, GL, comp), suggesting the trend is accelerating. Professional liability rates remain soft, especially in D&O.

RIMS survey: 8-year soft market ending

Via Advisen: New York (November 15, 2011) – Average renewal premiums in three of four lines of business tracked by the RIMS Benchmark Survey™ increased in the third quarter, strongly suggesting that an eight year period of falling commercial insurance rates is at its end. The RIMS Benchmark Survey™ tracks changes in average program renewal [...]

Aon: Homeowners’ rates still too low

Largest U.S. HO insurers would return 4.8% on equity, according to the Aon’s latest. That’s down from last year’s projection of 6.9%. Reasons: Lower investment returns and higher projected cat losses. That’s not an adequate return on capital, the A-Team says. Here’s a link to the press release. I can’t find the actual study. Here’s [...]

Chubb points to 4% rate increase, hardening U.S. market

First Travelers commented on rate increases, now Chubb. From Thursday’s conference call transcript, Paul Krump, executive vice president and president of commercial and specialty lines: We are encouraged that [Chubb Commercial Insurance] CCI’s average renewal rates were up 4% in the United States, up from the 2% renewal increase we reported in the second quarter [...]

Today in P/C rates

Today’s rate roundup: The Council of Insurance Agents and Brokers shows a 0.9% rate increase for Q3, with workers’ comp up 4.1%, property up 3% and GL up 0.2%. Business Insurance quotes, and laments: “We really didn’t see any significant trend last quarter, though rates appear to be edging towards positive territory,” CIAB President Ken [...]

MarketScout survey points to higher rates

Via Business Insurance: Rates overall are flat, which is interpreted as a sign of a hard market. A leap of logic, maybe . . . The Dallas-based electronic insurance exchange found that workers compensation rates rose 2% while commercial property rate rose 1%. Professional liability, directors and officers liability, fiduciary and crime pricing was flat. [...]

Supply and demand in p/c insurance

Always good when someone shores up the ranks of blogging actuaries, so welcome to Todd Bault! I guess he’s been posting awhile, but I seemed to have missed his earlier work. Todd is well-known in the actuarial community for being one of the leading insurance industry analysts, and he’s posting as part of the lineup [...]