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I was speaking to an underwriter at Lloyd's on Friday. An old hand. Veteran of markets soft and hard, who probably wrote his first risk before I was born
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Citizens CEO Barry Gilway told a hearing before the Florida Office of Insurance Regulation (FLOIR) today that without legislative reform to tackle the assignment of benefits (AOB) crisis homeowners premiums will climb for years to come in the state.
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In the second quarter US commercial auto rates registered their highest rate increase since they started hardening in 2011.
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The price for each $1mn of directors and officers coverage fell by an average of 7 percent in the second quarter according to a report from Aon.
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US commercial property and casualty rates softened for the tenth straight quarter with an average reduction of 2.8 percent in Q2, according to the latest survey from The Council of Insurance Agents & Brokers (CIAB).
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Global insurance rates declined by 2.2 percent in Q2 to mark the 17th consecutive quarter of falling rates, according to data from Marsh
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Australian insurance bodies have supported a Senate committee report that called on the federal government to reconsider increasing its spending natural disaster mitigation
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The reinsurance arms of the world's leading P&C brokers all posted positive organic growth numbers for the second quarter, while market headwinds caused insurance underlying growth to stutter.
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Insurance executives gave further indications that rates in the US commercial P&C market are flattening last month, though they refrained from claiming that the market has found a bottom.
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Rationality is not always equity markets' strongest suit
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Validus CEO Ed Noonan said he was encouraged by Lloyd's drive to improve syndicates' underwriting performance as he reported that premium rates at the Bermudian carrier's Talbot unit had fallen sharply this year
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Market behaviour in recent renewals suggests Bermudian carrier RenaissanceRe's greatest growth is behind it "for the foreseeable future", according to the company's chief executive Kevin O'Donnell.
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