January 22, 2025
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The agency cited falling property rates and US casualty challenges. -
While buyers enjoy favorable market conditions, increased costs from tariffs could spell trouble in 2026.
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Insurance has been an increasingly salient issue among politicians in the state.
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The company’s policy count has been declining rapidly in recent months.
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The medical care index increased 3.5% over the past 12 months.
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Insurers have thrown fuel on the fire of the soft property market and brokers will struggle to eke out organic growth.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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An impending soft market further complicates the outlook for carriers with long-tail casualty exposure.
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California and Florida were up significantly, but premium growth slowed in Texas.
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Tom Wakefield says there is scope for opportunistic reinsurance purchases in 2026.
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The pricing battle has been played out but the extent of new demand will only show up in 2026.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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Inflation was down from the 3% recorded for the 12 months ending in September.
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Louisiana Insurance Commissioner Tim Temple outlined key priorities for 2026 in an interview with Insurance Insider US.
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Several lines had price decreases, while growth in most sectors slowed from previous quarters.
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Global insurance premiums reached an all-time high of $15.3bn by year end 2024.
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Only GL and workers’ comp had renewal rate increases compared to Q2.
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Texas was up over 25%, though California and Florida both recorded reductions.
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Plaintiffs claim climate-induced cat losses have spurred increases in premiums.
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The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.
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The carrier said it anticipates a better market due to recent reforms.
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Casualty rate increases largely stabilized in Q2 and Q3 at 5%-10% for general liability.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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Softening rates amid worsening loss costs paints an uncertain future for the industry.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the revision.
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The broker said R&W rates rose to 2.8% in Q2 vs 2.5% in Q1.
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The growth and profitability survey predicts 8.5% median growth for 2025.
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Workers’ compensation was the only line that saw a YoY decrease.
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Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The specialty carrier’s share price fell nearly 7% on the day of the call.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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