4Q P/C Composite Rate Up 2%
Underwriters Utilize Modeling and Pricing Tools
Fourth Quarter P&C Composite Rate Up 2% Fourth quarter 2017 rate adjustments for property and casualty insurance in the US were plus 2 percent as compared to plus 1 percent in the third quarter in 2017. Richard Kerr, CEO of MarketScout commented, “Underwriters are rarely surprised by aggregate losses because they have so many pricing and modeling tools. Most insurers are assessing rate increases at a moderate pace. Automobile and transportation accounts incurred the largest rate increases at plus 5 percent over prior year pricing.” As measured by coverage classification, all coverages except D&O, professional liability and auto had rate increases from the third quarter 2017 to the fourth quarter 2017. Property increased the most from plus 1 percent to plus 3 percent. On average, underwriters assessed rate increases for all industry groups except transportation and public entities. Kerr noted, “Keep in mind, rates are calculated on a composite basis and represent exposures from businesses across the US. Insureds in catastrophe exposed areas incurred higher rates/premiums.” The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States. A summary of the fourth quarter 2017 rates by coverage, industry class and account size is set forth below. |
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