Global commercial insurance prices increased 15% in the third quarterThe rates of increases in many lines moderated, however, even though it was the 16th consecutive quarter of increases. The one exception was the U.S. where rates increased by 14%, up from 12% in the second quarter, driven by “substantial” increases in cyber insurance rates and a moderate increase in property/casualty rates.
The reinsurance industry faces increased uncertainty over inflation, cyber liability and other issues heading into 2022. More uncertainty in the world in general is leading to some insurers pulling back capacity and questions over how the industry’s capital should be deployed.
The sixth iteration of LexisNexis’s annual “Home Trends Report” paints a troubling picture for the US homeowners’ insurance market, thanks to worsening catastrophic events. Weather events – such as wildfires, hurricanes, and floods – were some of the largest drivers of losses for the home insurance industry.
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