The Council of Insurance Agents & Brokers
(CIAB) report on the US commercial property and casualty market as at mid-year 2020 is a valuable insight into the state of that market.
The latest edition as at 30 June 2020 highlights:-
- +10.8% average premium pricing increase seen across all sized accounts - the 11th consecutive quarter of increases; compared to +9.3% in Q1 and +7.5% in Q4 2019.
- +13.3% for commercial property;
- + 20% for umbrella casualty risks;
- +16.8% for D&O risks.
The report also mentions that the impact of Covid on the underwriting of business is increasingly leading "to new pandemic exclusions, more scrutiny for new business, and significantly decreased capacity."
Alan Schnitzer, CEO of Travelers, is quoted as saying during its earnings conference: "The pandemic and related economic fallout has a sense of incremental uncertainty, making this feel like one of those times, not unlike in the wake of 9/11 and Hurricane Katrina, when the market recalibrates risk."
If you would like to read the full report please click here