Property insurance rates fell 10% in both the U.S. and UK, while global casualty rates rose 3%, driven by a 9% U.S. increase.
Industry leaders from Chubb and W.R. Berkley describe current market competition as unusually aggressive, with national carriers and MGAs offering steep discounts and chasing marginal business.
Oversupply of capital, volume-based incentives, and alternative capital are fueling rapid price declines, with concerns that inadequate pricing could quickly impact insurer profitability and market stability.
Amid a property insurance price war, why are liability and casualty rates still soaring?
How close is the property insurance market to a major collapse with prices plummeting?
Why are big businesses getting insurance discounts while homeowners face a crisis?
Are insurance giants calling the market 'dumb' to mask their own loss of market share?
Are 'volume-based' agents fueling a race to the bottom in insurance pricing?
Is a calm storm season creating a false sense of security for insurance investors?