{"id":2223,"date":"2022-11-02T08:54:30","date_gmt":"2022-11-02T13:54:30","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=2223"},"modified":"2024-02-28T15:10:48","modified_gmt":"2024-02-28T21:10:48","slug":"two-minute-takeaway-casualty-overview","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty-overview\/","title":{"rendered":"Two-Minute Takeaway: Casualty Overview"},"content":{"rendered":"

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Property & Casualty<\/p>\n

\n Two-Minute Takeaway: Casualty Overview\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Two-Minute Takeaway: Casualty Overview\n <\/h1>\n\t\n <\/div>[vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. <\/span><\/i><\/b>Read on to learn more about what\u2019s happening in the casualty sector.<\/span><\/i>\u00a0<\/span><\/p>\n

Good news for the liability market – it’s continuing to stabilize. Middle-market insureds, depending on risk characteristics, are experiencing flat to low single digit rate increases. Marketed programs often improve rates since prospective insurers stretch for new business and incumbent insurers want to retain business.<\/span>\u00a0<\/span><\/p>\n

Commercial Auto Market\u00a0<\/span><\/h3>\n

The commercial auto market has experienced rate increases for 43 consecutive quarters, and there is no indication of these increases slowing. While the frequency of claims subsided during the pandemic shutdown, the severity increased. This results in more dollars paid for claims. The additional cost to repair autos due to enhanced technology, shortage of replacement parts and supply chain delays all contribute to the increased cost of claims.<\/span><\/p>\n

Workers\u2019 Compensation<\/h3>\n

Workers’ compensation remains profitable for insurers, allowing for rate decreases in many industries. This line is continuously monitored by insurers as medical cost inflation and increased payrolls are predicted to increase the cost of these claims, shifting the profitability of the line.<\/span>\u00a0<\/span><\/p>\n

Larger insureds are experiencing more stable rate increases compared to the significant general liability and umbrella\/excess rate increases experienced in the past 18 to 24 months. Some additional capacity has entered the marketplace to help balance the previous increases.\u00a0<\/span>\u00a0<\/span><\/p>\n

Because sales and payroll are the traditional exposure rating basis for casualty lines, consideration should be given to whether these are actual exposure increases or the result of cost pass-throughs. Insurers are typically willing to discuss this phenomenon and adjust rates accordingly.<\/span>\u00a0<\/span>[\/vc_column_text][\/vc_column][vc_column width=”1\/3″][vc_single_image image=”1414″ alignment=”center” style=”vc_box_circle_2″][vc_separator border_width=”2″ el_width=”60″][vc_column_text]<\/p>\n

Property & Casualty Team<\/h6>\n

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[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. Read on to learn more about what\u2019s happening in the casualty […]<\/p>\n","protected":false},"author":66,"featured_media":1452,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[110,34],"class_list":["post-2223","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-market-trends","insight_category-property-casualty"],"acf":[],"yoast_head":"\nTwo-Minute Takeaway: Casualty Overview - Brown & Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/two-minute-takeaway-casualty-overview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two-Minute Takeaway: Casualty Overview\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Our Two-Minute Takeaway provides a quick, high-level overview of notable topics and trends in the marketplace. 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