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2017 natural disasters mean insurance rate increases in 2018

While insurance industry surplus reached an all-time high in mid-2017, exceeding $700 billion, last years catastrophic events effect on earnings means thin profit margins for many carriers.

By Katie Kuehner-Hebert | Updated on February 19, 2018
Now that losses and expenses are outpacing premium growth for many insurers and reinsurers, carriers will likely attempt to push through higher pricing in property and affiliated lines. (Photo: Shutterstock)

While 2017 was mostly a buyers’ market for both property and casualty commercial insurance and affiliated lines, rates across lines could rise this year due in large part to the industry’s estimated $85 billion to $100 billion in total losses from Hurricanes Harvey, Irma and Maria, not to mention wildfires, hail, and tornadoes, according to USI’s “2018 Insurance Market Outlook.”

Now that losses and expenses are outpacing premium growth for many insurers and reinsurers, carriers will likely attempt to push through higher pricing in property and affiliated lines, USI practice leaders predict.

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Katie Kuehner-Hebert

Katie Kuehner-Hebert

Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.

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