Pricing Update

State of the Market
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Pricing Update

State of the Market Explore by Market

Looking Ahead

Amwins Q1 2022 Pricing Guidance for Key Industries

Since our last State of the Market report, many industries and lines of business have seen changes to pricing, capacity and terms. While we don’t yet have a wrap on 2021, we believe such a quickly evolving marketplace merits a brief update to our forecast.

The market continues to respond to the changing business landscape and as COVID lingers, supply chains struggle, and legislation necessitates adjustments for many industries, insureds will see pockets of the current hard market continue throughout First Quarter 2022.

At Amwins, our mission is to provide value to our clients regardless of the market environment. Our expert specialists have compiled this unique market perspective to ensure our retail partners are prepared to advise insureds on what they can expect to see in the coming months.  

No matter what the future brings, Amwins is ready for it. Now you are, too. 

 

 

* The rate percentages included in this guidance are general estimates based on average rate increases in the marketplace. Individual accounts may receive rate quotes outside of these ranges as underwriters take into consideration geographic region, venue, loss history and the specific risk exposures of individual businesses.

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Market Summaries

Property, Casualty and Professional Lines
Overall, property rates are on target with our Q2/Q3 estimates and we expect a controlled rate increase into 2022. In early 2021 we predicted the casualty focus would be on rate and we are predicting much of the same for 2022. Professional lines rates have been relatively stable since the start of the pandemic with a few key exceptions that will continue into 2022.  
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Healthcare
Overall, we are seeing single-digit rate increases for preferred risks, but accounts in tougher venues and those with poor claim history are seeing large rate increases on renewals. We expect this trend to continue into the first quarter of 2022.
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Construction
For the past 24 months, construction markets have seen reduced capacity and restricted policy conditions as well as higher rates and deductibles. The tides are slowly beginning to turn, however, with more carriers entering the market and aggressively bidding both primary and excess business.
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Energy

Energy markets are not so much softening as they are hardening more slowly thanks to increased flexibility from underwriters and more competition in the market.

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Environmental

Environmental liability costs continue to rise, and rates will depend on the class of business and identified exposures.
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Public Entity

In the current market, rate changes are being influenced largely by loss history and SIR (self-insured retention) as well as carrier capacity in the CAT portfolio.

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Real Estate

U.S. real estate property accounts are likely to experience controlled rate increases between 7.5% and 12.5% during the first quarter of 2022, while increases are expected between 10% to 15% on general liability with no change in losses.
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Transportation
Primary and excess auto pricing trends vary by the risk profile of the insured. Good risks with clean losses, strong CAB and strong use of technology are seeing smaller increases, while tougher risks with big claims, frequency problems, CAB issues, etc. are going to face rate increases from 10% to 25% or more.
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Previous State of the Market Reports

Q2/Q3 2021
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Q1 2021
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Q3 2020
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