COLORADO SPRINGS, Colorado — Many insurance buyers will likely face demands for more premium hikes at upcoming renewals with insurers pushing for rate increases in a continuing tough market for several major lines of coverage.
Property rates, which saw double-digit average increases earlier this year, are likely to rise further as little new capacity has entered the market and insurers point to sustained higher catastrophe losses, though increases likely won’t match last year’s hikes.
Several liability lines, which saw less pronounced increases, are also likely to experience higher rates as insurers report worsening losses, brokers and insurers say.
Only in some specialty lines — such as directors and officers liability and cyber liability, which have seen an inflow of new capacity over the past two to three years — are rates likely to fall, they said during meetings at the Insurance Leadership Forum held in Colorado Springs last month.
The conference, organized annually by the Washington-based Council of Insurance Agents & Brokers, is a key market meeting and draws top executives from insurers, brokers, reinsurers and other industry…
