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Chubb Ltd. saw rate hikes accelerate in the second quarter of 2018 with price increases showing sustained momentum, Chairman and CEO Evan G. Greenberg told analysts Wednesday in reporting almost flat net income for the quarter.
“The direction and momentum in price firming that we’ve been seeing now for several quarters continues,” he said, with overall U.S. and international commercial property/casualty rates rising.
In North America, rates on Chubb business increased 3% in the second quarter compared with increases of 1.9% in the first quarter and 1% in the fourth quarter of 2017, he said.
For major account business in North America, rates were up 5.2% overall in the second quarter, led by property insurance, where rates increased 21.5%. Professional lines rates increased 2%, and casualty rates were up 1%, Mr. Greenberg said.
Middle-market property rates increased 1.5%, casualty rates increased 3%, public directors and officers liability rates increased 6.3%, and private/nonprofit D&O increased more than 2%, but workers compensation rates fell 4.1%. “In the middle market, rates in the quarter, with the exception of comp, were the strongest we’ve achieved in several years, continuing a positive trend,” Mr. Greenberg said.
On international business, rates increased 4% overall with property up 8%, financial lines up 6% and casualty and marine flat, he said.
Chubb reported a 2018 second-quarter profit of $1.29 billion, down 0.8% compared with the same period last year.
Its combined ratio deteriorated slightly to 88.4% comparted with 88% during the 2017 second quarter.
Net premium written for the 2018 second quarter increased to $8.02 billion, a 5.7% increase compared with the same period last year.
For the first half, the insurer reported a profit of $2.38 billion, down 0.9%, while net written premium increased 5.8% to $15.12 billion.
U.K.-based insurance broker Aon P.L.C., Lloyd's of London and Chubb Ltd. jointly launched an insurance product to cover multinational companies from terrorism and political violence-related risk, ITIJ.com reported. The product – Platinum – provides businesses with higher insurance limits and wider cover including cyber and non-damage business interruption.