Wells Fargo Insurance Market Outlook: Property and Casualty Market Stable in 2015
Fueled by abundant market capacity and an improving economy, the commercial property and casualty insurance market should remain stable and profitable in 2015, according to the Wells Fargo Insurance 2015 Insurance Market Outlook. The report, issued by Wells Fargo Insurance, part of Wells Fargo & Company’s (NYSE:WFC) , forecasts market conditions for a wide variety of product segments including liability, workers’ compensation, aviation, international and technology and network security.
“With record high market capacity and improving economic conditions, the commercial insurance industry is positioned for an extended soft market in 2015,” said Kevin Brogan, head of the Property and Casualty National Practice at Wells Fargo Insurance. “Despite rate reductions – forecast to be in the high single to low double digits – the market should see sustained underwriting profitability and attract new capital as a result of GDP growth and rising interest rates.”
Key Findings – Wells Fargo Insurance Market Outlook
- Casualty: Rates for primary GL and Auto Liability and Workers’ Compensation are expected to decrease 5% to 10%.
- Property: Significant premium reductions will be achievable in almost all property classes.
- Professional Risk: Buyer friendly market conditions will largely continue with anticipated stable or improved pricing in 2015 combined with ongoing improvements in coverage terms.
For the complete 2015 Insurance Market Outlook, visit https://wfis.wellsfargo.com/insights/clientadvisories.
For a video interview featuring additional insights from some of our national practice leaders, visit https://wfis.wellsfargo.com/insights/videos/pages/default.aspx
About Wells Fargo Insurance
Recently named best insurance broker in North America1, Wells Fargo Insurance provides solutions for a wide range of customers, including retail consumers, high net worth individuals, small businesses, as well as middle market and large corporate customers. Wells Fargo Insurance writes or places $10 billion of risk premiums annually in property, casualty, benefits, international, personal lines, and life products and also includes the nation’s largest crop insurance provider, Rural Community Insurance Services (RCIS). For more information on Wells Fargo Insurance visit www.wellsfargo.com/wfis.
About Wells Fargo & Company
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
1 Global Finance Magazine 2015
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