New data from Wells Fargo Insurance has revealed that the property and casualty insurance market is expected to undergo at least a 10% cut in pricing.
According to a
Business Wire report the employee benefits arena faces pressure from increasing medical and prescription costs, which will result in sustained premium increases.
The report said Wells Fargo expects continued increases in specialty drugs, as well as medications for complex, chronic and rare conditions.
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While a significant 75% of employers are concerned about retaining millennials in their workforce, only 28% plan to make changes to their benefits plan to appeal to this specific generation of workers.
“In the property and casualty segment, the market will continue to see rate reductions for the majority of customers, although slightly lower than prior years,” national practice leader for Wells Fargo Casualty and Alternative Risk Group Doug O’ Brien said in the report.
He continued: “Potential changes to the Affordable Care Act could also impact workers’ liability, as injured workers may file more workers’ compensation claims in lieu of healthcare claims.”
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