Allianz sees commercial rate growth rolling through 2022, albeit at ‘muted’ pace
Allianz expects continued improvement in property and casualty (P&C) rates through 2022, albeit at a slower pace than enjoyed over 2020-2021, Chris Townsend (pictured) of Allianz management board told the group’s Capital Market Day.
"Rate has clearly been our friend," Townsend said of top line gains to-date in his large-cap commercial lines.
Allianz claims a 26 percent effective rate increase in commercial renewals in 2020 and 15 percent YTD in 2021, he said. "That's well north of the loss cost inflation," he noted.
"The rate increase will continue in 2022 albeit on a more muted level, but in excess of loss cost inflation," he said.
The comments come part and parcel with presentation of a new three-year strategy for the group, headlined by expectation for 5 to 7 percent annual growth in EPS. P&C will lead growth in operating profit, as indicated by the officials.
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