“Due to inflationary and other related factors that have resulted in an increase in property loss costs, we are increasing our aggregate loss cost trend to 6.5%, both in North America and international.”

In context

“to be strong. North America new business was $458 million led by Lexington. International new business was $474 million led by specialty. Turning to rate. Momentum continued in North America Commercial with overall rate increases of 9% in the third quarter, excluding workers' compensation. Areas within North America Commercial achieved double-digit rate increases. These included Lexington, which increased 20%; cyber, which increased 32%; and excess casualty, which increased 12%. International Commercial rate increases were 6%, driven by Talbot, EMEA, Asia Pacific, each of which increased 10%. Our team analyzes loss cost trends every quarter. On our last call, we indicated that our loss cost trend view in the second quarter for North America Commercial lines had migrated upwards to 6%. Due to inflationary and other related factors that have resulted in an increase in property loss costs, we are increasing our aggregate loss cost trend to 6.5%, both in North America and international. Overall, we continue to receive rate above loss cost trends, which contributes to margin expansion on a written basis. Moving to Global Personal Insurance, we continue our work across the portfolio to prioritize growth in A&H, to reposition our capabilities in Japan Personal and to transform our North America high net worth portfolio. Starting with North America, personal net premiums written declined 11%, driven by warranty as well as our ongoing reshaping of our high net worth business that we've discussed on prior calls. We continue to make progress in our high net worth business by reducing peak zone aggregation, improving the overall quality of the portfolio, transitioning a portion of the portfolio where appropriate to excess and surplus lines and enhancing the value we offer to”