And gross and net written premiums increased 10%, 11%, respectively, in the 2022 second quarter compared to the prior year quarter. Year-over-year growth that was reported within each of the Specialty Property and Casualty Groups as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment.
The drivers of growth vary considerably across our portfolio of Specialty Property and Casualty businesses. In the aggregate, year-over-year growth in gross written premium for the second quarter of 2022, excluding crop, is about 65% attributable to new business opportunities and change in exposures and about 35% attributable to rate increases.
Average renewal pricing across our
As a reminder, when we talk about prospective loss ratio trend, it’s our view on loss costs going forward in light of the current economic and legal environment, adjusted for the automatic increases in premium on exposures that move with inflation.
Now when we remove the benefit of inflation-sensitive exposure growth from our prospective loss ratio trend, such as payrolls and property values, among other considerations, we arrive at an underlying prospective loss cost trend estimate that’s closer to 5% overall, and 6.5% excluding workers’ compensation. With these things in mind, we feel very good about the level of rate increases that we continue to achieve and that we’ve achieved over the last few years, which were meaningfully in excess of loss ratio trends.
Now I’d like to tuto Slide 9 to review a few highlights from each of our Specialty Property and Casualty business groups.
Several of the businesses benefited from COVID-19-related lower claims frequency in the first half of 2021. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were
With higher catastrophe losses and lower favorable development, the businesses in the
Second quarter 2022 gross and net written premiums in this group were 13% and 12% higher, respectively, when compared to the 2021 second quarter. The year-over-year growth was primarily attributed to increased exposures and higher rates in our transportation businesses and growth in our crop insurance business. All the businesses in this group reported growth in gross written premiums during the quarter.
Overall renewal rates in this group increased 5% on average for the second quarter of 2022.
Now as far as our crop insurance business, with the exception of some isolated dry areas, much of the nation’s coand soybean crop is in decent shape. Industry reports indicate 61% of coand 60% of soybean crops are in good to excellent condition, and in line with results last year at this time.
Current commodity pricing is really in great shape. Cois up approximately 1% and soybeans are currently down approximately 4% from spring discovery prices. Assuming that there’s adequate rainfall throughout August, we would point to an average or better crop year.