The New York Compensation Insurance Rating Board (NYCRIB) has posted details of its filing for an 11.5% loss-cost increase in advance of a hearing scheduled for June 25 at the New York Department of Financial services. NYCIRB said claims frequency in New York has stabilized following several years of decreases. The past five years showed […]

By Chad Hemenway, PropertyCasualty360.com June 6, 2012   MarketScout says the composite rate for commercial insurance placed in the U.S. in May was up 4 percent compared to the same month a year ago. In his comments on the month’s rate activity, Richard Kerr, chief executive officer of MarketScout, predicts additional increases in pricing for […]

Business Insurance Sheena Harrison June 5, 2012 CHICAGO—The property/casualty insurance market is hardening, but it is unclear whether rate increases are here to stay, panelists said Monday during the 2012 Harold H. Hines Jr. Memorial Symposium. Three panelists discussed the evolving market and economic challenges during the symposium, titled “Navigating the Changing Marketplace.” About 150 […]

Minnesota has joined New York as far as independent bureaus that have approved the split point change, effective 1/1/2013. Details are in this circular on their website. Workers Comp brokers that have clients with high mods better get their clients' mods knocked down asap. Based upon the fact that most of the claims experience going […]

Source: California Department of Insurance California Insurance Commissioner Dave Jones on Tuesday approved an advisory pure premium of $2.49 per $100 of payroll, effective July 1. The new advisory rate is 8.26% higher than the $2.30 rate that took effect Jan. 1. The Workers’ Compensation Insurance Rating Bureau recommended a rate of $2.51, but Jones […]

Business Insurance After workers compensation insurers experienced another tough year during 2011, guaranteed cost and monoline programs “will likely be more difficult to place,” states a recent market quarterly report from Marsh USA. “Some carriers are unwilling to compete on a monoline basis, or are requiring supporting business,” states Marsh's Global Insurance Market Quarterly Briefing: […]

BREAKING NEWS IN NEW YORK: This is exciting news for brokers as premiums are on the rise again. However, there is a great danger here for brokers whose clients have poor experience because big jumps in premiums upon renewal sends clients shopping.  Are you a broker who has exhausted all value-added service to show client […]

In a report titled “U.S. P&C Insurers’ 1Q12 Earnings Improve on Lower Cats; Pricing Momentum Continues,” Moody’s says insurers achieved rate increases across nearly all lines of business in the quarter, driving net written premiums up 4 percent for Moody’s rated companies compared to 2011’s first quarter. “Underwriting standards are becoming tighter in conjunction with […]

BusinessInsurance's Sheena Harrison quoted Apex President Simon Feuer in her article about workers compensation audit reviews! One major point about this article is that APEX Services was the only company mentioned that does INDEPENDNET, UNBIASED reviews, working with brokers all across the country. What was surprising to us here at Apex was that these brokers […]

Here are some important highlights for brokers regarding premiums from the 2012 NCCI symposium: Despite investment returns not generating sufficient operating returns, the premium growth is a positive sign of an improving economy and that the industry remains well capitalized for the years ahead. Residual markets in the first quarter of 2012 saw a 47% premium […]