July 5, 2012 – Business Insurance The composite rate for commercial property/casualty and professional lines coverage increased an average of 4% in June 2012 compared with the same month a year ago, MarketScout said Thursday. According to the Dallas-based electronic insurance exchange, prices for commercial property rose 5%, while general liability, commercial auto and workers […]
Business Insurance – July 1, 2012 Rising medical costs, insurer profitability affect overall pricing Employers renewing their workers compensation policies likely will pay more for the coverage as claims costs rise and insurers' combined ratios deteriorate, experts say. Purchasers of primary and excess workers comp insurance are seeing price increases, mostly in the single-digit range, […]
Business Insurance – June 28, 2012 Property/casualty insurers, including workers compensation underwriters, should continue realizing “the benefits of exposure growth that began in earnest last year,” Robert Hartwig wrote in a just-released first quarter results report. “For example, the value of manufacturing shipments, has nearly returned to its pre-crisis peak,” Mr. Hartwig, an economist and […]
California is the largest state for workers compensation insurance premiums. So it's safe to say that if carriers in California are paying out $1.22 for every dollar of premium collected and have not made a profit since 2007, then workers comp clearly has not been a profitable line for insurance companies. We know that many […]
Chartis to Switch Back to AIG Name PropertyCasualty360 June 28, 2012 Chartis, the property and casualty unit of American International Group, will revert back to the AIG name, according to internal memos at the insurer, NU has learned. AIG had rebranded its P&C unit as Chartis in 2009, and at one time considered making Chartis […]
Business Insurance – June 28, 2012 Rates in the global insurance market firmed in general, according to a new market index released by Marsh Inc. on Thursday. The new Marsh Risk Management Global Insurance Index is based on renewal data from 20 major countries in casualty, property and financial and professional insurance lines. The […]
Despite reforms passed by Illinois lawmakers in 2011, the general consensus among employers is that rates are not decreasing, but they continue to rise. David Vaught, director of the state's Department of Commerce and Economic Opportunity is of the idea that it will be up to the insurance companies to pass along any rate reductions […]
Property/casualty insurer reserves declining: Analysis Business Insurance June 22, 2012 The U.S. property/casualty insurance industry's reserves are slightly deficient, investment bank Keefe, Bruyette & Woods Inc. said in a report issued Friday. According to firm's “2012 Annual P&C Industry Reserve Review,” the positive reserve development the sector has seen in recent years will not continue. […]
Travelers Insurance Company will pay $10.5 million in refunds and penalties for violations of California insurance law. This is the same story all over again. This year it's Travelers in California. Last year, it was ACE, Zurich, CNA, PMA in New York. Brokers, there is plenty more money from these overcharges due to your clients. […]
