Residents and business owners who lost everything in the Marshall Fire face a daunting insurance situation in which skyrocketing property values and supply-chain shortages make it unlikely that many home or business insurance policies will cover the full cost of rebuilding. “Statewide, we’ve had all these increases in property values, and very often the policies… Continue reading Colorado Residents, Business Owners Face Challenging Insurance Situation in the Wake of Marshall Fire
Tag: commercial property insurance
Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
IVANS® today announced the October 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates rose for lines of business including Business Owner’s Policy (BOP), Commercial Property,… Continue reading Month-Over-Month Average Renewal Premium Rates for Some Lines Are Up
U.S. Businesses Splurge on Insurance to Protect Against Post-Election Chaos
Retailers, pharmacies, liquor stores and other merchants across the United States are gobbling up insurance that protects buildings from damage caused by societal unrest, worried about possible street violence after the U.S. presidential election, insurers and brokers told Reuters. Many shops and offices are facing double-digit premium hikes for such policies but buying them anyway… Continue reading U.S. Businesses Splurge on Insurance to Protect Against Post-Election Chaos
Third-Quarter Insurance Composite Rate Increase at 6.25%
At the close of the third quarter 2020, insurance buyers were assessed rate increases on every line of coverage and industry class. Richard Kerr, CEO and Founder of MarketScout, profiled the current market environment by pointing out, “The composite rate is up 6.25 percent for the third quarter 2020 as compared to up 4.8 percent… Continue reading Third-Quarter Insurance Composite Rate Increase at 6.25%
PG&E Found Responsible for California Wine Country Fire
California investigators have concluded that a PG&E Corp. transmission line set off a wildfire that charred Sonoma County wine country last fall, even as the utility was cutting off power to millions to reduce the risk that it would spark fires. The California Department of Forestry and Fire Protection said Thursday it had determined that… Continue reading PG&E Found Responsible for California Wine Country Fire
Insurers Receive More than 8,200 Property Damage Claims after Tennessee Storms
The tornadoes and storms that swept through Southeast Tennessee on Easter night toppled or damaged more than 6,200 homes and commercial buildings and left more than 1,300 cars in need of repair, according to initial insurance claims filed in the first week after the April 12-13 storms. More than 8,200 insurance claims have been filed… Continue reading Insurers Receive More than 8,200 Property Damage Claims after Tennessee Storms
What Rising Reinsurance Costs Mean for South Florida Property Owners
Here’s a grim note for the budget: the cost of insuring real estate is going up. Again. A sure sign: Reinsurance companies — the ones that sell insurance to insurance companies — have increased rates between 10% to 60% for insurance companies in South Florida, local insurance experts said since 2018 . Blame big losses… Continue reading What Rising Reinsurance Costs Mean for South Florida Property Owners
Beazley Builds Large Commercial Property Capability in U.S.
Specialist insurer Beazley has appointed Matthew Westhoff as head of US large commercial property based in New York. Reporting to Beazley’s global head of commercial property, Simon Jackson, Mr Westhoff will manage the US-based team, working alongside the property team in London. He brings 16 years of insurance experience and was previously a vice president… Continue reading Beazley Builds Large Commercial Property Capability in U.S.
Fire and Hail Push Insurers to Rethink Climate Change Risks
By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burned both his tractor and the shipping container where he kept some tools. His insurer is set to pay out a sixth of his losses. He is now considering widening his coverage in… Continue reading Fire and Hail Push Insurers to Rethink Climate Change Risks
Renewal Rates Experience Year-Over-Year Increase Across Nearly All Major Commercial Lines Products
IVANS, a division of Applied Systems, announced the results for Q2 2019 IVANS Index, the insurance industry’s premium renewal rate index. Year over year, Commercial Auto, Business Owner’s Policy, General Liability, Umbrella and Commercial Property all experienced increases in average premium renewal rate change; Workers’ Compensation remains in negative territory. Quarter over quarter, there was… Continue reading Renewal Rates Experience Year-Over-Year Increase Across Nearly All Major Commercial Lines Products