Verisk, a leading data analytics provider, announced that the Utica National Insurance Group has selected 360Value® to estimate replacement costs for commercial property and businessowners policies. With 360Value, Utica National will be able to make insurance-to-value (ITV) decisions for underwriting and policy renewals with greater speed and precision. 360Value uses the same reconstruction cost data… Continue reading Utica National Selects Verisk’s 360Value to Estimate Replacement Costs for Commercial Property and Businessowners Policies
Tag: commercial property insurance
Commercial Property Rates Firm as Market Turns Toward Disciplined Underwriting
Commercial insurance buyers are facing upward pressure on pricing for most lines of business for the remainder of 2019, according to leading global advisory, broking and solutions company, Willis Towers Watson’s Insurance Marketplace Realities 2019 Spring Update. The report serves as a guide for North American insurance buyers preparing for upcoming insurance program renewals. In… Continue reading Commercial Property Rates Firm as Market Turns Toward Disciplined Underwriting
Commercial Lines November Renewal Rates Experience Mixed Changes: IVANS
IVANS, a division of Applied Systems, today announced the November results of the IVANS Index, the insurance industry’s premium renewal rate index. For the first time this year, rate changes are split evenly with an uptick in premium renewal rate across Business Owners Policy (BOP), Commercial Property and Umbrella, while Commercial Auto, General Liability and… Continue reading Commercial Lines November Renewal Rates Experience Mixed Changes: IVANS
Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Over the years, California has told homeowners to clear brush around houses, required builders to use fire-resistant materials and ordered them to provide easy access to new developments. But that didn’t prevent the deaths of 43 people in last year’s wine country fire siege. It didn’t prevent the destruction of more than 1,400 structures in… Continue reading Deadly California Fires Prompt Bold Thinking About Prevention: Shelters, Strict Zoning, Buyouts
Insured Losses from the Camp and Woolsey Wildfires Estimated Between $9B-$13B
RMS, a global risk modeling and analytics firm, has estimated that the insured loss for the Camp and Woolsey wildfires in California will be between USD $9 and $13 billion ($7.5-$10 billion for Camp; $1.5-$3 billion for Woolsey). The estimate includes property and auto damage, including burn and smoke damage, business interruption (BI), additional living… Continue reading Insured Losses from the Camp and Woolsey Wildfires Estimated Between $9B-$13B
Willis Towers Watson Launches Property Loss Modeling Platform
Willis Towers Watson, a leading global advisory, broking and solutions company, today announced Property Quantified, a first-of-its-kind technology platform to help organizations analyze potential property losses across a global portfolio with the aim of optimizing risk transfer and insurance strategies. The company will introduce the product at the RIMS Canada 2018 Conference on September 23… Continue reading Willis Towers Watson Launches Property Loss Modeling Platform
California 2018 Fire Insurance Claims Top $845 Million
California Insurance Commissioner Dave Jones today announced that insured residential and commercial losses from the Carr and Mendocino Complex fires top $845 million and are now counted among the most destructive wildfires in the state’s history. The insurance commissioner also provided an update on the insured losses from the 2017 wildfires and 2018 Montecito mudslides… Continue reading California 2018 Fire Insurance Claims Top $845 Million