Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according to a new report from the First Street Foundation, a nonprofit that works to define and communicate risks posed by climate change.
Tag: insurance premiums
LexisNexis: Record High Shopping Activity Continues for Auto Insurance
New policy growth, or the rate at which consumers either switched or purchased new coverage, continues to be a big story, according to LexisNexis.
Renewal Rates Experience Variable Change Y-O-Y Across Commercial Lines; All Rates Up Month Over Month
Year over year, Commercial Auto, Business Owners’ Policy (BOP), General Liability and Commercial Property experienced increasing average premium renewal rates.
Home Insurance Premiums Rise as Americans Flock to Weather-Worn States
Americans are moving fastest to Florida, Texas and other states most at risk for climate-related natural disasters despite rising home insurance premiums.
Florida Homeowners Face New 1% Assessment Fee Amid Property Insurance Crisis
Florida homeowners can expect to see another spike in their insurance premiums as more insurers fail or leave the state.
Insurance Companies Face Big Challenges Amid Climate Change
The effects of climate change are all around us: rising sea levels, severe heat waves, drought, extreme rainfall, and more powerful storms. Natural disasters are becoming more intense and frequent as a result of these effects.
Reinsurance Rates to Rise in 2023: Fitch Ratings
Fitch Ratings analysts believe that reinsurance rates will continue to rise during the January 2023 renewals, even if there are no major catastrophe losses in the second half of the year. The agency notes that H1 global insured natural catastrophe losses were manageable for the insurance and reinsurance industry this year, at $34 billion, and… Continue reading Reinsurance Rates to Rise in 2023: Fitch Ratings
Insurance Agency Networks in the U.S. Control $66B in Premium
The only trade group that focuses on Insurance Agency Networks met last month in Fort Worth, TX for its 5th annual event. More than 240 individuals attended the Insurance Networks Alliance (INA) meeting to promote and support the critical role of insurance agency networks in the independent agent distribution channel. At that event the INA… Continue reading Insurance Agency Networks in the U.S. Control $66B in Premium
P&C Premiums Up 8.3% in Q2: CIAB Survey
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and 9.3%, respectively, followed by… Continue reading P&C Premiums Up 8.3% in Q2: CIAB Survey
Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021
The commercial insurance rate hikes that have been ongoing since 2017 are expected to continue into this year, with double-digit increases anticipated for most lines of insurance, according to a new report. The survey of insurance executives by Alera Group Inc. forecasts that commercial rates will increase across all lines nationwide by an average of… Continue reading Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021