The Federal Emergency Management Agency on Friday unveiled the details of an overhaul to its beleaguered National Flood Insurance Program, the initiative’s first major update in 50 years. Most homeowners in the program will have lower or stable premiums, but roughly 11% of homes—largely the highest value ones—will see increases in premiums of at least… Continue reading Higher Value Homes Mean Higher Insurance Premiums under New Flood System
Tag: insurance premiums
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
Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB
Premium prices continued to climb in Q4 2020, though at a slightly slower pace than in previous quarters, according to The Council of Insurance Agents & Brokers’ Q4 Commercial P/C Market Survey. Prices rose across all-sized accounts by an average of 10.7%, down slightly from 11.7% in Q3 2020. The most recent quarter was also… Continue reading Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB
SIAA Maintains Record Written Premium in 2020
Jim Masiello, Chairman of SIAA, has announced that the organization reached a total in-force premium of $9.6 Billion for 2020, an increase of 7.9% from 2019. SIAA signed 527 independent agents in 2020, an increase of 14.8% over 2019 and averaging 493 new member agencies over the past 5 years. Please see the attached infographic.… Continue reading SIAA Maintains Record Written Premium in 2020
Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines
IVANS®, a division of Applied Systems®, today announced the August results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ Compensation, which saw a negative change in premium. Month over month, August premium renewal rates experienced… Continue reading Average Premium Renewal Rates Continue to Harden Across Nearly All Major Commercial Lines
U.S. Commercial Insurers Report Aggregate Price Changes of Over 6% for Q1
U.S. commercial insurance prices increased significantly during the first quarter of 2020 compared with prices charged during the first quarter of 2019, according to leading global advisory, broking and solutions company Willis Towers Watson’s Commercial Lines Insurance Pricing Survey. The aggregate price change reported by carriers exceeded 6% for the second consecutive quarter. Data for… Continue reading U.S. Commercial Insurers Report Aggregate Price Changes of Over 6% for Q1
P/C Insurers See Increase in Net Underwriting Gains and Record Surplus in the First Nine Months of 2019
The private U.S. property/casualty insurance industry saw its net underwriting gains increase to $5.4 billion in the first nine months of 2019 from $4.7 billion a year earlier, bolstered by growth in premiums and a drop in catastrophe losses, and its surplus reach a record high of $812.2 billion, according to Verisk, a leading data… Continue reading P/C Insurers See Increase in Net Underwriting Gains and Record Surplus in the First Nine Months of 2019
U.S. Commercial Insurance Prices Surge in the Q2 2019
U.S. commercial insurance prices increased by nearly 4% in the second quarter of 2019 compared to prices charged during the second quarter of 2018, according to leading global advisory, broking and solutions company, Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). This represents a significant pickup from increases of close to 2% for each… Continue reading U.S. Commercial Insurance Prices Surge in the Q2 2019
Signs of Continued Market Firming Prominent in Q2 2019: CIAB Survey
Market-wide firming observed last quarter became more starkly evident in Q2 2019, according to results from The Council of Insurance Agents & Brokers’ Q2 2019 Commercial Property/Casualty Market Survey. Accounts of all sizes experienced moderate premium pricing increases, with an average increase of 5.2%, compared to an average of 3.5% in Q1 2019 and 2.4%… Continue reading Signs of Continued Market Firming Prominent in Q2 2019: CIAB Survey
Renewal Rates Experience Increase Across Nearly All Major Commercial Lines Products
IVANS, a division of Applied Systems, announced the results for Q1 2019 IVANS Index, the insurance industry’s premium renewal rate index. Q1 results showed an increase in premium renewal rate change average across Commercial Auto, Business Owner’s Policy, Umbrella, and Commercial Property compared to Q4; however, General Liability renewal rate change experienced a decrease and… Continue reading Renewal Rates Experience Increase Across Nearly All Major Commercial Lines Products