Louisiana’s Insurance Commissioner-elect, Tim Temple, said the state desperately needs more insurance capacity for its property market, but he is ruling out the insurance incentive program touted by outgoing Commissioner Jim Donelon.
Tag: property insurance
Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
Program managers and wholesalers are the heartbeat of the ProgramBusiness.com Market Directory. It is a content-rich platform connecting wholesalers, MGAs/MGUs, program administrators, and carriers with independent agents looking to place business. Agents use it to quickly make contacts and begin their clients’ underwriting, quote, and submission processes. This guide explores the vital distinctions between program… Continue reading Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
Average Commercial Lines Renewal Rates Remain Up Month Over Month
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.
Brown & Brown CEO: Professional, Property Catastrophe Lines Under Pressure
Rates are mostly holding firm with the exception of professional lines, while capacity is under pressure in catastrophe-prone states, said Brown & Brown Inc.’s chief executive officer.
Home Insurance Is So High in West Palm Beach Town, Residents Are Leaving
Florida’s explosion in insurance premiums threatens to ground the state’s highflying housing market. Florida home prices soared more than 60% since 2019, according to real-estate brokerage Redfin.
Commercial Renewal Rates Up Month Over Month
The third quarter results of 2023 showed premium renewal rate change for all major commercial lines of business, except Workers’ Compensation, are up year over year. Q3 experienced an increase in average premium renewal rate change across all major commercial lines.
Commercial Real Estate’s Next Big Headache: Spiraling Insurance Costs
Commercial real-estate insurance costs have risen 7.6% annually on average since 2017, according to Moody’s Analytics. Those increases can result in hundreds of thousands of dollars or more in additional annual costs, depending on location and size of the property. They can be steep enough to wipe away a year’s worth of profits.
The Fight for Price: Middle-Market Risks Shop Their Insurance Programs
Ballooning reinsurance costs, weather events resulting in claims and heightened property values are all contributing factors to rising property insurance premiums.
Senate Committee Hears Testimony on Property Insurance Issues
From the Maui wildfires to Hurricane Idalia hitting Florida, extreme weather events have caused severe devastation to homes and businesses this summer. On Capitol Hill, consumer and affordable housing advocates sounded the the alarm Thursday on property insurance costs and availability during a Senate Banking, Housing and Urban Affairs Committee hearing. Douglas Heller, director of insurance at the Consumer Federation… Continue reading Senate Committee Hears Testimony on Property Insurance Issues
NAIC to Issue Data Call to Help Regulators Better Understand Property Markets
The National Association of Insurance Commissioners (NAIC) at its 2023 Summer National Meeting announced a plan to issue a data call to help state insurance regulators collect data from insurers to better understand property markets and coverages and protection gaps.