Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance

Federal backstop program for natural catastrophes

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

Best rankings on net premiums

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.

Commercial Renewal Rates Up Month Over Month

Social inflation and insurance rates

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

Rising premiums impact on commercial real estate

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. 

Senate Committee Hears Testimony on Property Insurance Issues

millions of homeowners uninsured

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

NAIC forms National Climate Resilience Strategy

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.