Nationwide, State Farm, and Allstate are witnessing a surge in umbrella insurance claims, driven by increasing settlement amounts in severe lawsuits.
Tag: Umbrella insurance
Average Premium Renewal Rates Remain Up Year Over Year: Ivans
The first quarter results of 2024 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year. Q1 2024 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q4 2023.
Hard Market Rates Continue with Average Premium Renewal Rates Up for Most Major Commercial Lines
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.
More than 50,000 to Lose Homeowners Insurance as Two More Insurers Exit California
AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.
Farmers Insurance Is Leaving Florida in Latest Blow to Homeowners
Farmers Insurance is the latest insurer to leave Florida, where homeowners are paying more than ever for insurance, despite the state’s attempt to shore up the wobbling market.
Distinguished Programs Adds Sales Executive Roles
Linda Picha and Beth Fulton have been hired as Regional Sales Executives by Distinguished Programs, a national insurance program manager. Picha will oversee broker relationships in Iowa, Idaho, Kansas, Minnesota, Missouri, Montana, North Dakota, Nebraska, South Dakota, and Washington, while Fulton will oversee broker relationships in Arkansas, Louisiana, Oklahoma, and Texas. “We’re proud to have… Continue reading Distinguished Programs Adds Sales Executive Roles
Distinguished Programs Introduces New $15M Limit Option in Express Hotel Umbrella Program
Distinguished Programs (“Distinguished”), a national insurance program manager, today officially announces the addition of a $15M limit option to its Express Hotel Umbrella insurance program. The program offers broad coverages including General Liability, Liquor Liability and Auto Liability with limits up to $105M. This program caters to well-maintained select-service and midscale hotels. Express Hotel Umbrella… Continue reading Distinguished Programs Introduces New $15M Limit Option in Express Hotel Umbrella Program
Commercial Insurance Prices Rise 6.1% in Q2: CIAB
According to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey, the second quarter marked the 19th consecutive quarter of commercial price increases, with brokers reporting continued market easing and average price increases of 6.1% across all lines of business. “Signs of pricing moderation emerged for some lines of business, such as flood,… Continue reading Commercial Insurance Prices Rise 6.1% in Q2: CIAB
Steady Rate Increases for Q2 2022: MarketScout
U.S. property and casualty rates are stabilizing at a composite increase of 5.91 percent in the second quarter of 2022, virtually matching the rate increases of the first quarter 2022. Cyber rates continue to increase the most at plus 21.3 percent up from plus 19.7 percent in the first quarter of 2022. Umbrella rates moderated… Continue reading Steady Rate Increases for Q2 2022: MarketScout
Distinguished Programs Introduces New Express Umbrella Coverage
Distinguished Programs, a national insurance program manager, today officially announces the relaunch of its Express Umbrella program which includes the Express Real Estate Umbrella and Express Community Associations Umbrella products. The program offers limits up to $5M and caters to community associations, homeowner associations, condominium associations and small commercial buildings. “The Express Umbrella program is… Continue reading Distinguished Programs Introduces New Express Umbrella Coverage