Commercial Lines News

Novarica: Commercial Insurers Prioritizing Tech Advancements

A new report by the research and advisory firm, Novarica, shows that commercial insurance carriers are modernizing policy administration systems and agent portals to support complexities of business. Novarica also says use of drones, internet of things (IoT), and mobile …

Survey: Agents Suggest How Carriers Can Move from ‘Good’ to ‘Great’

One would expect to see high levels of satisfaction between an independent agency and its top carrier, but that isn’t always the case. Peeling back the layers usually reveals fertile ground for improvement and shows the path to higher performance …

Insurance Rates for Architects, Engineers Stabilize or Decline in 2016: Survey

Although a slim majority of insurance companies providing architects and engineers professional liability insurance saw their rates stabilize in 2016, nearly one in three experienced modest decreases in rates. That’s according to a new survey by insurance broker Ames & …

A Look at Smart Buildings and Construction Risks

With “smart” building becoming the gold standard in today’s commercial construction world, builders, building owners, workers and insurers are dealing with new technologies and risks. These smart technologies — from high tech gadgets aimed at increasing building efficiencies to wearable …

Robberies Surge in 2016, Ending Downward Trend in Tulsa, Oklahoma

Tulsa experienced a surge of robberies in 2016, ending a five-year downward trend. Tulsa Police Department data showed that over 1,000 robberies were reported from the start of January through November, already 19 percent more than last year’s total of …

National General Purchases Non-Standard Auto Renewal Rights from Nationwide

National General Holdings Corp. has entered into a renewal rights transaction with Nationwide Mutual Insurance Co. for its personal and commercial non-standard vehicle in-force policies. National General will partner with Nationwide’s exclusive and independent agent force to sell its policies …

Insurers’ Financial Strength, Brokers’ Expertise Drive Satisfaction in Large Commercial Market: J.D. Power

The profitability of an insurance company and the quality of advice given by an insurance broker makes the most difference when it comes to customer satisfaction for commercial insurance, a new industry study revealed. According to the J.D. Power 2016 …

Texas Insured Property Losses Setting Record in 2016

Damaging hail storms and wide-spread flooding have caused record setting losses for both homes and automobiles this year in Texas, according to a state insurance trade group. This year’s insured losses for the first two quarters already surpass every year’s …

West Des Moines-Based GuideOne Insurance Cutting Jobs

Officials say a West Des Moines-based insurance company is cutting more than 70 jobs over the next 12 to 18 months. The Des Moines Register reports that GuideOne Insurance says it’s going to stop providing home and auto insurance and …

Online Agency Insureon Secures $3B in Capacity from Lloyd’s to Launch MGA for Small Business

Insureon, an online agency for small business insurance, has formed a new managing general agency (MGA), Insureon Underwriting Managers, which will operate as a division of Insurance Noodle, the company’s wholesale brokerage subsidiary. The new MGA will target hard-to-place coverage …