Insurance Journal » Insurance Pricing http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Wed, 22 May 2013 08:21:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Insurance Prices ‘More of Same’ in 4th Quarter, Say Commercial Brokers http://www.insurancejournal.com/news/national/2013/02/05/279960.htm Tue, 05 Feb 2013 14:18:14 +0000 http://www.insurancejournal.com/?p=279960 Insurance brokers across the country reported price increases in the commercial lines market in the fourth quarter of 2012. According to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey, pricing rose on average at a …

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]]> The Price Is Right: Insurance Pricing in Today’s Market http://www.insurancejournal.com/news/national/2012/12/26/275097.htm Wed, 26 Dec 2012 16:06:37 +0000 http://www.insurancejournal.com/?p=275097 In the long-running game show of the same name, contestants vie with one another to figure out the right price to win valuable prizes. Insurance pricing isn’t all that different. Managing the ups and downs of pricing cycles and related …

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]]> Personal Lines Rates Rise 4% in November: MarketScout http://www.insurancejournal.com/news/national/2012/12/07/273171.htm Fri, 07 Dec 2012 17:00:21 +0000 http://www.insurancejournal.com/?p=273171 Homeowners and automobile insurance rates are trending up, according to a new industry survey. The composite rate for insuring personal lines business in the United States increased to plus 4 percent for November 2012 as compared to November 2011, says …

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]]> Commercial Lines Rates Up 5% in November: MarketScout http://www.insurancejournal.com/news/national/2012/12/06/273005.htm Thu, 06 Dec 2012 16:52:48 +0000 http://www.insurancejournal.com/?p=273005 The overall composite rate for insuring commercial accounts in the United States ticked up 5 percent in November 2012 compared to the same month in 2011. According to MarketScout’s Commercial Lines Market Barometer, by coverage classification, property, excess liability, general …

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]]> ABI Analyzes Effect of Upcoming Gender-Neutral Insurance Pricing http://www.insurancejournal.com/news/international/2012/11/21/271333.htm Wed, 21 Nov 2012 10:57:35 +0000 http://www.insurancejournal.com/?p=271333 With one month to go until gender-neutral pricing becomes mandatory in the UK, the Association of British Insurers (ABI) stressed that “the insurance market will remain competitive despite the ruling and has published key consideration points for consumers set to …

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]]> Commercial Lines Pricing Jumps 6% in Q2: Towers Watson http://www.insurancejournal.com/news/national/2012/09/10/262448.htm Mon, 10 Sep 2012 14:36:14 +0000 http://www.insurancejournal.com/?p=262448 Commercial insurance prices experienced the largest rise in eight years, a new industry survey reveals. In aggregate, commercial lines pricing jumped by 6 percent during the second quarter of 2012, the sixth consecutive quarter aggregate prices rose for all commercial …

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]]> How Predictive Modeling Has Revolutionized Insurance http://www.insurancejournal.com/news/national/2012/06/18/251957.htm Mon, 18 Jun 2012 13:13:36 +0000 http://www.insurancejournal.com/?p=251957 The use of predictive modeling has forever changed the way insurance policies are priced. The revolutionary tool allows insurers to design ever-more-sophisticated models that tap ever-more-detailed data sets to refine precisely how much each customer should be charged. Casualty actuaries …

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]]> Travelers: Q4 Profit Down But Pricing Rebounds Sharply http://www.insurancejournal.com/news/national/2012/01/24/232400.htm Tue, 24 Jan 2012 14:07:04 +0000 http://www.insurancejournal.com/?p=232400 Travelers Companies Inc. reported a smaller profit for the fourth quarter, as it released less money from its reserves than a year earlier, though it also reported its biggest rate increases in eight years as the industry returned to pricing …

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]]> Despite Losses, Insurers Not Hiking Prices Broadly http://www.insurancejournal.com/news/national/2011/12/29/229121.htm Fri, 30 Dec 2011 03:15:22 +0000 Ben Berkowitz http://www.insurancejournal.com/?p=229121 Despite more than $100 billion in disaster losses around the world this year, insurers are not yet experiencing a broad and sustained increase in pricing power, defying predictions from a year ago that even half those losses would be enough …

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]]> Marsh Advises Risk Managers As C-Suite Expectations Rise http://www.insurancejournal.com/news/national/2011/09/22/216985.htm Thu, 22 Sep 2011 16:46:03 +0000 http://www.insurancejournal.com/?p=216985 Global insurance broker Marsh held a webcast on Sept. 21, where the firm’s analysts shared their views on the current business environment including the effects of Hurricane Irene and other catastrophes. The broker also offered an array of advice for …

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]]> Soft Market Is Ending, Really It Is, Says SNL Financial http://www.insurancejournal.com/news/national/2011/03/10/189761.htm Thu, 10 Mar 2011 17:01:12 +0000 Andrew G. Simpson http://www.insurancejournal.com/?p=189761 Could the soft market finally be over? A new analysis concludes that insurance prices are rising and the prolonged soft market is ending, contrary to earlier reports from other analysts. Virginia-based SNL Financial says personal lines pricing is definitely hardening …

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]]> North Carolina Insurers Seek Rate Hike on Dwelling Fire Policies http://www.insurancejournal.com/news/southeast/2011/01/05/116148.htm Tue, 04 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116148 North Carolina insurers are looking to raise rates from 7 percent to 25 percent, or an average 20.9 percent statewide, for 2011 on dwelling fire and extended coverage policies. If approved the higher rates would affect about 570,000 policyholders, with …

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]]> Iowa to Allow Broad Public Access to Wellmark Rate Increase Hearing http://www.insurancejournal.com/news/midwest/2011/01/04/116070.htm Mon, 03 Jan 2011 00:00:00 +0000 http://www.insurancejournal.com/?p=116070 Iowa’s Insurance Commissioner Susan Voss announced that she has made arrangements for unprecedented access to a Jan. 6, 2011, hearing that will be held at the Iowa Insurance Division, 330 Maple Street, Des Moines, Iowa. The topic of the hearing …

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]]> Idaho Workers’ Comp Insurance Rates To Increase 3.7% http://www.insurancejournal.com/news/west/2010/12/31/116073.htm Thu, 30 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=116073 Idaho workers’ compensation insurance rates will be increasing an average of 3.7 percent in 2011, according to the state Department of Insurance. The average rate increase is based on National Council on Compensation Insurance recommendations. The state said rates have …

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]]> Missouri Recommends 11% Drop in Workers’ Comp Insurance Rates http://www.insurancejournal.com/news/midwest/2010/12/16/115742.htm Wed, 15 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=115742 After reviewing statewide data for insurance claims paid by employers for injured workers in 2010, the Missouri Department of Insurance is recommending a 11.1 percent decrease in workers’ compensation rates for 2011. The department recommends insurers selling workers’ comp decrease …

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]]> Allstate Raises Homeowner Insurance Rates http://www.insurancejournal.com/news/southcentral/2010/12/16/115728.htm Wed, 15 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=115728 Allstate Insurance has notified the Texas Department of Insurance that it will increase homeowner rates — some by almost 10 percent. About 450,000 homeowners covered by Allstate Texas Lloyds will see a rate increase of 5.4 percent, effective Jan. 20. …

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]]> First Home Seeks 39% Rate Hike in Florida http://www.insurancejournal.com/news/southeast/2010/12/07/115459.htm Mon, 06 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=115459 Florida officials will hold a hearing today on a proposed statewide average home insurance rate hike of 39.3 rate increase for First Home Insurance Co., a Florida domiciled insurance company based in Maitland, Florida. First Home’s statewide average rate level …

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]]> Farmers Insurance Files for Homeowners Rate Hike in Texas http://www.insurancejournal.com/magazines/features/2010/12/05/160549.htm Sun, 05 Dec 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=160549 Farmers Insurance has filed for a 3.9 percent rate increase for homeowners insurance coverage in Texas. The Dallas Morning News reports that Farmers’ filing with the Texas Department of Insurance will affect about half the company’s customers in Texas. Farmers’ …

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]]> Farmers Insurance Files for Homeowners Rate Hike in Texas http://www.insurancejournal.com/news/southcentral/2010/11/29/115222.htm Sun, 28 Nov 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=115222 Farmers Insurance has filed for a 3.9 percent rate increase for homeowners policies in Texas. The Dallas Morning News reports that Farmers’ filing with the Texas Department of Insurance will affect about half the company’s customers in Texas. Farmers’ spokesman …

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]]> Blue Cross Rate Increase Temporarily Blocked in Michigan http://www.insurancejournal.com/news/midwest/2010/11/18/115012.htm Wed, 17 Nov 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=115012 An Ingham County Circuit judge has stopped Blue Cross Blue Shield of Michigan from implementing rate increases as high as 66 percent for some seniors. Tuesday’s preliminary injunction also requires a public meeting be held. The Michigan attorney general’s office …

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]]> Allstate to Fight Denial of Mississippi Rate Hike http://www.insurancejournal.com/news/southeast/2010/11/10/114760.htm Tue, 09 Nov 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=114760 Allstate Property and Casualty Insurance Co. wants a public hearing on the Mississippi Insurance Commissioner Mike Chaney’s denial of its request for a 44 percent home insurance rate hike. The company also wants someone other than Chaney to conduct the …

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]]> Insurance Pricing Cycle Due for a Change, Berkley CEO Says http://www.insurancejournal.com/news/national/2010/11/04/114589.htm Wed, 03 Nov 2010 00:00:00 +0000 Stephanie K. Jones http://www.insurancejournal.com/?p=114589 It’s time for a change in the property/casualty insurance pricing cycle, says William R. Berkley, founder, chairman and CEO of the W.R. Berkley Corp., and he’s “optimistic” that the cycle will turn sooner rather than later. Speaking at NAPSLO’s annual …

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]]> Montanans Pay Highest Workers’ Comp Insurance Rates http://www.insurancejournal.com/magazines/features/2010/11/01/160399.htm Sun, 31 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=160399 Montana has the highest workers’ compensation premium rates in the nation, at $3.33 per $100 of payroll, followed next by Alaska, which has a rate of $3.10 per $100 of payroll, according to a new study. In the “2010 Workers’ …

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]]> Montana Has Highest Workers’ Comp Insurance Rates http://www.insurancejournal.com/news/west/2010/10/22/114278.htm Thu, 21 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=114278 Montana has the highest workers’ compensation premium rates in the nation, at $3.33 per $100 of payroll, followed next by Alaska, which has a rate of $3.10 per $100 of payroll, according to a new study. In the 2010 workers’ …

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]]> Florida Approves 7.8% Workers’ Compensation Rate Increase http://www.insurancejournal.com/news/southeast/2010/10/15/114084.htm Thu, 14 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=114084 Florida workers’ compensation insurers have been given the green light to raise rates an average 7.8 percent starting Jan. 1, 2011. Florida Insurance Commissioner Kevin McCarty has told the insurers’ rating organization, the National Council on Compensation Insurance (NCCI), that …

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]]> Florida Weighs 8.3% Workers’ Compensation Rate Increase Today http://www.insurancejournal.com/news/southeast/2010/10/05/113802.htm Mon, 04 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=113802 Workers’ compensation insurers in Florida will be asked to explain their request for an average 8.3 percent rate hike today before the Florida Office of Insurance Regulation (OIR). The OIR is holding a public hearing on a filing made by …

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]]> Eligibility for Preferred Risk Flood Insurance Pricing to Be Extended http://www.insurancejournal.com/magazines/features/2010/10/04/160216.htm Sun, 03 Oct 2010 00:00:00 +0000 Stephanie K. Jones http://www.insurancejournal.com/?p=160216 Since 2008, many homes and businesses in the United States have been re-zoned on Federal Emergency Management Administration flood hazard maps from low to moderate flood risk areas into higher risk areas, and vice versa. Because of their reassignment into …

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]]> Eligibility for Preferred Risk Flood Insurance Pricing to Be Extended http://www.insurancejournal.com/magazines/features/2010/10/04/160169.htm Sun, 03 Oct 2010 00:00:00 +0000 Stephanie K. Jones http://www.insurancejournal.com/?p=160169 Since 2008, many homes and businesses in the United States have been re-zoned on Federal Emergency Management Administration flood hazard maps from low to moderate flood risk areas into higher risk areas, and vice versa. Because of their reassignment into …

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]]> Florida Approves 10.3% Average Rate Hike for State-Backed Citizens http://www.insurancejournal.com/magazines/features/2010/10/04/160186.htm Sun, 03 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=160186 Florida Insurance Commissioner Kevin McCarty has approved a statewide average homeowners insurance rate increase of 10.3 percent for policies written by state-backed Citizens Property Insurance Corp. The actual rate increases vary by territory. Citizens had filed for a 9.7 average …

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]]> It Figures http://www.insurancejournal.com/magazines/features/2010/10/04/160198.htm Sun, 03 Oct 2010 00:00:00 +0000 http://www.insurancejournal.com/?p=160198 7.5% Arkansas’ unemployment rate rose by one-tenth of a percentage point in August to 7.5 percent, the first increase since March. The state Department of Workforce Services said the state’s nonfarm payroll jobs decreased by 3,400. The biggest drop came …

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