insurance rates News

Northeast PIA Survey Shows Prices Rising, But at Slower Pace

In the first month of 2014, the PIA affiliates in Connecticut, New Hampshire, New Jersey and New York conducted their second-annual Market Trends Survey and found that the heralded hard market may not be launching as expected. In fact, when …

Report Calls for Prior Approval for All States

Holding automobile insurance regulation in California as an example, the Consumer Federation of America issued a report on Tuesday showing that auto insurance expenditures in America rose by 43 percent on average over the past quarter century. The report holds …

P/C Insurers’ CFOs Point to Hardening Markets: Towers Watson Survey

Chief financial officers with leading North American property/casualty insurers believe both property and casualty insurance markets are in the midst of hardening, according to a new North American Property & Casualty CFO survey by global professional services company Towers Watson. …

Court of Appeal Upholds California Commissioner’s Authority in Mercury Suit

The California Court of Appeal upheld a Los Angeles Superior Court ruling on Thursday by dismissing Mercury Insurance Co.’s lawsuit challenging Insurance Commissioner Dave Jones’ authority to decrease the insurer’s homeowners rates. Jones in March issued a decision providing for …

Chubb to Adjust Underwriting in Northeast Post-Sandy

The Chubb Corp., which posted Superstorm Sandy-related pre-tax costs of $882 million in its latest earnings report, said there would be some adjustments to underwriting and pricing in the Northeast region going forward. Dino Robusto, president of personal lines and …

W.R. Berkley’s 2012 Q4 Profit Up 41%; $40M in Sandy Loss Reported

W.R. Berkley Corp. said its 2012 fourth quarter net profit was $165.49 million, up 41.4 percent compared to the same period in 2011 when it had $117.03 million profit. For the full-year 2012, the Greenwich, Conn.-based commercial lines insurer reported …

Commercial Lines Rates Up 5% in November: MarketScout

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 …

Marsh Says Workers’ Comp Rates Fell 1.1% on Average in Q3

Workers’ compensation rates decreased an average of 1.1 percent and a median of 1.5 percent at renewal during the third quarter, according to Marsh. The New York-headquartered brokerage firm released the data on Oct. 20. In a report titled “Benchmarking …

Marsh Advises Risk Managers As C-Suite Expectations Rise

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 …

Irene’s Impact on Private Insurance Markets

The $7 billion in estimated losses from Hurricane Irene compound the vast damage caused by weather in the United States this year. Yet despite billions they’ve paid out for floods, tornadoes and earthquakes, big insurance companies can expect another profitable …