rate increases News

Oklahoma Insurance Regulators: No Authority to Approve ACA Rate Hikes

The Oklahoma Insurance Department does not have statutory authority to approve or deny rate increases filed by insurers on the federal health insurance exchange, state regulators say. Oklahoma, along with Texas, Missouri, Alabama and Wyoming, is a direct enforcement state …

Oklahoma Commissioner: 4 Insurers Have 55% of Earthquake Market

Data released at a May 24 hearing to determine the competitiveness of earthquake insurance coverage in Oklahoma shows that four insurance companies have 55 percent of the market in the state. That’s a concern for Insurance Commissioner John D. Doak, …

Louisiana Citizens Property Insurer Plans Rate Changes

Almost all of the Orleans Parish homeowners who buy coverage from the state insurer of last resort could see their rates drop 6.3 percent if the Louisiana Insurance Department approves proposed rate reductions. The Advocate reports a mix of rate …

Large Michigan Health Insurers Seeking Big Rate Increases in 2015

Most people buying their own health insurance in Michigan could see near double-digit premium increases next year. State insurance regulators said that dominant insurers Blue Care Network and Blue Cross Blue Shield want to raise rates by an average of …

W.R. Berkley Q3 Profit Rises 36% to $137M; Rates on Renewed Policies Up 6.4%

W.R. Berkley Corp. reported $136.97 million net income for its 2013 third quarter, up 36 percent from $100.95 million income posted during the same period in 2012. For the first nine months of this year, net income came in at …

Terrebonne Parish President Urges Out-of-State Calls on Flood Insurance

A south Louisiana parish president is calling on residents to contact out-of-state relatives and friends to enlist help in the fight against projected drastic flood insurance costs. Changes to the National Flood Insurance Program could mean many thousands of people …

Rates Up Moderately in U.S. in Q2 But Down Elsewhere: Marsh

Insurance rates in most major regions including Latin America, Asia-Pacific, the UK and continental Europe declined modestly in the second quarter of 2013, while rates in the U.S. rose moderately, according to insurance broker Marsh’s latest Global Insurance Market Quarterly …

Texas Windstorm Insurer: Rates to Increase Jan. 1

Texas’ property insurer of last resort in coastal counties has issued a reminder to agents that while the maximum limits of liability for residential and commercial properties will remain the same in 2013 as they were in 2012, both commercial …

Travelers Will Continue to Seek Improved Pricing: CEO Fishman

The Travelers Companies Inc. said its Business Insurance segment pricing continued to rise in the third quarter — led by workers’ compensation and commercial auto. Rates also continued to climb in the Personal Lines segment. CEO Jay Fishman commented during …

High Risks Seeing Double-Digit Hikes in Excess Casualty Rates: Marsh

Excess casualty insurance rates continued to rise in the third quarter of 2012, as insurers sought higher prices amid increasing claims and litigation trends, and a low interest rate environment, insurance broker Marsh said in a report. Renewal rates rose …