Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
New York Workers’ Compensation Fund Premium, Accounts Down
Jul 7 2010 // For 2009, the New York State Insurance Fund reported workers’ compensation premium of $1.31 billion and disability benefits premium of $16.6 million. The competitive fund wrote 41 percent of the state’s...
New York Approves Medical Malpractice Insurance Rate Hike
Jul 7 2010 // The average medical malpractice insurance rate increase for New York doctors this year will be five percent. The increase, which took effect July 1, follows two years of rates freezes. New York State Insurance...
Michigan Auto Insurance Rates Rise
Jul 6 2010 // The median six-month auto insurance rate in Michigan has increased approximately 5.4 percent over the last six months to reach $688, according to online insurance provider InsWeb. InsWeb also reported some findings of...
Aon Reports Declines in July Reinsurance Renewal Rates
Jul 2 2010 // Aon Benfield has released its July first “Renewals Update” report, which indicates that “rates continue to decline in all major regions without significant catastrophe loss activity in the last 12...
Hartford Agrees to Reduce Texas Homeowners Rates, Pay Refunds
Jul 2 2010 // Under agreements between the Texas Office of Public Insurance Counsel (OPIC), the Texas Department of Insurance, and two subsidiaries of the Hartford Financial Services Group, Texas consumers that purchase homeowner...
New Jersey Agent Allegedly Made Up Company, Kept Premiums
Jul 1 2010 // A New Jersey grand jury has indicted a Burlington County insurance agent for pocketing payments from three clients, according to Attorney General Paula T. Dow. Lee Schaffer, of Marlton, was charged with insurance fraud,...
S&P ‘Cautiously Optimistic’ on UK’s P/C Sector; Sees Rising Prices
Jun 30 2010 // In a recently published report Standard & Poor’s Ratings Services said that it believes “underlying underwriting performance in the U.K. non-life insurance industry has come under increasing pressure from...
More U.S. Firms Buying Terrorism Insurance; Prices Decline: Marsh
Jun 24 2010 // U.S. terrorism insurance purchase rates continued to climb in 2009 as companies of all sizes and across all industries continued to buy terrorism coverage, according to a report by global broker Marsh. Sixty-one percent of...
Oklahoma State Revenue Up but So Is Unemployment Rate
Jun 23 2010 // The good news is that state revenue in Oklahoma is improving. The bad news is that the state’s unemployment rate is increasing. The state Board of Equalization has certified revenue that will be available to pay for...
Florida Reinsurance Prices Decline 10% But Challenges Remain at Renewal
Jun 21 2010 // Reinsurance pricing at the June 1 Florida renewal are down by 10 percent to 12 percent on average, on a year-over-year risk adjusted basis. That’s according to reinsurance intermediary Guy Carpenter & Co., which...
West Virginia Delays Black Lung Insurance Premium Hikes
Jun 15 2010 // West Virginia insurance regulators have put black lung premium increases on hold. The National Council on Compensation Insurance asked Insurance Commissioner Jane Cline’s office in May to increase rates for black...
Michigan Court Upholds Denial of Basic Home Insurance Rate Hike
Jun 10 2010 // In a unanimous decision this week, the Michigan Court of Appeals upheld a 2008 order by Insurance Commissioner Ken Ross that denied the state’s property insurer of last resort an 18.9 percent rate hike. In reversing...
California Workers’ Comp Premium Down Nearly 10%
Jun 8 2010 // California workers’ compensation total direct written premium (DWP) fell nearly 10 percent last year, dropping to a nine-year low of $6.9 billion, according to market share data from the National Association of...
BP Oil Spill Losses Hit Reinsurers; Premiums Jump
Jun 3 2010 // Reinsurers have bumped up prices for offshore energy-related insurance premiums by 50 percent following insurance industry losses of up to $3.5 billion from the BP plc oil spill in the Gulf of Mexico, Moody’s...
Ohio Bureau of Workers’ Compensation Finalizes Rate Reduction
Jun 2 2010 // The Ohio Bureau of Workers’ Compensation (BWC) board of directors has approved a 3.9-percent overall private employer premium rate decrease for the upcoming policy year, beginning July 1, 2010. The upcoming rate cut...
Florida Reinsurance Prices Decline 10-12% at Renewal: Guy Carpenter
Jun 1 2010 // Reinsurance pricing at the June 1, 2010 Florida renewal are down by 10 percent to 12 percent on average, on a year-over-year risk adjusted basis. That’s according to reinsurance intermediary Guy Carpenter & Co.,...
Aon: P/C Insurance Rates Decrease, Capacity Continues to Increase
May 27 2010 // Property rates will continue to drop 5 percent to 15 percent for most risks, despite record global catastrophic losses seen in early 2010, according to Aon Corp.’s 2010 U.S. Insurance Market Overview. Property...
State Farm to Seek Home Insurance Rate Hike in Mississippi
May 26 2010 // State Farm will file a rate increase with Mississippi Insurance Commissioner Mike Chaney in the next few months. Company spokesman David Majors said that details are still being worked out. Last year, State Farm boosted...
Soft Market, Recession Delivers Stronger Managing General Agencies
May 17 2010 // AAMGA’s Rothert Says Opportunities for New Business on the Horizon Managing general agents have a positive attitude about what’s to come in the next year. The soft market and recession forced many MGAs to get...
Despite Premium Decreases, Medical Professional Liability Industry Profitable
May 14 2010 // The medical professional liability industry is profitable despite premium increases, according to Charlottesville, Va.-based SNL Financial. That industry experienced a profitable year in underwriting, demonstrated by a...
