Latest Pricing Trends Headlines
All the headlines from our Pricing Trends Topic Page, ordered by recency.
Average Workers’ Comp Rates to Fall in Ark.
Apr 8 2005 // Insurance Commissioner Julie Benafield Bowman announced new workers’ compensation rates, which will take effect July 1, 2005. “I am happy to see that overall rates in the workers’ compensation market...
Insurers Blast Maine Premium Tax Hike
Apr 7 2005 // The Maine Joint Committee on Labor, acting in a work session, has approved a bill to increase the state’s premium tax on several property/casualty insurance lines from 2 percent to 2.5 percent in order to fund...
Changes in SB 1488 Would Cap Citizens Rate Increases, ‘Standardize’ Territories
Apr 6 2005 // Florida’s Senate Banking and Insurance Committee has put finishing touches on Senate Bill 1488 that would bring numerous changes to the industry, including, a cap on any rate increase next year by Citizens Property...
After Years of Hikes, ProMutual Vows No Increase in Med-Mal Rates in Massachusetts for 2005
Apr 5 2005 // The largest writer of medical malpractice insurance in Massachusetts said it will not have to raise rates this year, after several years of double-digit hikes. ProMutual Group credited “improved financial...
Calif. Commissioner Approves -4.2% Rate Reduction for ‘Loyal’ State Farm Auto Customers
Apr 5 2005 // Insurance Commissioner John Garamendi has approved a -4.2 percent reduction in personal auto policy rates for “loyal” State Farm customers, a savings of more than $110 million for those policyholders. The...
First Premium Insurance Group Promotes Finnan
Apr 5 2005 // First Premium Insurance Group, a growing regional property and casualty insurance broker in Covington, La., announced the promotion of Jennifer H. Finnan to personal lines manager. Finnan joined the staff of First Premium...
AIA Says No to Maine Premium Tax Increase
Apr 5 2005 // The proposal to increase the Maine property/casualty premium tax by 25 percent would make the state less competitive and increase insurance costs for consumers, the American Insurance Association (AIA) said Tuesday in...
COMP CLAIM RATE DOWN, COST UP:
Apr 4 2005 // The number of paid workers’ compensation claims fell 22 percent relative to the number of employees from 2000 to 2003, according to a newly released report from the Minnesota Department of Labor and Industry....
Keeping Retention Rates High in a Softening Market
Apr 4 2005 // The success or failure of any organization can be traced to customer retention. Agents and carriers who retain the most customers have greater long-term success and profitability than those who consistently lose...
WCIRB Proposes 10.4 Percent Decrease in Pure Premium Rates
Mar 28 2005 // On March 25, 2005, the WCIRB submitted a filing to the California Insurance Commissioner recommending a 10.4 percent decrease in advisory pure premium rates effective July 1, 2005 on new and renewal policies. The proposed...
Minn.’s Comp Claim Rate Down, Cost Up
Mar 24 2005 // The number of paid workers’ compensation claims fell 22 percent relative to the number of employees from 2000 to 2003, according to a newly released report from the Minnesota Department of Labor and Industry....
N.C. Commission, Rate Bureau Reach Compromise; Agree on 2.2 Percent Average Policy Increase
Mar 18 2005 // A compromise agreement approving a 2.2 percent average statewide homeowners premium increase has been reached between the North Carolina Insurance Commission and the North Carolina Rate Bureau. The Bureau, an independent...
TDI Applauds JUA’s Medical Liability Rate Reduction
Mar 16 2005 // The Texas Department of Insurance praised the recent rate reductions filed by the Texas Medical Liability Insurance Underwriting Association, commonly referred to as the Joint Underwriting Association. TDI said in a rate...
Insurers Say Granholm’s Premium Tax Hike Will Hurt Mich. Consumers
Mar 14 2005 // The Washington, D.C.-based American Insurance Association recently voiced strong opposition to Michigan Gov. Jennifer Granholm’s proposal to shift hundreds of millions of dollars in taxes onto the insurance industry,...
Texas Study Says Malpractice Verdicts Not to Blame for Rising Insurance Premiums
Mar 11 2005 // Large medical malpractice verdicts and settlements were not to blame for a rapid increase in insurance premiums for Texas doctors and hospitals, according to a study by law professors at the University of Texas at Austin...
Consumer Group Applauds Washington Commissioner For Refunding Premiums to Doctors
Mar 4 2005 // The Center for Justice & Democracy, a national consumer organization that monitors insurance industry practices, applauded the Washington State Office of the Insurance Commissioner for ordering the state’s...
The Doctors Co. Reports Rate Decrease for Texas
Feb 25 2005 // The Doctors Company, a physician-owned medical malpractice carrier, will file with the Texas Department of Insurance to decrease its average rate level. Ninety percent of the company’s current Texas insureds will...
AUTO RATES FALLING:
Feb 21 2005 // New Hampshire drivers are benefiting from increased competition among auto insurers. Seven of the 11 auto insurance companies that have filed rate change requests with the state so far this year have asked for decreases,...
Commercial Insurance Posts Full Year in Soft Market, RIMS Survey Reveals
Feb 21 2005 // The commercial insurance industry experienced a full year of a soft market conditions in 2004, as the last months of the year represented the fourth consecutive quarter of declining prices, according to the RIMS Benchmark...
RATE BUREAU REQUESTS 11.5 PERCENT INCREASE IN AUTO RATES
Feb 21 2005 // The North Carolina Department of Insurance doubts new methodology used by the North Carolina Rate Bureau, which has just requested an 11.5 percent statewide increase in private auto insurance rates. NCRB is an independent...
