I’m not seeing a result of this story at all with any of my customers who are not contractors. I’m seeing an average of 12%+ increases across the board! Tell me where you’re seeing these decreases because it’s certainly NOT in Maryland!
Sizeable reductions on large placements continue. Casualty rates including international markets with worldwide exposure, down 5 to 10%. Property with TIV of US $500 million+ down 5% including CAT.
Lloyds markets are still 5-25% below legacy carriers on some specialty lines. Exec Risks market remains competitive. Brokers who are restricted to carriers who dominate in their region are cut off from the more competitive carriers. This is how the large brokerage houses large account units are winning business.
Well that’s nice for the relatively small number of insurance professionals that deal with TIVs of $500 Million Plus and international coverage. For the rest of us, rates are not soft.
It is encouraging to see that buyers should benefit from the prices for commercial insurance this year. The business seems pretty stable. With so many insurance policies frequently updating their pricing, it’s nice to not have another change on top of that. http://www.pcbins.com/business/
I’m not sure were tower watson is getting their data. Working in the commercial insurance market, it’s actually increasing in most state. Insurance companies are at a loss when it comes to the commercial auto market and in some states the rates are expected to go up to about 25% percent. This information is pretty consistent across all large commercial carriers.
I recently tried to get quotes from major insurance companies and so far I’ve been quoted outrageous rates. I have been in business for over 12 years but recently have had to seek commercial trucking insurance and based on the price hikes and projections Im considering a new line of business. if the majors won’t write policies then it won’t be long before smaller independent agents follow suit and then where will the trucking industry be? Companies utilize independent truckers to save money on benefits and to see their bottom line increase but they may have to revert back to the old methods and simply hire and manage drivers to move freight. I’d advise anyone interested in independent trucking not to! Just find a company with Health Benefits, great pay, and 401K. Overall the expenses of independent trucking just isn’t worth it!
I’m not seeing a result of this story at all with any of my customers who are not contractors. I’m seeing an average of 12%+ increases across the board! Tell me where you’re seeing these decreases because it’s certainly NOT in Maryland!
It isn’t in Texas, either. I haven’t seen rate decreases for any line in years, and in commercial auto rates are +30% in a lot of cases.
Sizeable reductions on large placements continue. Casualty rates including international markets with worldwide exposure, down 5 to 10%. Property with TIV of US $500 million+ down 5% including CAT.
Lloyds markets are still 5-25% below legacy carriers on some specialty lines. Exec Risks market remains competitive. Brokers who are restricted to carriers who dominate in their region are cut off from the more competitive carriers. This is how the large brokerage houses large account units are winning business.
Well that’s nice for the relatively small number of insurance professionals that deal with TIVs of $500 Million Plus and international coverage. For the rest of us, rates are not soft.
We’ve seen a tight market which obviously leads to decreased rates. We’re national.
It is encouraging to see that buyers should benefit from the prices for commercial insurance this year. The business seems pretty stable. With so many insurance policies frequently updating their pricing, it’s nice to not have another change on top of that. http://www.pcbins.com/business/
I’m not sure were tower watson is getting their data. Working in the commercial insurance market, it’s actually increasing in most state. Insurance companies are at a loss when it comes to the commercial auto market and in some states the rates are expected to go up to about 25% percent. This information is pretty consistent across all large commercial carriers.
I recently tried to get quotes from major insurance companies and so far I’ve been quoted outrageous rates. I have been in business for over 12 years but recently have had to seek commercial trucking insurance and based on the price hikes and projections Im considering a new line of business. if the majors won’t write policies then it won’t be long before smaller independent agents follow suit and then where will the trucking industry be? Companies utilize independent truckers to save money on benefits and to see their bottom line increase but they may have to revert back to the old methods and simply hire and manage drivers to move freight. I’d advise anyone interested in independent trucking not to! Just find a company with Health Benefits, great pay, and 401K. Overall the expenses of independent trucking just isn’t worth it!