Executive summary: When actual prices line up with technical prices, insurers expect underwriting profits to emerge. But what if underwriters find ways to adjust technical prices downwards? In the second part of a two-part series, Tony Buckle and John Carolin, …
Price pressures have eased substantially over the past two years, but a disconnect remains between what US inflation data show and what millions of Americans experience with their finances. That’s in part because price levels are still higher than they …
Global average commercial insurance prices increased 11% in the fourth quarter of 2019, according to the Global Insurance Market Index released by insurance broker Marsh. The fourth quarter rise in prices was the largest year-over-year increase in the Marsh Global …
So far, we’ve dealt with two statements: We do good! It’ll just take a few seconds! This last statement is part of the premise of many in the insurtech space, but it’s also something that we’ve been dealing with for …
Connecticut has joined the growing number of states that have banned or restricted the practice of “price optimization” in insurance pricing. Connecticut Insurance Commissioner Katharine L. Wade announced that the state’s Insurance Department has officially warned property/casualty insurers against using …
Delaware has issued a bulletin prohibiting the use of price optimization in insurance pricing. The Delaware Department of Insurance said in its Bulletin No. 78 on Oct. 1 that “while price optimization has no universally accepted deļ¬nition, it generally refers …
Rhode Island’s Insurance Division issued a bulletin on Sept. 18 advising that any personal lines property/casualty insurer that uses price optimization to rate policies in Rhode Island should submit revised filings that remove such factors within 60 days after the …
The District of Columbia’s Department of Insurance, Securities and Banking (DISB) this week issued a bulletin notifying property/casualty insurers doing business in the District that price optimization is discriminatory and that it violates the District’s anti-discrimination insurance laws. The Department’s …
Maine Insurance Superintendent Eric A. Cioppa stated in a bulletin published Monday that in Maine, personal lines property/casualty insurers that use price optimization should submit revised rate filings removing such factors within 60 days after the date of the bulletin. …
Pennsylvania Insurance Commissioner Teresa Miller has issued an official notice warning the state’s insurers that they are prohibited from using the price optimization techniques in property/casualty insurance rates. “The practice is not legal in Pennsylvania and the Insurance Department will …
