insurance rates News

A Third of Nevada Drivers Could See Auto Insurance Rates Rise

About one in three Nevada motorists, or as many as 600,000 people, could face a 9 percent jump in auto insurance rates this summer when the state raises the basic required minimum levels of bodily injury and property damage coverage, …

Nevada OK’s Filings for Moderate Workers’ Comp Loss-Cost and Assigned-Risk Rate Changes

Nevada Insurance Commissioner Barbara D. Richardson approved a slight decrease in workers’ compensation voluntary insurance loss costs and average increase for assigned-risk rates. Richardson approved two filings from the National Council on Compensation Insurance this week. Compared to previous years, …

Delaware Announces Workers’ Compensation Rate Decrease

Delaware Insurance Commissioner Trinidad Navarro has announced that there will be a decrease in workers’ compensation insurance rates, effective December 1, 2017. “This insurance rate decrease has a direct impact on Delaware’s employers, enabling them to lower their costs and …

Texas Court Approves $84.4M Settlement in Farmers Case

A Travis County, Texas district court has granted preliminary approval of a settlement with Farmers Insurance Group that will return $84.4 million to policyholders stemming from a 2002 homeowners insurance rate case. The case stems from a 2002 lawsuit by …

Northeast PIA Survey Shows Prices Rising, But at Slower Pace

In the first month of 2014, the PIA affiliates in Connecticut, New Hampshire, New Jersey and New York conducted their second-annual Market Trends Survey and found that the heralded hard market may not be launching as expected. In fact, when …

Report Calls for Prior Approval for All States

Holding automobile insurance regulation in California as an example, the Consumer Federation of America issued a report on Tuesday showing that auto insurance expenditures in America rose by 43 percent on average over the past quarter century. The report holds …

P/C Insurers’ CFOs Point to Hardening Markets: Towers Watson Survey

Chief financial officers with leading North American property/casualty insurers believe both property and casualty insurance markets are in the midst of hardening, according to a new North American Property & Casualty CFO survey by global professional services company Towers Watson. …

Court of Appeal Upholds California Commissioner’s Authority in Mercury Suit

The California Court of Appeal upheld a Los Angeles Superior Court ruling on Thursday by dismissing Mercury Insurance Co.’s lawsuit challenging Insurance Commissioner Dave Jones’ authority to decrease the insurer’s homeowners rates. Jones in March issued a decision providing for …

Chubb to Adjust Underwriting in Northeast Post-Sandy

The Chubb Corp., which posted Superstorm Sandy-related pre-tax costs of $882 million in its latest earnings report, said there would be some adjustments to underwriting and pricing in the Northeast region going forward. Dino Robusto, president of personal lines and …

W.R. Berkley’s 2012 Q4 Profit Up 41%; $40M in Sandy Loss Reported

W.R. Berkley Corp. said its 2012 fourth quarter net profit was $165.49 million, up 41.4 percent compared to the same period in 2011 when it had $117.03 million profit. For the full-year 2012, the Greenwich, Conn.-based commercial lines insurer reported …