premium increases News

New Inflation Requirements for Pennsylvania Long Term Care Partnership Policies to Take Effect

Pennsylvania Insurance Commissioner Teresa Miller announced a change in guidance allowing greater flexibility in federally required inflation protection for long term care partnership policies. This flexibility means more consumer choice for Pennsylvanians and should allow insurers to mitigate or even …

Under Missouri Bill, Insurance Department Would Review ACA Rate Hikes

Health insurance companies would no longer be able to raise rates for Affordable Care Act consumers in Missouri without review by a state agency under a measure awaiting the governor’s signature. Advocates say the change is long overdue. Missouri is …

Willis Sees No Impact on Coverage from UK’s Pool Re Rate Increases

The announcement by the UK government that it planned to raise premium rates for its ultimate backup reinsurer Pool Re initially raised fears that coverage through the system could be diminished. Willis noted, however, that although “commentators initially thought the …

Brit Gains in London as Premiums Rose 4.5% in First Half

Brit Plc, a Lloyd’s of London insurer, posted a 4.5 percent increase in premiums and said it would pay its first dividend following its initial public offering in March. The shares gained. Premiums before reinsurance expenses rose to £701.2 million …

Colorado Flood Survivors New Worry: Insurance Cost Hike

Thousands of Coloradans could face major cost increases for their flood insurance, just as many are trying to decide whether to rebuild or move on after the devastating September flooding. More than 5,700 federally subsidized policies in Colorado could be …

U.K. Towns Face More Floods as Insurer Losses Estimated at $1.6 Billion

Waterlogged towns on the River Thames west of London braced for more floods as rains persisted across southern England and Deloitte LLP said the storms may cost insurers £1 billion ($1.6 billion) by April. The Environment Agency has 16 severe …

P&I Club Steamship Mutual Plans Rate Hikes

Following a Board of Directors meeting, London-based Steamship Mutual announced that it has “reviewed the Club’s open policy years, as well as claims in earlier years, and considered the premium ratings required for the 2014 policy year.” On the basis …

Fitch: Survey Finds P&C Insurers’ Profits Up; Reinsurers Recovering

“Property/casualty insurers’ operating profits improved in 2012, driven by reduced incurred losses from natural catastrophes and core loss ratio improvements from recent underwriting and pricing actions,” concludes a report from Fitch Ratings. The survey is a “compilation of full-year GAAP …

Agency Outlines Ways California Firms Can Control WC Insurance Costs

Insurance agency Barney & Barney has outlined a series of steps to help California’s small- to mid-sized employers control the rising cost of workers comp insurance following Wednesday’s decision by the state’s Workers Compensation Insurance Rating Bureau (WCIRB) to raise …

UK’s Legal Expense Insurers Say Referral Fees Cause for Claims Increase

The UK’s Legal Expenses Insurance Group (LEIG) has taken issue with claims that the rise in lawsuits over automobile accidents are responsible for the car insurance rate rises. The Group, which was formed in April 2006 by a number of …