Insurance News

Posts Tagged ‘Property

Citizens Property Insurance Corp. officials were questioned Tuesday about the insurer’s request for an average 8.4 percent statewide rate hike.

That includes an average increase of as much as 11.3 percent in parts of South Florida and a 9.3 percent statewide rate hike for policies that cover homes, condominium units, renters, mobile homes and vacation or rented property.

Some policyholders’ rates would decrease under the proposal. Regulators Read the rest of this entry »

State Farm Mutual Automobile Insurance Co. and Nationwide Mutual Insurance Co. are among insurers with the most at risk from Hurricane Earl, which threatens to graze North Carolina on Sept. 3.

The state had about $133 billion of coastal property covered by insurers according to 2007 data from AIR Worldwide, distributed by the Insurance Information Institute. Nationwide, Bloomington, Illinois-based State Farm and North Carolina Farm Bureau Insurance Read the rest of this entry »

Reserve releases boosted first-half 2010 results for the largest U.S. property/casualty insurers, but the soft market and weak economy continue to dampen results for the industry as a whole, observers say.

Prospects for the property/casualty industry are unlikely to improve until the economy does, observers say.

Ten major insurers that release their quarterly results reported $4.9 billion in net income for the first half. This compares Read the rest of this entry »

Commercial property/casualty insurance rates dropped an average 3% in July compared with a year earlier, MarketScout said Thursday.

The Dallas-based electronic insurance exchange said the service industry enjoyed the most competitive pricing among industries surveyed, with average prices down 4%. Among lines of coverage, general liability experienced the greatest pricing decline with average prices down 5%.

“Insurers received Read the rest of this entry »

Commercial property/casualty insurance rates dropped an average of 6.4% during the second quarter this year, according to the Council of Insurance Agents & Brokers? ?Commercial P/C Market Index Survey? released Monday.

Large accounts, which the survey defines as generating more than $100,000 annually in fees and commissions, experienced the steepest decline at 8.9%, while small accounts generating less than $25,000 in Read the rest of this entry »

The risks confronting insurers appear to become more complex every day.

Traditional risk, notably catastrophes, remains a core concern for underwriters. But newer risks, such as inflation and even advancing technology, must be taken into insurers’ risk management calculations as well, observers say.

Property catastrophe risk ?is and continues to be the largest risk,? said Joe Lebens, senior consultant at Towers Watson & Co. in Read the rest of this entry »

The hardening market property insurance buyers faced in the first half of 2009 eased considerably in the third quarter, according to a report from Chicago-based brokerage Aon Corp.

During the first half of the year, property insurance rates increased on average between 4% and 5%, and more than 20% in some cases, Aon said in its quarterly market overview. But in the third quarter, rates flattened to an average increase of 0.2%, due to light Read the rest of this entry »

WASHINGTON?Five property/casualty insurance trade groups sent a letter Tuesday to House Financial Services Committee Chairman Barney Frank, D-Mass., reiterating their concerns about how their industry would be treated under the Financial Stability Improvement Act.

?We believe that any federal proposal to subject financial companies to heightened prudential supervision should start from the premise that property and casualty companies Read the rest of this entry »

OLDWICK, N.J.?Although the U.S. property/casualty insurance industry’s risk-adjusted capitalization declined 17 percentage points in 2008, the industry remains adequately capitalized to support its asset, credit and underwriting risks, according to a new A.M. Best report.

The Oldwick, N.J.-based ratings agency attributed the capital decline to the compound effects of the financial crisis, the fourth-highest year on record for U.S. catastrophe-related Read the rest of this entry »

TALLAHASSEE, Fla. (AP) — Florida insurance regulators are failing in their duties if they don’t make the state-backed Citizens Property Insurance Corp. raise property insurance rates by 10 percent across the board, a business group lobbyist said Tuesday.

Barney Bishop III, president of Associated Industries of Florida, said it’s ”astonishing” that the state-backed insurer would not increase rates on all policies by 10 percent.

Read the rest of this entry »