Insurance News

Posts Tagged ‘Property

Commercial property/casualty insurance rates declined an average of 6% in June compared with those of a year earlier, MarketScout said Tuesday.

The declines hit all lines of coverage, all industry classes and all sizes of accounts, with the largest accounts enjoying the greatest declines, according to the Dallas-based electronic insurance exchange.

?June renewals show rate declines that continue to moderate, with many insurers Read the rest of this entry »

Commercial property/casualty insurance rates declined an average of 6% in June compared with those of a year earlier, MarketScout said Tuesday.

The declines hit all lines of coverage, all industry classes and all sizes of accounts, with the largest accounts enjoying the greatest declines, according to the Dallas-based electronic insurance exchange.

“June renewals show rate declines that continue to moderate, with many insurers Read the rest of this entry »

The tide may be turning for the long buyer-friendly commercial property market, particularly for catastrophe-exposed locations, risk managers, brokers and underwriters say.

Coming off the second-worst year on record in U.S. catastrophe losses, and buffeted by higher treaty reinsurance costs and the global economic downturn, insurers began trying to wrest increases in property rates early this year. They have succeeded to some extent, although Read the rest of this entry »

TALLAHASSEE — Both supporters and opponents of a bill that would partially deregulate Florida’s property insurance market are fiercely lobbying Gov. Charlie Crist as he nears a decision about whether to sign the bill or follow his apparent instinct to veto it.

Crist formally received the bill late last week and has until June 27 to decide. But he has for weeks signaled his distaste for House Bill 1171, sponsored by Rep. Bill Proctor, Read the rest of this entry »

The soft property/casualty market may be approaching its end, according to a survey announced Monday by consultant Towers Perrin.

Overall, U.S. commercial property/casualty prices declined less than 1% during the first quarter of 2009, according to Towers Perrin’s Commercial Lines Insurance Pricing Survey.

The decrease was the smallest decline in commercial property/casualty insurance prices in four years, providing “increasing Read the rest of this entry »

Reporting from Washington — There are a number of steps every homeowner should take to lower the cost of property insurance. But reducing the amount of coverage to match today’s lower values is probably not one of them.

Because it costs more to rebuild than it does to start from scratch, the market value of a house is not a reliable indicator of the amount of insurance you need. Too little coverage and your policy may not assume the cost Read the rest of this entry »

Thanks to millions of jobs lost and thousands of facilities shut down due to the recession, empty or partially vacant buildings are becoming increasingly common in both urban and suburban communities, with office vacancy rates in most cities exceeding 10 percent—projected to rise to 16.7 percent in 2009.
Compared to the multitude of risks that come along with managing a fully functioning commercial building, the logical thinking is that Read the rest of this entry »

Net income of U.S. property-and-casualty insurers fell 96% last year amid surging investment losses.

But the industry remains well-capitalized despite the earnings hit and the effects of catastrophes and the recession, the Property Casualty Insurers Association of America said, citing research it compiled with insurance-advisory firm ISO.

The profit for the companies, which include publicly held and mutual companies but exclude entities Read the rest of this entry »

Net income of U.S. property-and-casualty insurers fell 96% last year amid surging investment losses.

But the industry remains well-capitalized despite the earnings hit and the effects of catastrophes and the recession, the Property Casualty Insurers Association of America said, citing research it compiled with insurance-advisory firm ISO.

The profit for the companies, which include publicly held and mutual companies but exclude entities Read the rest of this entry »

Net income of U.S. property-and-casualty insurers fell 96% last year amid surging investment losses.

But the industry remains well-capitalized despite the earnings hit and the effects of catastrophes and the recession, the Property Casualty Insurers Association of America said, citing research it compiled with insurance-advisory firm ISO.

The profit for the companies, which include publicly held and mutual companies but exclude entities Read the rest of this entry »