American Agents Alliance

FEBRUARY 7, 2025

Social inflation and E&O risks are connected as agents must manage policyholder expectations even as claims costs rise, premiums remain high, and denials are issued for claims policyholders expected to be covered. Learn more about social inflation and E&O risks and how to manage these concerns.

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Broker-Agent Risk Policyholder Agents 52

Zywave

NOVEMBER 13, 2024

But with growth opportunities comes risk. We’re prepared to help you grow your distribution network, power your decision making with industry-leading data and insights and empower your teams and policyholders with industry knowledge and expertise. And your own first-party data isn’t going to get you there.

Cyber 97

Cyber Policyholder Insured Insurer 97

Triple-I: Homeowners Insurance

MARCH 4, 2025

Claims-related litigation has significantly declined over the past two years, and premium averages are nearly flat, with several insurers requesting rate decreases from the states insurance regulator. This competition from the private market has allowed policyholders to leave Citizens Property Insurance Corp.

Premium 52

Premium Claim Auto Insurance Property Insurance 52

Triple-I: Homeowners Insurance

JANUARY 13, 2025

While the perception of overall severe weather risks varies significantly by region, 65 percent of the participants nationwide believed their home is at risk from thunderstorms, according to the new report, Catastrophic Weather Events and Mitigation: Survey of Homeowners by the Insurance Research Council (IRC), a division of The Institutes.

Policyholder 79

Policyholder Claim Premium Risk 79

Triple-I: Homeowners Insurance

MAY 8, 2024

But it’s important to remember that the crisis wasn’t created overnight and that it will take time for the reforms and other developments to be reflected in policyholder premiums. One factor keeping upward pressure on rates is fraud and legal system abuse. With only 15 percent of U.S.

Premium 52

Premium Insured Insurance Insurer 52

Triple-I: Homeowners Insurance

JUNE 26, 2024

Homeowners insurance premium growth in Florida has slowed since the state implemented legal system abuse reforms in 2022, according to a Triple-I analysis. As shown in the chart below, average annual premiums climbed sharply after 2020. In 2022, average homeowners premium rates rose more than 17 percent, to $3,040.

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Premium Property Insurance Claim Policyholder 52

American Agents Alliance

MARCH 3, 2025

However, for agents and brokers, these new AI-driven processes can introduce new E&O risks to mitigate and manage. Learn more about managing new E&O risks introduced by AI to ensure AI remains an asset, not a liability. Some of the new risks include: AI-generated quotes may be mispriced or contain incorrect details.

Broker-Agent 52

Broker-Agent Broker Agents Risk 52

American Agents Alliance

NOVEMBER 9, 2024

Independent P&C agents and brokers who reside and work in this region must also know how to help policyholders manage earthquake risk. This requires experience, expertise, and a proactive approach to risk management and mitigation. Learn more about how agents can help their policyholders manage earthquake risk in this blog.

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Agents Risk Broker-Agent Policyholder 40

Distinguished

MARCH 19, 2025

Mold & Water Damage are also major concerns; leaks or excessive moisture can lead to mold growth that poses health risks. Additionally, Electrical Hazards like exposed wiring or unpermitted electrical workpose serious safety risks. Insurers view these violations as signs of deferred maintenance and increased risk.

Building 52

Building Broker Damage Insurance Broker 52

Distinguished

MARCH 6, 2025

Insurers view these violations as signs of deferred maintenance and increased risk. Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. Both resolved and unresolved violations can affect the terms, premiums, and overall coverage of these policies.

Building 59

Building Damage Insurance Broker Underwriter 59

American Agents Alliance

DECEMBER 8, 2024

Driven by rapid advancements in technology, shifting risks, and increasing policyholder expectations, the industry will likely have different products and services by the time 2025 draws to a close. Read more about 2025 insurance trends and consider how these risks and opportunities may impact your agency.

Broker-Agent 40

Broker-Agent Agents Broker Risk 40

Distinguished

MARCH 21, 2025

In Chicago, housing code violations not only affect tenant safety and property values but also play a critical role in insurance risk assessments. Then there are electrical hazards , such as exposed wiring or faulty outlets, which pose serious safety risks. Structural problems are also a significant concern.

Building 52

Building Insurance Broker Broker Damage 52

Triple-I: Business Insurance

APRIL 24, 2023

In a recent interview with Triple-I CEO Sean Kevelighan, Harger discussed the importance of preparing for and preventing damage from this risk, which is second only to flooding when it comes to costly weather events. When installed properly, lightning protection systems are scientifically proven to mitigate the risks of a lightning strike.”

Risk 52

Risk Business Interruption Damage Protection 52

Property Insurance Centre

MAY 17, 2024

The Insurance Act 2015 IMPORTANT INFORMATION – PLEASE READ Duty of Fair Presentation The Insurance Act 2015 imposes an obligation on all policyholders to “make a fair presentation of the risk” prior to the policy commencing. What happens if I do not fairly present the risk? What is a reasonable search?

Premium 52

Premium Insured Insurer Insurance 52

Bankers Insurance

MAY 16, 2024

The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Even among typical homeowners policies, premiums likely increased year over year. Reduce liability risks. billion each.

Home Insurance 52

Home Insurance Policyholder Insured Insurer 52

Distinguished

MARCH 17, 2025

With infractions ranging from heating failures to illegal conversions, understanding these issues is essential for assessing risk and underwriting policies. This can pose serious health risks for tenants and lead to significant liabilities. Insurers view these violations as signs of deferred maintenance and increased risk.

Broker 52

Broker Insurance Broker Building Underwriter 52

Redbird Agents

JUNE 14, 2024

FIA Accumulation Highlights : Review premium requirements, fixed rates, withdrawals and more! Fixed Annuity Highlights : Inform your customers on current yields, first year bonus rates, minimum premiums and more! If they need income in the next 12 months, you’ll likely just work with them on a single premium immediate annuity.

License 130

License Life Insurance Agents Premium 130

Property Insurance Centre

JANUARY 4, 2024

Inflation drives up property valuations , construction costs , and insurance premiums. This has resulted in higher premiums and limited coverage in catastrophe-exposed areas. Insurers are investing in advanced technology and data analytics to improve risk assessment and underwriting processes.

Property Insurance 52

Property Insurance Commercial Property Liability Insured 52

InsuredMine

MAY 20, 2024

.” Rather than forcing a rigid, one-size-fits-all approach, these companies are tapping into new technologies to craft customized insurance packages for each consumer’s unique needs and risk profile. And get this some even let you pay as you go instead of heavy annual premiums. However, it has significant limitations.

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Insured Insurer Insurance Premium 52

Protect Commercial Insurance

OCTOBER 4, 2024

How Interest Rates Influence Insurance Costs Insurance premiums are sometimes indirectly influenced by interest rates. Here’s how: insurers rely on investment income to keep premiums competitive. When interest rates rise, the returns on these investments can increase, potentially affecting premium rates.

Property Insurance 52

Property Insurance Out-Of-Pocket Premium Insured 52

Shield Insurance Agency

AUGUST 20, 2024

Small Insurance Claims Can Raise Premiums Small insurance claims, such as those for minor property damage, may seem like a hassle to deal with. Many policyholders may be tempted to file a claim for every little incident in the belief that their insurance policy will cover all damages.

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Insurance Claim Claim Protection Out-Of-Pocket 52

Property Insurance Centre

MARCH 19, 2024

By understanding key terms, policy details, and the rights and responsibilities of policyholders, consumers can engage with insurers more effectively, ensuring better communication and ultimately achieving their desired outcomes. By exploring these guides, individuals can gain a comprehensive understanding of why insurance is essential.

Property Insurance 52

Property Insurance Policyholder Insured Insurer 52

Triple-I: Homeowners Insurance

JUNE 27, 2024

By Lewis Nibbelin, Guest Blogger for Triple-I Home and auto insurance premium rates have been a topic of considerable public discussion as rising replacement costs and other factors – from climate-related losses to fraud and legal system abuse – have driven rates up and, in some states, crimped availability and affordability of coverage.

Underwriting 52

Underwriting Underwriter Insured Insurance 52

Majesco

FEBRUARY 15, 2024

The concept of speed is increasingly becoming an important competitive factor when presenting rating information for specialty insurance risk coverage. Insurance risks are diverse and ever-evolving, especially specialty insurance, which plays a crucial role in providing coverage for unique and high-risk situations.

Policyholder 40

Policyholder Broker-Agent Risk Broker 40

Property Insurance Centre

NOVEMBER 11, 2024

” or can’t get the insurance you deserve for that matter – insurance with reasonable premiums and without unnecessary restrictions. In other cases, it will be due to underwriting appetite of insurers and their ever changing attitudes to risk. Having said that, there are ways you can help yourself.

Insured 52

Insured Insurer Insurance Premium 52

Property Insurance Centre

JULY 21, 2024

Their comprehensive approach, combining expert knowledge, personalised service, and a keen attention to detail, has earned them a stellar reputation among policyholders and insurers alike. We look forward to continuing our mission of helping policyholders navigate the complexities of property damage claims with confidence and ease.”

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Claim Property Damage Building Property Insurance 52

Triple-I: Homeowners Insurance

DECEMBER 3, 2024

Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. Clear communication is key, the participants agreed. Preventing adversaries to the U.S.

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Out-Of-Pocket Broker-Agent Premium Claim 65

Protect Commercial Insurance

DECEMBER 6, 2024

The notion of business coverage can be traced back to medieval times, when the shipping industry first implemented rudimentary forms of risk management. With rapid advancements in machinery and transportation, businesses faced new categories of risk. By the 20th century, the insurance industry began to reflect broader societal shifts.

Commercial Insurance 52

Commercial Insurance Commercial Insured Insurance 52

Triple-I: Business Insurance

AUGUST 11, 2022

points from 2021, according to actuaries at Triple-I and Milliman , a risk-management, benefits, and technology firm. Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. We forecast 2022 P&C premium growth of 8.5 for 2022, up 1.2 percent,” Porfilio said.

Underwriting 40

Underwriting Underwriter Workers Compensation Premium 40

Bankers Insurance

AUGUST 8, 2024

Businesses may end up with inaccurate ITV calculations for a wide range of reasons — whether it stems from ineffective property valuation methods, intentionally underestimating costs to secure reduced premiums or being impacted by factors outside their control (e.g., They will help determine your risks and advise how to cover them.

Commercial Property 59

Commercial Property Property Insurance Commercial Out-Of-Pocket 59

American Agents Alliance

AUGUST 10, 2024

The Role of Agents Agents and brokers can help explain these pressures to policyholders who are concerned with rates or repair costs. Another helpful tip for policyholders is to educate them about ways to manage and mitigate their individual risks.

Auto Insurance 40

Auto Insurance Broker-Agent Agents Policyholder 40

American Agents Alliance

OCTOBER 14, 2024

Some digital solutions that may appeal to millennials include usage-based insurance , which allows the policyholder more control over their premium based on driving habits measured through telematics. They can explain how premiums are determined, how policyholders can mitigate their risk, and why certain coverages are important.

Agents 40

Agents Broker-Agent Policyholder Insured 40

Property Insurance Centre

JANUARY 30, 2024

Standard home insurance policies may not provide adequate protection for the unique risks associated with a block of flats. When selecting an insurance policy, factors such as the type of tenants, unoccupied flats, and the risk of water leaks and subsidence should be taken into account. What is Block of Flats Insurance?

Insured 52

Insured Insurance Insurer Building 52

Zywave

NOVEMBER 6, 2024

“The aim of Zywave’s Cyber Quoting is to help the market to grow cyber premium,” said Zywave Senior Vice President Jeff Cohen. “Now, it’s not only faster, but it’s also smarter. ” The Cyber Quoting benchmarking and limit adequacy insights are powered by Zywave’s Commercial Analytics data.

Cyber 52

Cyber Broker-Agent Broker Commercial 52

Healthinsurance.org

MAY 20, 2024

In this article HealthCare.gov policyholders at risk Scammers circumvent consumers protections The damage to affected Marketplace buyers Factors that led to the alleged fraudulent activity Buyers with lower incomes targeted Is this happening in states that run their own Marketplaces? What should consumers do?

Broker-Agent 52

Broker-Agent Broker Out-Of-Pocket Premium 52

Majesco

APRIL 25, 2024

It’s a double play—claims processed swiftly, premiums collected seamlessly, and customers satisfied. When a policyholder feels heard, when a claim is resolved swiftly, when premiums align with value—those are the grand slams insurers aim for. The ball never hits the dirt. As the MLB season heats up, keep an eye on Majesco.

Premium 40

Premium Underwriter Underwriting Claim 40

Property Insurance Centre

SEPTEMBER 25, 2024

This might seem like an advantage since this saves cost initially, though it might lead to high premium costs later on. These can be added to your policy for an additional premium. If your property is located in an area with a high risk of natural disasters, such as floods or earthquakes, your insurance premiums will be higher.

Building 52

Building Insured Insurance Insurer 52