Insurance Journal

NOVEMBER 17, 2024

home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S. Home Trends Report found that all-perils …

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Insurance Journal

OCTOBER 10, 2024

The insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever. The …

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Insurance Journal

OCTOBER 24, 2024

Louisiana Senator Bill Cassidy released a report Thursday critical of the National Flood Insurance Program’s adoption of Risk Rating 2.0. The report, “The Flood Insurance Crisis: A Comprehensive Breakdown of Rising Flood Insurance Premiums,” found that the average flood insurance …

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Insurance Journal

AUGUST 8, 2024

British insurer Beazley upgraded its combined ratio forecast for 2024 on Thursday after first-half pretax profit nearly doubled, boosted by growth in its property risks premiums and fewer catastrophe losses, sending its shares up 10%. The insurer, which commands about …

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Central Insurance

AUGUST 29, 2024

Explore how high-risk business insurance affects different industries, the factors influencing rates, and strategies to reduce risk exposure and lower premiums. The post How Does High-Risk Business Insurance Differ by Industry? appeared first on Central Insurance Blog.

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Insurance Journal

AUGUST 28, 2024

Americans are seeking to change their insurance coverage more frequently than in the past, after a surge in premiums that’s squeezed household budgets, a new industry report shows. For car insurance, so-called policy shopping rates — essentially the share of …

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Boyle Agency Insurance

DECEMBER 3, 2024

That’s because several factors influence the cost of auto insurance premiums. A clean driving record with no accidents or violations typically results in lower premiums, as it demonstrates responsible driving behavior. Younger, less experienced drivers often face higher premiums due to a higher perceived risk.

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Insurance Journal

AUGUST 14, 2024

Like single-family homeowners in California, landlords are facing higher insurance premiums, too. Many insurance companies have stopped writing policies in the state because of increased wildfire risks, but that’s … And they’re passing along some of those costs to their tenants.

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Insurance Journal

AUGUST 26, 2024

Jim Justice’s family is millions of dollars behind on payments to employees’ health insurance fund at their financially beleaguered hotel, putting workers’ coverage at risk despite the U.S. Senate candidate’s claims otherwise, a …

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AMAXX

SEPTEMBER 23, 2024

When it comes to calculating workers’ compensation premiums, two critical factors play a significant role: the frequency and severity of claims. Understanding how these two factors interact can help businesses reduce their premiums and improve workplace safety. Underwriters view very large losses as rare and unlikely to repeat.

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Boston ERISA & Insurance Litigation

DECEMBER 5, 2024

To me, the consistent theme that underlies all of the discussion is the ability of AI tools to improve the industrys ability to understand, interpret, manipulate and manage massive amounts of data (and also the risks of bad faith claims from doing so).

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TGS

NOVEMBER 27, 2024

TGS Insurance » Blog Affordable Home Safety Improvements to Lower Your Insurance Premiums Owning a home is a dream come true—until those monthly bills remind you of the costs involved. From utilities to maintenance to insurance premiums, it adds up quickly. Keeping your landscaping tidy reduces both risks. The answer is yes!

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TGS

OCTOBER 3, 2024

TGS Insurance » Blog 10 Factors That Affect Homeowners Insurance Premiums in Florida When it comes to homeowners insurance premiums, several factors come into play, and understanding them can be the key to managing your costs. Let’s dig into the 10 factors that affect homeowners insurance premiums in Florida—and everywhere else, too.

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ProWriters

NOVEMBER 18, 2024

After several years of dramatic rate fluctuations, insurers, brokers, and businesses are bracing for what could be a defining year for D&O premiums. With rising litigation risks, emerging industries, and a more competitive marketplace, the question remains: Will the soft market continue, or are we in for another shake-up?

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TGS

OCTOBER 25, 2024

TGS Insurance » Blog Top Reasons Your Home Insurance Premium Might Increase [2024] Owning a home is often a dream come true, but when that dreaded notice arrives in the mail—informing you that your home insurance premium has gone up—it can feel more like a nightmare. If you’re wondering why your premiums have spiked, you’re not alone.

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ProWriters

JANUARY 3, 2024

The trajectory of average D&O Insurance premiums has been a critical barometer for Cyber Insurance brokers keen on gauging the market’s pulse. The Credit Suisse Bank collapse and FTX bankruptcy , for instance, sent shockwaves through the industry, reshaping the risk landscape that D&O Insurance providers must now navigate.

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Leadsurance

NOVEMBER 19, 2024

How to Reduce Home Insurance Premiums without Compromising on Coverage Home insurance is many people’s key protector; it provides one with the needed cover once loss or damage occurs. The good news is that one can reduce home insurance premiums without necessarily sacrificing the cover that you get.

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Triple-I: Homeowners Insurance

DECEMBER 5, 2024

In a recent article for PropertyCasualty360 , Berven wrote that inconsistent building codes create alarming safety disparities from state to state and that improved codes are essential to reducing risk and post-disaster recovery costs. “The U.S.

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PSM Brokerage

AUGUST 7, 2024

Preliminary average Part D premiums will be released later this summer, with the finalized 2025 landscape available in mid-to-late September. The base beneficiary premium for 2025 will be $36.78, an increase of $2.08 The demonstration aims to ensure stability and predictability in the Part D market as the IRA changes are implemented.

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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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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.

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AMAXX

JULY 30, 2024

So this is your premium adjustments, and these are discretionary adjustments that can be given by your underwriter based on how well they perceive you managing your risk, how well they perceive you managing your risk. and why are we gonna try to get this risk up because you’re saying, hey. Say that again.

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Boyle Agency Insurance

APRIL 27, 2024

Determinants Of Homeowners Insurance Premiums Certain factors have an effect on your homeowners insurance premium. When pursuing lower premiums in Homeowners Insurance, eliminating or reducing these considerations is essential. Below we offer some factors that may affect NJ Homeowners Insurance premiums.

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TGS

NOVEMBER 12, 2024

TGS Insurance » Blog Unlocking a Smart Home Insurance Discount: How Your Gadgets Can Lower Your Premiums If you’ve recently dipped a toe into the world of smart home technology, you’re likely familiar with the benefits of convenience. Well, it all comes down to risk. To insurance providers, that’s a win.

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Insurance Marine News

NOVEMBER 10, 2024

Join Us The post Overall 5% premium hike from Skuld for 2025/26 appeared first on Insurance Marine News. You need to be logged in to view this content. Please Log In. Not a Member?

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Triple-I: Homeowners Insurance

OCTOBER 14, 2024

“The market is in its best financial condition in many years due to state legislative reforms in 2022 and 2023 that addressed the man-made factors which caused the Florida risk crisis – legal system abuse and claim fraud,” Friedlander said. Join us in Miami, Nov. 19 and 20.

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Prof. Allan Manning

MARCH 11, 2024

To be fair to the Insurer they have to charge a fair premium for the extra risk passed to them by their granting the extension of coverage for Unabandoned Undamaged Portion of a Building. The rate charged like any insurance premium ought in fairness be based on the perceived risk to the Insurer.

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AMAXX

AUGUST 7, 2024

These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. What Are Classification Rules?

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Distinguished

SEPTEMBER 10, 2024

From hurricanes on the Gulf Coast to rapid urban development in cities like Birmingham and Huntsville, the need for comprehensive Builder’s Risk Insurance has never been more critical. To address these diverse risks, Distinguished’s Builder’s Risk Program offers tailored solutions for Alabama’s construction needs.

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Triple-I: Homeowners Insurance

JULY 9, 2024

Restoring power to millions of Texans could take days or even weeks, subjecting residents who will not have air conditioning to further risk as a sweltering heatwave settles over the state. He also pointed out that flood risk represents “one of the biggest insurance gaps in this country.

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Distinguished

AUGUST 12, 2024

However, with growth comes risk, and that’s where Builder’s Risk insurance plays a critical role. In this article, we’ll take a deep dive into Distinguished’s Builder’s Risk insurance offerings in Georgia. How Much Does Builder’s Risk Cost in Georgia?

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Distinguished

SEPTEMBER 25, 2024

An increase in construction also means an increase in financial risk. This is why the popularity of Builder’s Risk insurance is growing. Read on to learn more about the coverages, costs, and benefits that make Distinguished’s Builder’s Risk Program ideal for Tennessee’s booming industry. 

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Redbird Agents

JULY 12, 2024

Hospital confinement and the associated unexpected expenses is one of the largest financial risks to individuals and their family members using Medicare Advantage plans, plans through the affordable care act, limited benefit and short term plans, and any other miscellaneous medical insurance plans providing essential coverage.

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Distinguished

SEPTEMBER 17, 2024

We sat down with Distinguished’s Builder’s Risk insurance expert, Susan DeCarlo, to discuss common factors that can lead to declinations in our program, how to avoid them, and key risk considerations. So, for example, on a new build if they’re 30 to 60 days in, we can consider that risk.

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Scott Insurance

OCTOBER 28, 2020

Many insurance carriers use third-party crime scores to evaluate their exposure to criminal risk when underwriting general liability insurance policies. At worst, a high crime score may preclude the owner of a multifamily housing complex from obtaining insurance coverage, and at best, a high crime score may result in higher premium costs.

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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.

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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.”

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