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.

Business Insurance 217

Business Insurance Risk Premium Insured 217

Insurance Journal

SEPTEMBER 10, 2024

Claims for malpractice, breach of contract, breach of fiduciary duty and related issues can result in widespread premium increases and professional discipline. Professional liability claims impact a multitude of professions, including those in the legal, medical, financial and insurance industries.

Liability 264

Liability Claim Risk Premium 264

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 …

Premium 240

Premium Home Insurance Insurance Industry Risk 240

Prof. Allan Manning

FEBRUARY 10, 2025

I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. Where a client, sought to insure for less than 12 months they would offer a discount on the premium rate. of their loss.

Business Interruption 189

Business Interruption Claim Insured Insurance 189

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 …

Premium 299

Premium Insurance Industry Risk Insured 299

Insurance Journal

NOVEMBER 22, 2024

Global non-life premiums are expected to hit a decade-high growth level of 4.3% in 2024, following the repricing of risk over the past several years in response to elevated claims, according to Swiss Re’s sigma. “Premium rates are now moderating, …

Life Insurance 278

Life Insurance Premium Claim Risk 278

AMAXX

MARCH 24, 2025

In this final part of our series exploring the nine elements of independent premium audits, we turn our focus to specialized situations and nuanced adjustments auditors carefully evaluate. Auditors disallow estimates, making precise documentation vital to receiving the intended premium savings associated with this exception.

Workers Comp 59

Workers Comp Premium Workers Compensation Compensation 59

Property Insurance Coverage Law

DECEMBER 28, 2024

Americas housing market is teetering on the edge of a crisisa situation fueled by climate change, soaring insurance premiums, underinsurance, and systemic failures in addressing these growing risks.

Premium 185

Premium Property Insurance Insured Insurance 185

AMAXX

FEBRUARY 18, 2025

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?

Workers Compensation 103

Workers Compensation Compensation Workers Comp Premium 103

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 …

Premium 264

Premium Insured Insurance Insurer 264

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 …

Premium 264

Premium Insured Insurance Insurer 264

Insurance Journal

FEBRUARY 17, 2025

With global gross written premiums in embedded insurance projected … Embedded insurance is no longer just an emerging trend; it’s becoming a central strategy for retailers and non-insurance brands looking to enhance customer experience, drive loyalty, and generate new revenue streams.

Risk 200

Risk Insured Insurance Premium 200

Redbird Agents

FEBRUARY 3, 2025

Because of this, commissions tend to be higher than many other life insurance products, with most carriers paying between 80 percent and 120 percent of the annual premium in first-year commissions. Advanced Commissions: Provide fast cash flow but carry a higher chargeback risk if the client cancels early.

Agents 130

Agents Premium Policy Life Insurance 130

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 …

Premium 306

Premium Insured Insurance Insurer 306

Property Insurance Centre

MARCH 11, 2025

Buying Blocks of Flats Insurance in London: Key Risks and Costs When it comes to buying blocks of flats insurance in London, the market is becoming more complex for a number of reasons. Many insurers require more detailed valuations and risk assessments due to the higher sums insured.

Risk 52

Risk Insured Insurance Insurer 52

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.

Workers Compensation 91

Workers Compensation Premium Compensation Workers Comp 91

Majesco

FEBRUARY 13, 2025

Climate risk is growing, and a greater number of Cat events are threatening people and their property. Unsafe driving, inflation, and auto repair costs are responsible, in part, for rising premiums. Trend: The new era of risk demands new technology NAMIC, Moodys, The Institutes, and others are all talking about the new era of risk.

Risk 52

Risk Insured Insurance Insurer 52

Majesco

MARCH 13, 2025

Competing in todays marketplace requires a holistic view of advancement, including a complete grasp of internal and external risks. Most importantly, it requires rethinking your software partner and the risk involved in your partnership. Traditional thinking will not keep pace with market, customer, risk, and technology changes.

Risk 52

Risk Insured Insurance Insurer 52

Insurance Journal

JANUARY 22, 2025

Microsoft’s LinkedIn has been sued by Premium customers who said the business-focused social media platform disclosed their private messages to third parties without permission to train generative artificial intelligence models. According to a proposed class action filed on Tuesday night …

Premium 260

Premium Risk 260

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.

Premium 173

Premium Insured Insurance Insurer 173

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.

Premium 73

Premium Auto Insurance Out-Of-Pocket Deductible 73

Insurance Journal

MARCH 23, 2025

D&O Dampening “Despite recently favorable statutory underwriting results, the softer pricing of the past couple of years could ultimately dampen the financial performance of D&O insurers because the premium base to support future claims activity has diminished, even as risks …

Underwriter 130

Underwriter Underwriting Premium Claim 130

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 …

Claim 289

Claim Risk Insured Insurance 289

Triple-I: Homeowners Insurance

FEBRUARY 13, 2025

This brief provides an overview of how several factors, including skyrocketing costs from litigation, pose risks to coverage affordability, availability, and other potential economic outcomes for Georgia residents. Data indicates that litigation costs have become a pervasive concern for risk management.

Commercial General Liability 89

Commercial General Liability Commercial Umbrella Claim Liability 89

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.

Premium 69

Premium Out-Of-Pocket Agents Risk 69

Property Insurance Centre

MARCH 21, 2025

This diversity in building age and structure affects insuranceolder buildings may face higher premiums due to maintenance risks, while newer developments may require higher coverage for cutting-edge amenities. Insurers often request an EWS1 form or similar documentation to assess fire risks.

Premium 52

Premium Insured Insurance Insurer 52

American Agents Alliance

APRIL 3, 2025

Rising expenses could perhaps cause higher insured values, leading to policy adjustments and higher premiums. Here are some ways agents can help: Educate policyholders about costs and rising premiums. Tariffs can also drive up inflation in the overall economy, increasing labor costs across industries. Education is often the first step.

Agents 52

Agents Policyholder Premium Auto Insurance 52

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?

Workers Compensation 102

Workers Compensation Compensation Workers Comp Premium 102

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.

Premium 52

Premium Deductible Out-Of-Pocket Insured 52

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.

Workers Comp 64

Workers Comp Risk Workers Compensation Injury 64

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.

Home Insurance 52

Home Insurance Premium Insured Insurance 52

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?

Premium 101

Premium Cyber Insured Insurance 101

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.

Home Insurance 52

Home Insurance Premium Deductible Insured 52

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).

Premium 40

Premium Risk Underwriter Underwriting 40

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!

Premium 52

Premium Home Insurance Insured Insurance 52

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. The average risk-adjusted cost for 2024 was -0.7

Premium 52

Premium Auto Insurance Claim Property Insurance 52

Distinguished

MARCH 20, 2025

Additionally, defects in windows, doors, handrails, and stairs not only contribute to drafts and security concerns but also increase the risk of falls. Blocked emergency exits or fire escapes and electrical hazards, including exposed wiring or overloaded circuits, further compound these risks.

Broker 52

Broker License Insurance Broker Risk 52