Elmore

OCTOBER 19, 2024

Insurers are attempting to stem persistent losses on their underwriting The post Home insurance premiums to keep rising in ‘difficult year’ appeared first on Elmore Insurance Brokers.

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Triple-I: Homeowners Insurance

OCTOBER 10, 2024

property and casualty insurance industry experienced better-than-expected economic and underwriting results in the first half of 2024, according to the latest forecasting report by Triple-I and Milliman. Much of the overall underwriting gain was due to growth in personal lines net premiums written. represented a 2.3-points

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Commercial Underwriting Underwriter General Liability 49

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. This rise in D&O claims is expected to push premiums upward as insurers recalibrate risk assessments.

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Triple-I: Homeowners Insurance

MAY 8, 2024

Claims-related litigation is down, the “ depopulation ” of the state’s insurer of last resort continues apace, and underwriting profitability – while still in negative territory – has improved significantly. One factor keeping upward pressure on rates is fraud and legal system abuse. With only 15 percent of U.S.

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Triple-I: Business Insurance

AUGUST 11, 2022

The property & casualty insurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 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.

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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 Insurance 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.

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Underwriting Underwriter Auto Insurance Insurance 52

Scott Insurance

FEBRUARY 27, 2024

The Hardening Property Insurance Market Since 2017, the property insurance market has been hardening, resulting in lower available limits, higher deductibles and increased premiums. Uneven investment profits causing insurers to pursue underwriting profit, which translates to stricter underwriting criteria and declined submissions.

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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. You’re gonna have to some of these premium adjustments. It’s it’s not showing me that you do.

Workers Comp 52

Workers Comp Risk Workers Compensation Injury 52

Cowbell

AUGUST 20, 2024

In two years, he successfully implemented over 20 partnerships with major insurance brokers and significantly enhanced Arch’s digital presence while optimizing the underwriting process through automation, culminating in improved user interfaces and portals.

Cyber 105

Cyber Insurance Broker Underwriter Underwriting 105

Majesco

MAY 23, 2024

Can insurers fill the bucket with the right premiums as fast as claims pour out potential profits? It’s about rethinking underwriting and claims as well as rethinking risk resilience. Increasing premiums is a reaction to today’s market dynamics, but not a long-term solution for either insurers or their customers.

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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 Premium 52

InsuredMine

MAY 20, 2024

And get this some even let you pay as you go instead of heavy annual premiums. Limitations and Challenges Faced Through Traditional Insurance Model Traditional insurance operates on a principle of risk pooling, where many pay premiums to cover the potential claims of a few. Every person, every business, every situation is different.

Insurance 52

Insurance Insurer Insured Premium 52

Majesco

APRIL 25, 2024

Policy management flows smoothly from shortstop (underwriting) to second base (billing) to first base (customer service). It’s a double play—claims processed swiftly, premiums collected seamlessly, and customers satisfied. Now, imagine the infield—shortstop, second baseman, and first baseman—all working in harmony.

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Word & Brown

SEPTEMBER 10, 2024

Our value-added extras – like free COBRA admin and a Premium Only Plan for qualified groups – will help you nurture your client relationships for a long-term connection. Underwriting: Our experienced Underwriting team works directly with carriers to get a faster approval of your cases.

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Broker Underwriter Underwriting Premium 52

Scott Insurance

SEPTEMBER 5, 2023

With limited access to insurance, affordable housing communities have no ability to negotiate insurance premiums and are forced to pay significantly higher premiums with high deductibles. Some affordable housing community owners and operators reported premium increases of 25-75% due to the presence of pull cords. Robert, Ph.D.,

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Premium Liability Insurance Insurer 52

Healthinsurance.org

JANUARY 23, 2024

In fact, medical underwriting hasn’t been used for individual/family health insurance policies since 2013. So pre-existing conditions will not affect the premium or the person’s eligibility for coverage. It’s important to note that Marketplace premium subsidy eligibility is based on income, and assets are not taken into consideration.

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Premium Insurance Broker Underwriter Underwriting 52

LexisNexis

SEPTEMBER 17, 2024

Read now » Related Content Representations and Warranties Insurance: Fundamentals Get an overview of R&W insurance, including underwriting and the various aspects of claims, coverage, and dispute resolution. Explore this practical guide on buyer-side representations and warranties insurance for business owners and general counsel.

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Word & Brown

AUGUST 16, 2024

Plus, our value-added extras – like free COBRA admin and a Premium Only Plan for qualified groups – will help you nurture your client relationships for a long-term connection. 4: Expert underwriting: Our experienced underwriting team works directly with our carrier partners to get a faster approval of your cases.

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Smart Insurance Agents

AUGUST 19, 2024

Even though the coverage is similar, like Plan G from one company being the same as Plan G from another, the premiums can be different. Even though Medigap plans require monthly premiums, the benefits can be worth it. They can’t charge you higher premiums because of pre-existing conditions.

Out-Of-Pocket 52

Out-Of-Pocket Deductible Premium Out-Of-Pocket Expense 52

Property Insurance Centre

AUGUST 8, 2024

However, if it goes more long term the insurers can at worst pull cover entirely leaving you to search the market for an alternative, or perhaps apply more stringent conditions and charge a rather large additional premium – usually refundable on a pro-rata basis, assuming you are able to let the property out again!

Insurance 52

Insurance Insurer Insured Premium 52

Triple-I: Workers Compensation

JULY 27, 2023

In recent years, it has been the most profitable property/casualty line of business, having experienced its sixth consecutive year of combined ratios under 90 and its ninth straight year of underwriting gains. Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers.

Workers Comp 40

Workers Comp Workers Compensation Workers Compensation Insurance Compensation 40

Triple-I: Workers Compensation

MARCH 21, 2023

Group captives recruit safety-conscious companies with better-than-average loss experience, with each member’s premium based on its own most recent five-year loss history. Each owner makes a modest initial capital contribution,” states the paper, Group Captives: An Opportunity to Lower Cost of Risk.

Workers Compensation 40

Workers Compensation Premium Liability General Liability 40

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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Distinguished

AUGUST 5, 2024

Affects homeowner premiums : If a claim needs to be made for one of your clients’ toys, that claim could lead to increased premiums on their homeowner’s insurance, a financial burden that may not be worth the claim. For all of these reasons, a specialized collectibles policy is the smarter choice for more serious collectors. 

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TGS

OCTOBER 3, 2023

Quotes that are ready quickly are usually based on a small subset of information, then the initial baseline quote is refined during the underwriting process. A lot of factors go into calculating your home insurance premium. Total Premium 11. Total Premium This is the sum that you will pay for this homeowners insurance policy.

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Insurance Quotes Deductible Home Insurance Out-Of-Pocket 52

Majesco

OCTOBER 10, 2024

[ii] According to the Insurance Journal article, Progressive “outdistanced” GEICO on growth and profitability measures in the first quarter with Progressive reporting a 12% increase in written premiums and a combined ratio of 94.5, points from first-quarter 2021.

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Risk Auto Insurance Premium Underwriter 40

Triple-I: Workers Compensation

FEBRUARY 10, 2022

economy and is the second-largest line of commercial insurance, with $42 billion in premium annually. Even with rates falling, he said, the line has seen “seven years of underwriting gains and favorable combined ratios.” Workers comp plays a critical role in the U.S.

Workers Comp 52

Workers Comp Workers Compensation Workers Compensation Insurance Compensation 52

Scott Insurance

AUGUST 31, 2020

Underwriting and Pricing The underwriting process for this surety is immediate, simple and straightforward. Our LIHTC Recapture Bond offers affordable, flat annual premium rates. Department of Treasury’s list of certified companies. This product is ideal for those with demonstrated, long-term experience with LIHTC projects.

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Majesco

FEBRUARY 15, 2024

Carriers must balance speed and accuracy to deliver precise risk evaluation, with the expectation and result of comprehensive and fair premium pricing for both the insurer and its policyholders. Let’s These types of risks often require specialized knowledge and underwriting expertise.

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Distinguished

JULY 22, 2024

At Distinguished Programs, our specialty fine art and collectibles insurance offers several key advantages over relying solely on homeowners insurance: Doesn’t Affect Homeowner Premiums : If your client needs to file a claim, it won’t impact their homeowner’s insurance premiums.

Insurance 52

Insurance Insurer Insured Broker-Agent 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.

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Workers Compensation Premium Compensation Workers Comp 59

Scott Insurance

JULY 30, 2021

Some of the benefits of the captive model include: Increased control and transparency over the insurance process Significantly reduced annual premiums Stabilization and reduction of insurance costs Earned investment income and underwriting profit which is returned to the company Accountability and shared best practices Access to Fortune 500 resources (..)

Insurance 52

Insurance Insurer Insured Risk 52

Jackson & Jackson

MAY 22, 2024

For instance, properties in high-risk areas for wildfires or earthquakes may require additional coverage or face higher premiums. Additionally, factors like proximity to high-risk areas, building age, and the property’s history of claims can affect insurance premiums.

Property Insurance 52

Property Insurance Commercial Property Commercial Broker-Agent 52

InsuredMine

MAY 2, 2024

Can you imagine a world where your car could automatically adjust your insurance premium based on how safely you drive? Automation and efficiency APIs can automate various processes within the insurance value chain, such as underwriting, policy issuance, claims processing, and risk assessment.

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Majesco

FEBRUARY 22, 2024

Innovation includes exciting forward-facing technologies and creative day-to-day operation models, like underwriting transformation, that enable the company to move in new directions. With direct premiums written rising 24% as compared to 2021, MGA growth outpaced the overall P&C market by 10.5% with $85.5B in 2022 following 28.8%

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Tosten Marketing

SEPTEMBER 12, 2023

Simply communicating to your customers that rates are up, underwriting is tightening, or an insurance carrier is pulling out of a state is a great way to be proactive. While all customers are important, it is the most important, highest premium customers who get the special treatment. There is nothing wrong with that.

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