Oil insurance rates “increased 10-fold” since Strait of Hormuz tanker attacks

Oil insurance rates - Oil Tanker

The attacks on oil tankers and U.S. spy drones since may have been driving the risk – and cost- skyward. Oil insurance rates to cover tankers transporting crude around the world have been rising sharply over the last couple of months. A US listed shipping company’s CEO pointed out that the recent attacks have spiked premiums. Since May, a U.S. spy drone and six oil tankers have been attacked near or within the Strait of Hormuz. That waterway is a strategic transport route that connects Iran, Oman and the United…

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Price of commercial insurance remains level for another month

commercial auto insurance business

For the fourth straight month, the prices have kept themselves relatively static, said a new report. According to a recent report that was issued for June by MarketScout, the commercial insurance rates haven’t moved very much at all over the last four months, with only one exception. In June, the business interruption line of insurance did see its rates slide downward when compared to May. That said, the decrease that the commercial insurance rates saw in the business interruption line was only by an average of one percent, so it…

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Commercial insurance rates on the rise in the US

Commercial Insurance

MarketScout data shows growth of commercial insurance rates Commercial insurance rates continue to rise in the U.S., according to data from MarketScout, an insurance quotes firm. Rates have risen for four consecutive months throughout the country for various reasons, including the impact of natural disasters, fraud, and general issues involving theft and regulatory changes. Commercial insurance rates are expected to continue growing in the foreseeable future, especially where vehicle and property coverage is involved. Exactly how quickly rates will grow is not certain. Rates grow by 5% in June of…

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Property insurance rates experience “modest” increase in US

Property insurance News commercial P&C insurance

A survey has indicated that American commercial policy rates have increased just slightly. The results of a new survey that was conducted by Towers Watson & Co. has revealed that the price of commercial property insurance in the United States rose slightly during the first quarter of 2012. It also indicated that business employment practices liability and workers compensation rose during that time. The rise that was experienced in the commercial property insurance rates from the last quarter of 2012 to the first quarter of 2013 was – according to…

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Property and casualty insurance rates increased by 5 percent last month

Property insurance News commercial P&C insurance

According to MarketScout data, the prices rose in April for policyholders of commercial products. According to a report from MarketScout, the rates for commercial property and casualty insurance rose by an average of 5 percent in April 2013, when compared to the rates that were being charged a year before. It was workers compensation and commercial property that saw the largest increases over a year. The commercial property and casualty insurance and workers compensation saw a combined average rate increase of 6 percent. Surety and employment liability coverage each increased…

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Business insurance premiums will rise following rate cut

Business Insurance Rates

A campaign from the Reserve Bank will cause companies in Australia to pay more for coverage. One of Australia’s leading business insurance companies has revealed that it will be required to increase the premiums it charges in order to compensate for the aggressive cut in rates by the Reserve Bank, which are eating into the insurer’s investment earnings. This latest news was announced ahead of the monthly meeting of the country’s central bank. The commercial arm of the business Insurance Australia Group has stated that it doesn’t see any other…

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What type of insurance coverage should small businesses consider?

Basics of commercial insurance coverage plans Proper insurance coverage is important for companies of all sizes, but when it comes to shopping for policies, small business owners often struggle to know what they should be buying. This is because there are several different types that should be considered and that may need to be covered. It can be vital to the financial security of a small business that it covers itself against the main risks involved in the ownership of that business. The right policy will make the difference between…

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