Leading general liability insurance, commercial vehicle coverage, workers compensation and bonds provider for contractors, Statewide Insurance Brokers, has announced that it has broadened its contractor insurance offerings to include Washington State. The insurer has been providing these products to thousands of contractors of all forms from painters to electricians, since 1995. Today, Statewide Insurance is operating in seven states – Nevada, Oregon, Texas, Virginia, Washington, Minnesota, and California – but has plans for widening. According to one of the company’s senior underwriters, Lana Matar, demand is what is fueling their…
Read MoreTag: Commercial Insurance
Commercial insurance market is on the cusp of a new growth
Jay Fishman, the chief executive of Travelers Cos. spoke at a financial services conference for Goldman Sachs, and announced that the insurer had boosted their business insurance prices in October by 5.2 percent, and in November by 5.8 percent, which are the most significant increases that have been made in a number of years. Travelers is known for painting a brighter image of prices than other insurance companies, and this latest announcement doesn’t appear to have changed that fact. However, at the same time, when the insurer said that it…
Read MoreFitch Ratings publishes its 2012 outlook report for American insurance brokers
Fitch Ratings has just announced the results of the analysis of their data for revenue and earnings increases for American insurance brokers in 2012, and that they have shown that their figures will likely equal or top those that were reported from January through September 2011. However, they also indicated that the basic nature of competition of the marketplace for property & casualty insurance, and the lukewarm recovery of the global economy will continue to provide a struggle for more significant growth and operating performance. Top-line increases may be able…
Read MoreIncrease expected for commercial insurance rates
Though consumers have been seeing steady increases in rates for casualty, property, home, and auto insurance, companies have not seen any notable raises in their own insurance costs. Yet. The sensitivity of businesses to increases for insurance rates runs much deeper, and some new competition has brought some of the business for commercial insurance to Canada. Those two factors have allowed the price of those plans and policies to remain relatively steady over the last few years. However, according to RSA Canada’s chief executive, Rowan Saunders, this trend will not…
Read MoreHiscox launches new terrorism insurance products geared for the health care industry
Hiscox, a specialty insurance company, has launched a new line of terrorism insurance geared for health care providers, hospitals and researchers. Hiscox claims that this is the first insurance product of its kind to be offered in the U.S. It would seem that such insurance coverage would fit well in a nation that has been on heightened awareness for terrorism for the past 10 years. However, no major attack has occurred on U.S. soil since September 11, 2001. Whether Hiscox’s new insurance offering will be successful in light of this…
Read More