Tag: commercial lines

Liberty Mutual highlights underpricing as a serious problem

Liberty Mutual Insurance News

Insurer takes aim at the problem of underpricing in the commercial market Liberty Mutual, the third largest property and casualty insurer in the U.S., expects the price of the country’s commercial insurance lines to continue to grow, but not at an adequate pace to resolve some of the problems running rampant in the insurance industry. Liberty Mutual CEO David Long notes that underpricing has been a significant problem in commercial lines for some time. Underpricing has had a particular impact on the worker’s compensation sector. There may be a solution,…

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Increase expected for commercial insurance rates

H. Cutner

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…

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Hiscox launches new terrorism insurance products geared for the health care industry

S.Vagus

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…

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Cover-All Technologies receives high praise for its My Insurance Center NexGen solution

Julie Campbell

Top comprehensive technology solutions provider for property and casualty insurers, Cover-All Technologies Inc., has announced the positive review it received in a report released by Celent, an independent analyst firm. The Celent report, called “Policy Administration System Vendors North American Commercial P/C Insurance 2011” examined the My Insurance Center (MIC) NexGen solution and referred to it as one of the most configurable and advanced systems that is currently offered to the industry. The ABCD Vendor View from Celent is a structure for evaluating solutions that offers vendors a perspective of…

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Towers Watson research shows commercial insurance prices are on the rise

Nordstrom

The most recent Commercial Lines Insurance Pricing Survey (CLIPS) by Towers Watson, has shown that commercial insurance prices rose by an average of almost 1.5 percent during 2011’s second quarter, which is the first time that all standard commercial lines headed in an upward direction since 2003. The results of CLIPS align with the preliminary results that were obtained by a Towers Watson survey which will soon be released. They showed that 75 percent of CFOs feel that the standard property market prices have either hit the lowest point that…

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