Tag: insurance rate increases

North Carolina home insurance rates could rise by over 25 percent

G. Turner
North Carolina home health insurance

Insurers in the state are seeking a massive average increase to follow large hikes over recent years. If the proposals of insurers of the state are accepted, the North Carolina home insurance rates could increase by an average of 25.3 percent, representing yet another major spike in the amount that residents will need to pay in order to maintain their coverage. The amount that is being sought in terms of increases varies from one region of the state to the next. For example, the changes requested for the rates of…

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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Marc

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

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Entire country’s health insurance premiums are skyrocketing

Nationwide statistics about health insurance premiums between 2003 and 2010 have shown that every state’s costs have been soaring. The state-by-state analysis was performed by a nonprofit health policy foundation called the Commonwealth Fund. What the research discovered was that within that span of seven years, the family coverage premiums soared by an average of 50 percent. The report about the findings predicted that if premiums continue to rise at the same rate, then the average premium paid by a family will explode to almost $24,000 per year by 2020.…

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Delays for California health insurance rate hike

H. Cutner

On the heels of the announcement that Blue Shield of California would be raising its premiums by 59%, a proposition that has since been delayed by the state’s insurance commissioner, additional delays are being requested from insurers Aetna, Anthem and PacifiCare.    Blue Shield of California would be raising its premiums by 59% New Insurance Commissioner, Dave Jones, who urged Blue Shield to postpone their rate hike for 60 days, has extended his inquiry to include the other big name insurers, who claim the rate hike is justified in light…

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Insurance rates increase for offshore accounts

H. Cutner
Insurance rates increase for offshore accounts

Offshore insurance underwriting is facing some changes resulting from the Macondo incident. According to Michelle Dennis, the director of business development for Bowen, Miclette & Britt, the full effect on the rates will not be fully known until after January 1st. Bowen also feels that companies can revisit their safety and risk management programs. Doing so will help their brokers appeal for lower rates when the time comes. Insurance policies will also be written differently because of the Deepwater Horizon accident.  The insurance industry needs to see if their contracts…

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