Connecticut liability insurance makes coverage more expensive for drivers

Connecticut liability insurance

Auto policy premiums rose by an average of 4.1 percent for drivers in the state last year. Connecticut liability insurance is making coverage more expensive for drivers throughout the state, according to data from the Insurance Department. In fact, it is also sending homeowners insurance rates higher, though not by as much. Last year, homeowners insurance rates increased by an average of 2.4 percent in Connecticut. Drivers saw a 4.1 percent rise in their premiums because of the Connecticut liability insurance regulations. The Connecticut Insurance Department is responsible for an…

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Allianz to buy the commercial P&C insurance business from Aegon

Property insurance News commercial P&C insurance

The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

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Motorists Insurance and Enservio Sign Multi-Year Software Agreement

A multi-year contract for Enservio’s contents management SaaS application for all contents claims needs NEEDHAM, Mass. – January 12, 2016 – Enservio, Inc., a leading provider of contents claim management software, payments solutions, and inventory and valuation services for property insurers, today announced a multi-year agreement to provide The Motorists Insurance Group with ContentsExpress™, the leading self-service contents management solution, as well as onsite inventory and valuation services. Available as a web-based, SaaS subscription, ContentsExpress is the industry’s leading contents management solution trusted by hundreds of property insurance carriers nationwide.…

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Worldwide property and casualty insurance market to break $895 billion in 2018

Property and Casualty Insurance

Finnacord has now released the results of a research study looking into the future of the commercial P&C market. According to the outcomes of a research study conducted by the Finaccord financial research firm, by the close of the year 2018, the global commercial property and casualty insurance market will break the $895 billion mark in gross written premiums. It also pointed out that commercial liability coverage premiums would see the fastest growth rate. By the end of 2014, the worldwide commercial non-life premiums for property and casualty insurance were…

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Insurance companies aren’t ready for climate change

climate change weather storm insurance industry

A new report has shown that insurers in the United States aren’t prepared for risks associated with global warming. According to a report that was recently produced from a survey conducted by Ceres, an environmental investigator advocacy group, the majority of American insurance companies are in no way prepared to address the types of risks that could arrive as a result of climate change. This study determined that this could bring about widespread negative consequences in dealing with this important issue. Ceres surveyed 330 different insurance companies that represent about…

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Homeowners insurance costs in Florida are finally leveling off

Homeowners Insurance Florida

The state is approaching the hurricane season’s statistical peak very soon and property policies remain comparatively reasonable. Next Wednesday, on September 10, the hurricane season will has reached its peak, and so far, Florida has managed to make its way through another year without being affected by any serious storms, and this good luck has had a highly positive impact on the cost of homeowners insurance in the state. This was not the case when Hurricane Andrew struck the state and left devastation behind 22 years ago. That storm altered…

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Software is making the insurance industry more efficient

Insurance news technology internet of things

Technology is becoming a powerful tool for insurance companies IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent…

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Insurance company results drop at Berkshire Hathaway in Q1

Warren Buffett Berkshire Hathaway Insurance industry

The property and casualty business is sliding when compared to last year’s figures. In the first quarter of this year, the primary property and casualty Berkshire Hathaway insurance company operations have managed to record gains in the double digits for their pre-tax earnings, but this isn’t all good news. The reinsurance results have led to an operating earnings drop of 6.6 percent overall for the conglomerate. When Berkshire Hathaway Reinsurance Group’s first quarter figures are compared to the earnings from the first quarter of 2013, the situation looks even worse.…

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Property and casualty insurance industry will continue holding strong

Property and Casualty Insurance

Moody’s has released its global predictions and has suggested that P&C will remain stable. Moody’s Investors Service Inc. has now released its predictions regarding the global property and casualty insurance industry, and they have designated its future as being “stable” for the next while. This data was first released at the end of last week as Moody’s provided its industry forecasts. Moody’s put out its “2014 Outlook – Global P&C Insurance” report and, within it, the firm showed that property and casualty insurance premiums will be continuing their growth within…

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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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