Tag: business insurance industry news

Business insurance premiums will rise following rate cut

H. Cutner
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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New risk management tool could fill in the gaps left by conventional catastrophe models

Karen Clark & Company, a catastrophe management firm serving the insurance industry, has developed a new tool that could help insurers manage their risks in a changing world of natural disasters. The past two years have been the most catastrophic years in history in terms of insurance. Natural disasters from both 2010 and 2011 have cost the industry billions and have left it staggered. Insurers are hoping that 2012 will not be as disastrous as its predecessors. If it is, however, they will have a new risk management tool at…

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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…

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