Tag: consumer price index

Unveiling the Mechanics Behind the Huge Insurance Rate Hikes in the Past Year

Live Insurance News
home and auto insurance record rate increases

The economic terrain is experiencing a significant transformation, with insurance premiums on the rise and the looming financial implications of the climate crisis. In this article, we’re delving into the reasons behind your recent financial strain and what future developments you might expect. Reinsurance Rates: The Behind-the-Scenes Increases Christian Mumenthaler, the CEO of Swiss Re, which is the second-largest reinsurance company globally, has emphasized that his company’s mission is not to arbitrarily inflate prices. Instead, they aim to provide a fair valuation of risks. This implies that in recent years,…

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Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

Loreen
Allstate Auto Insurance rate increase

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

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The price of health insurance is rising…but not as fast as goods and services

Logan B.
Health insurance - Cost - Medical

Despite its growth rate of 20 percent, it is being outpaced by national average goods and services prices. Though higher health insurance prices hardly came as a surprise this year, given the rising price of essentially everything these days, what wasn’t quite expected was that the cost of a plan didn’t rise as fast as the average price of goods and services across the United States. What has yet to be seen is what the impact of rising goods and services prices will eventually have. Since health insurance doesn’t exist…

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John Hancock announces re-entry into individual long-term care insurance in California

John Hancock has announced that it will be resuming its place as a part of the California individual long-term care insurance marketplace, starting on February 27, 2012, through both its Custom Care III (non-Partnership) and its new California Partnership policy. These two policies will provide comprehensive long-term care coverage for all circumstances, such as assisted living facilities, nursing homes, adult day-care centers, and at home, and will also provide the policyholder with care planning and care giving support. The president of John Hancock long-term care insurance, Marianne Harrison, expressed the…

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Another health insurance rate hike expected by next year

Julie Campbell

Mercer has released the results of its annual survey which have indicated that there will be an increase of 5.4 percent to employee health care benefit costs in 2012. Though the forecasted increase in health insurance rates will be the smallest one that has occurred in the last 15 years, it should still be noted that this increase is remarkably higher than salary growth and the inflation rate, the latter of which was at 3.9 percent. The employers who participated in the Mercer survey stated that they have been attempting…

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