The proprietary Auto Insurance Risk Index from TransUnion has reported a tiny rise by 0.03 percent at the end of 2011’s third quarter, following four consecutive declines in the previous quarters. The score at the end of the third quarter was 98.85, which, when compared to the second quarter, is three basis points higher. Equally, though, it remains 31 basis points below what it was at the same time in 2010. The peak of the recession in the second quarter of 2009 was 73 basis points higher than it is…
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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing
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,…
Read MoreFitch Ratings publishes its 2012 outlook report for American insurance brokers
Fitch Ratings has just announced the results of the analysis of their data for revenue and earnings increases for American insurance brokers in 2012, and that they have shown that their figures will likely equal or top those that were reported from January through September 2011. However, they also indicated that the basic nature of competition of the marketplace for property & casualty insurance, and the lukewarm recovery of the global economy will continue to provide a struggle for more significant growth and operating performance. Top-line increases may be able…
Read MoreIndependent agents in Florida decry new contract between property insurers
Florida’s independent insurance agents have voiced their concern regarding one of Florida’s largest property insurers taking over thousands of policies from a now defunct competitor. Agents are worried that the move may cost them dearly in the form of client exodus. Homeowners Choice Insurance, a subsidiary of Homeowners Choice Property and Casualty Insurance, has taken on more than 70,000 policies from HomeWise Insurance. While agents have witnessed such happenings in the past, there is a provision in the contract between HomeWise and Homeowners Choice that could put agents’ livelihoods in…
Read MoreFederal report shows that most insurers can meet the medical loss ratio requirement
The medical loss ratio provision of the Affordable Care Act, which requires insurers to spend at least 80% of the money they collect from premiums on improving medical care, is a source of constant controversy throughout the country. Insurers have claimed that the rule cripples their ability to remain financial solvent in the current economic climate. The Government Accountability Office has released a new report countering the claims from the insurance industry. The report shows that most all insurance companies in the U.S., both large and small, are able to…
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