North Carolina homeowners insurance companies called to justify rate increases

North Carolina Insurance News

North Carolina homeowners insurance becomes target of regulatory action Insurance companies in North Carolina are being called upon to justify a proposed increase in insurance rates. According to the state’s Department of Insurance, many homeowners insurance providers have proposed an average rate increase of 18% throughout the state. The proposition has caused some turmoil amongst consumers who consider such an increase to be unfair. Insurance Commissioner Wayne Goodwin is now calling upon North Carolina homeowners insurance companies to provide more information on why they believe the rate hikes to be…

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Homeowners insurance rate hike to face the public at a hearing

Insurance Commissioner Wayne Goodwin - Homeowners Insurance

The state commissioner has requested that insurers not raise prices until after the meeting. Wayne Goodwin, the commissioner for North Carolina, has stated that any decision regarding increases in homeowners insurance rates will need to be held off until after June 3, 2013, when a public hearing has been set. The commissioner is seeking the public’s insight before potentially massive increases occur. According to Goodwin, he and his staff worked throughout the weekend, on top of a great deal of overtime that they have already been putting in, in order…

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Allstate proposes higher rates for Pennsylvania homes

Allstate of Pennsylvania has issued a new rate proposal for its property and casualty insurance lines. The company is seeking to raise its rates due to the unprecedented frequency of national disasters befalling the state. These disasters have placed the insurer under enormous financial pressure as it attempts to mitigate the damage caused by this year’s multitude of storms. The insurer is asking state regulators for approval to raise its rates by an average of 20% for the 195,000 policies in effect in Pennsylvania. This year’s storms have caused damage…

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Two former insurance executives appointed to Florida’s Citizens Property Insurance to help solve some of the company’s problems

As Florida continues to struggle with controversial rate increases from the state-backed Citizens Property Insurance, Governor Rick Scott has appointed two insurance professionals to serve as board members for the company. These two former insurance industry executives will serve as a catalyst for change in the company. Governor Scott has said that he wants to reduce the coverage of Citizens, enabling competition with private insurance companies. Now that Citizens board of directors is populated with members with extensive histories in the industry, Scott’s goal may now be attainable. Citizens new…

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Talks of North Carolina new insurance regulation stirs the pot

North Carolinian legislators are toiling over a new bill that could make insurers a lot of money. The bill, which has the support of some of the state’s largest insurance companies, would enable auto insurers to raise their rates by 15% every year. There are also provisions within the legislation that would put strict limitations on the regulatory authority of North Carolina, giving companies more freedom to operate as they see fit. Insurance Commissioner Wayne Goodwin is convinced that the legislation is derived from companies wanting more money and nothing…

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Auto insurance rates going higher

Auto insurance rates going higher

Across the nation, auto insurance premiums have increased by an approximate 1.7% this year according to the Insurance Information Institute despite Americans using their car less due to gasoline prices. For example, in New York they’ve seen a 5 to 7% proposed increase, while in North Carolina it’s 11 to 13% and Illinois already raised theirs by 3 to 13%. With people driving less, the number of road accidents are lessened which results to fewer claims and in turn is beneficial to the auto insurance providers. However, rates are going…

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Insurance rates increase for offshore accounts

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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