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…
Read MoreAuto 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…
Read MoreInsurance 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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