Premium - Insurance Industry Brief

European Insurers Enjoy Big Profits After Premium Hikes

Insurance Journal

AUGUST 8, 2024

Several European insurers recorded bumper first-half profits on Thursday, as customers burnt by a pandemic, war and a pick-up in natural catastrophes in recent years continue to face higher premiums on policies. Higher interest rates have also given insurance investment …

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WCIRB: California Workers’ Comp Written Premium in 2023 Was up Slightly

Insurance Journal

OCTOBER 8, 2024

California workers’ compensation written premium in 2023 was slightly above 2022, while written premium for the first six months of 2024 is 2% lower than the first six months of 2023, a new report shows. The Workers’ Compensation Insurance Rating …

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Miami Insurance Agent Pleads Guilty to Keeping $6M in Premium Finance Loans

Insurance Journal

NOVEMBER 21, 2024

A Miami insurance agent has pleaded guilty to defrauding a Georgia credit union by obtaining loans for condominium associations’ premium financing then using the $6 million for personal gain. Heleonel Gonzalez, known as Leo, is set for sentencing in February, …

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Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums

Insurance Journal

AUGUST 20, 2024

Insurance Australia Group said on Wednesday it expects premiums to keep rising because of a huge jump in loss claims and third-party costs for home and automobile repairs, sending its shares more than 3% lower. IAG said the money it …

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Insurers’ Climate Losses Almost Match Premiums From Fossil Fuels

Insurance Journal

DECEMBER 10, 2024

billion of direct premiums they underwrote for commercial fossil-fuel clients in 2023, according to Insure Our Future. Top insurance companies suffered $10.6 billion of climate-attributed losses this year, just shy of the $11.3 Of the 28 insurers reviewed, more than …

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NC Insurers Warned on Flood Denials in Underwriting; NFIP Allows Monthly Premiums

Insurance Journal

NOVEMBER 4, 2024

North Carolina Insurance Commissioner Mike Causey is reminding property insurers to refrain from raising homeowners’ premiums just because an insured filed a claim or inquiry in order to qualify for flood insurance indemnity or federal assistance. In most cases, the …

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CIAB: All Commercial Lines See Lower Q3 Premium Increases Except Umbrella

Insurance Journal

NOVEMBER 21, 2024

Respondents of a recent survey reported lower premium increases for all lines of business except umbrella during the third quarter. According to The Council of Insurance Agents & Brokers (CIAB) quarterly survey, commercial property/casualty premiums across all account sizes rose …

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Report: 1Q 2024 California Workers’ Comp Written Premium 3% Lower Than Year Ago

Insurance Journal

JULY 31, 2024

Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the Workers’ Compensation Insurance Rating Bureau of California. The WCIRB released its …

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Agency E&O Buyers Report Higher Premiums

Insurance Journal

NOVEMBER 3, 2024

By Andrea Wells Fewer agencies reported increases in premium on their agency errors and omissions renewal policies from 2023 to 2024, according to Insurance Journalis annual Agency E&O survey, which polls buyers of the coverage on pricing and trends on …

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‘Dr. Taxes’ in Georgia Charged with Taking Workers’ Comp Premiums from Clients

Insurance Journal

SEPTEMBER 9, 2024

A businessman in south Georgia who called his business a tax preparation site for immigrants is now facing multiple charges that he swindled clients out of thousands of dollars in workers’ compensation insurance premiums. Emmanuel Torres Cruz, 34, was arrested …

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Changes to Washington Homeowners and Auto Premium Rule to Be Considered

Insurance Journal

NOVEMBER 3, 2024

Washington Insurance Commissioner Mike Kreidler has proposed modifying the state’s recently adopted premium change transparency rule. The proposal is specific to Phase 2 of the rule (the automatic inclusion of reasons for premium increases in policy renewals). It moves the …

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People Moves: US Premium Finance Hires Malone From AFCO Direct

Insurance Journal

NOVEMBER 12, 2024

US Premium Finance, a division of Atlanta-based Ameris Bank, named Alan Malone director of sales and marketing. Malone has more than 30 years of experience in insurance premium finance. He was previously senior vice president and regional sales manager at …

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Treaty Reinsurance Premiums in London Company Market Grew by 32% in 2023: IUA

Insurance Journal

SEPTEMBER 11, 2024

Treaty reinsurance written in the London company market grew by almost one-third in 2023, with the sector generating premiums of £10.889 billion (US$14.2 billion), up from £8.248 billion ($10.8 billion) in 2022, according to the International Underwriting Association (IUA). The …

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The Data Behind Rising Homeowners Premiums: By Peril and By State

Insurance Journal

OCTOBER 23, 2024

home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S. Home Trends Report found that all-perils …

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How To Save On Insurance Premiums During an Economic Downturn

Insurance Journal

DECEMBER 15, 2024

Discover practical strategies to reduce your insurance premiums during an economic downturn. This post is part of a series sponsored by Trucordia. Learn how to save money without compromising on coverage. As the economic landscape fluctuates, so does the insurance …

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European Insurers’ Fundamentals Resilient to Moderating Premium Rates, Falling Yields

Insurance Journal

DECEMBER 19, 2024

However, 2025 is expected to present more challenges, with falling yields and moderating premium … European insurers are approaching the new year from a position of strength, having benefited from supportive interest rates and pricing cycles over the past two years.

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Downward Departure: Florida Insurance Agent Charged with Embezzling Premiums After He Was Hit with Lawsuits, Complaint

Insurance Journal

SEPTEMBER 1, 2024

Florida authorities in August arrested a well-known southwest Florida insurance agent, charging him with larceny and embezzlement of premiums. Reid McDaniel, 33, who was named the honorary mayor of North Fort Myers last year but who also was facing a …

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Oregon Workers’ Comp Pure Premium Rate to Drop 3.2%

Insurance Journal

SEPTEMBER 12, 2024

The Oregon Department of Consumer and Business Services the decline in workers’ comp rate, which marks 12 years of average decreases in the pure premium rate. Oregon employers will pay on average less for workers’ compensation coverage in 2025. Employers …

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High Condo Premiums a Top Issue in Hawaii Legislative Races

Insurance Journal

JULY 17, 2024

Then came the letter from her condo association announcing a 300% increase in insurance premiums, … Jillian Anderson was planning to make fighting crime in Waikiki the top issue in her campaign for a seat in the Hawaii House of Representatives.

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Former California Insurance Agent Convicted After Stealing $3.7M

Insurance Journal

JANUARY 6, 2025

A former insurance agent plead guilty to stealing premium from a premium finance company. Formerly licensed insurance agent Tonja Van Roy, 59, who currently resides in Las Vegas, but operated an insurance agency based in Northridge, California, pleaded guilty today …

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Washington Workers’ Comp Premium Going up in 2025

Insurance Journal

DECEMBER 1, 2024

The average cost of workers’ compensation insurance in Washington will go up about 3.8% in 2025, the Washington State Department of Labor & Industries announced. Employers and workers together will pay on average roughly $1 per week more for each …

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Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023

Insurance Journal

JULY 14, 2024

By Chad Hemenway Independent agents placed more than 62% of all property/casualty insurance written in the U.S., according to the Independent Insurance Agents & Brokers of America (the Big “I”). The association’s 2024 Market Share Report said independent agents have …

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Florida Property Insurance Rates and Premiums Are Going Up Even More: All United States Property Insurance Premiums Are Rising

Property Insurance Coverage Law

AUGUST 20, 2024

But if it were, its average premium for regular homeowner’s insurance would have to … The post Florida Property Insurance Rates and Premiums Are Going Up Even More: All United States Property Insurance Premiums Are Rising appeared first on Property Insurance Coverage Law Blog.

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P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast

Insurance Journal

JULY 15, 2024

Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to a report from the Insurance Information Institute (Triple-I) …

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Why US Home Insurance Rates Are Rising Fast – Climate Change Plays a Big Role

Insurance Journal

SEPTEMBER 25, 2024

Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country. To …

Home Insurance

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What Is Up With Insurance Premiums Other Than They Are Going Up?

Property Insurance Coverage Law

AUGUST 25, 2024

I was invited to a CEO Summit at Harvard this weekend, and the CEOs all had this question: “What is up with our insurance premiums? Insurance premiums are up for everyone. Business … The post What Is Up With Insurance Premiums Other Than They Are Going Up? Can we cut the costs?”

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Viewpoint: As Insurance Losses Outpace Premiums, State Regulators Play a Critical Role

Insurance Journal

NOVEMBER 25, 2024

Along with the rising cost of living in many facets of families’ daily lives, property insurance availability and affordability continue to be a challenge across the U.S. Inflation has been persistently increasing repair, labor, and medical costs. And legal system …

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Allstate Seeking 34% Rate Hike on California Homeowners Insurance

Insurance Journal

JULY 12, 2024

Allstate is seeking an increase in its California homeowners insurance premiums by an average of 34%. According to the California Department of Insurance, the Allstate homeowners filing was received by the Department on April 14, 2023. The initial rate request …

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CIAB: Clear Evidence of Softening Commercial P/C Market Conditions in Q2

Insurance Journal

AUGUST 20, 2024

Commercial property/casualty premium increases in the second quarter 2024 were flat or down from the previous quarter for all lines of business—evidence of a softening insurance market, according to The Council of Insurance Agents & Brokers (CIAB) quarterly survey. Premiums …

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California Insurance Commissioner OKs Lower Workers’ Comp Benchmark Rate

Insurance Journal

JULY 12, 2024

California Insurance Commissioner Ricardo Lara today issued a decreased pure premium rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 per $100 of payroll— representing a 2.1% percent decrease from last year. The advisory rate …

Workers Comp

Workers Comp Premium Compensation Insurance

Australia’s QBE Reports More Than Doubling of 1st-Half Profit, but Misses Estimates

Insurance Journal

AUGUST 9, 2024

Australia’s QBE Insurance Group on Friday reported a more than twofold jump in its first-half profit, boosted by higher income from premiums, but missed analysts’ view, sending its shares to over a six month low. The company’s gross written premiums …

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The Data Behind Rising Homeowners Premiums: By Peril and By State

Insurance Journal

NOVEMBER 17, 2024

home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S. Home Trends Report found that all-perils …

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The Looming Homeownership Crisis: A Ticking Time Bomb of Underinsurance, Insurance Premiums, Taxes, Systemic Losses, and Owners Not Able to Pay for Costs of Ownership

Property Insurance Coverage Law

DECEMBER 28, 2024

Americas housing market is teetering on the edge of a crisisa situation fueled by climate change, soaring insurance premiums, underinsurance, and systemic failures in addressing these growing risks.

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Former California Agent Pleads Guilty to 90 Counts of Insurance Fraud

Insurance Journal

OCTOBER 10, 2024

A former insurance broker has pleaded guilty to a number of charges including insurance fraud for collecting premiums without placing coverage. Karen Marie Dondanville, 56, a former broker from Mission Viejo, pleaded guilty to 90 counts including grand theft auto, …

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Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes

Insurance Journal

OCTOBER 10, 2024

With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever. The insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. The …

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Property Drives E&S Growth of 15% in 2023 to Increase Overall P/C Share

Insurance Journal

SEPTEMBER 12, 2024

excess and surplus insurers in 2023 saw double-digit growth in direct written premiums. E&S direct written premiums (DWP) grew 15% last year to increase its share of the total property/casualty market to 9%, according … For the sixth straight year, U.S.

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Americans Shop Around for Insurance More Than Ever as Costs Soar

Insurance Journal

AUGUST 28, 2024

Americans are seeking to change their insurance coverage more frequently than in the past, after a surge in premiums that’s squeezed household budgets, a new industry report shows. For car insurance, so-called policy shopping rates — essentially the share of …

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Ivans Index Shows Commercial Lines Renewal Rates Down in October From August

Insurance Journal

NOVEMBER 5, 2024

All major commercial lines premium renewal rates were lower in October than in August, according to the latest monthly Ivans Index. Premium renewal rate change by line of business for October 2024 highlights include: Commercial Auto: 9.62%, down slightly from …

Commercial

Commercial Premium

Global Non-Life Insurance Rates ‘Plateauing’ but Nat Cat Losses Delay Market Softening

Insurance Journal

NOVEMBER 22, 2024

Global non-life premiums are expected to hit a decade-high growth level of 4.3% “Premium rates are now moderating, … in 2024, following the repricing of risk over the past several years in response to elevated claims, according to Swiss Re’s sigma.

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Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance

Insurance Journal

SEPTEMBER 11, 2024

An academic paper published in the Journal of Insurance Regulation seems to have rekindled the debate over how much of an impact litigation and fraud have had on property insurance losses and premiums, particularly in Florida. The paper, “The Case …

Property Insurance

Property Insurance Premium Insurance Insurer

NFIP to Begin Taking Monthly Flood Insurance Payments

Insurance Journal

NOVEMBER 4, 2024

The National Flood Insurance Program will soon start to accept monthly payments for flood insurance premiums, ending 55 years of requiring full payment upon application or renewal. The Federal Emergency Management Agency(FEMA), administrator of the NFIP, said the change was …

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While Other States Struggle, New Hampshire Boasts Insurance Is ‘Going Quite Well’

Insurance Journal

SEPTEMBER 22, 2024

The news from California and Florida about how disasters, skyrocketing premiums and carrier withdrawals are making coverages hard to find and afford naturally raises concerns in other states. Consumers are hearing a lot about insurance difficulties around the country. New …

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California State Fund Declaring 15% Dividend for 2024 Policy Year

Insurance Journal

JANUARY 1, 2025

This dividend equals roughly 15% of the estimated annual premium … State Compensation Insurance Fund in California announced that it will declare a $149 million dividend to qualifying policyholders with policies that took effect between Jan.

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Travelers Triples Q3 Net Income, Reverses Underwriting Loss

Insurance Journal

OCTOBER 17, 2024

billion compared to net income of $454 million during the same period a year ago on record net premiums, favorable prior year reserve development, and higher investment income. Travelers on Thursday said third quarter net income was $1.26 The New …

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European Insurers Enjoy Big Profits After Premium Hikes

WCIRB: California Workers’ Comp Written Premium in 2023 Was up Slightly

Trending Sources

Miami Insurance Agent Pleads Guilty to Keeping $6M in Premium Finance Loans

Australian Insurer IAG Says Rise in Claims, Third-Party Costs to Push Up Premiums

Insurers’ Climate Losses Almost Match Premiums From Fossil Fuels

NC Insurers Warned on Flood Denials in Underwriting; NFIP Allows Monthly Premiums

CIAB: All Commercial Lines See Lower Q3 Premium Increases Except Umbrella

Report: 1Q 2024 California Workers’ Comp Written Premium 3% Lower Than Year Ago

Agency E&O Buyers Report Higher Premiums

‘Dr. Taxes’ in Georgia Charged with Taking Workers’ Comp Premiums from Clients

Changes to Washington Homeowners and Auto Premium Rule to Be Considered

People Moves: US Premium Finance Hires Malone From AFCO Direct

Treaty Reinsurance Premiums in London Company Market Grew by 32% in 2023: IUA

The Data Behind Rising Homeowners Premiums: By Peril and By State

How To Save On Insurance Premiums During an Economic Downturn

European Insurers’ Fundamentals Resilient to Moderating Premium Rates, Falling Yields

Downward Departure: Florida Insurance Agent Charged with Embezzling Premiums After He Was Hit with Lawsuits, Complaint

Oregon Workers’ Comp Pure Premium Rate to Drop 3.2%

High Condo Premiums a Top Issue in Hawaii Legislative Races

Former California Insurance Agent Convicted After Stealing $3.7M

Washington Workers’ Comp Premium Going up in 2025

Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023

Florida Property Insurance Rates and Premiums Are Going Up Even More: All United States Property Insurance Premiums Are Rising

P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast

Why US Home Insurance Rates Are Rising Fast – Climate Change Plays a Big Role

What Is Up With Insurance Premiums Other Than They Are Going Up?

Viewpoint: As Insurance Losses Outpace Premiums, State Regulators Play a Critical Role

Allstate Seeking 34% Rate Hike on California Homeowners Insurance

CIAB: Clear Evidence of Softening Commercial P/C Market Conditions in Q2

California Insurance Commissioner OKs Lower Workers’ Comp Benchmark Rate

Australia’s QBE Reports More Than Doubling of 1st-Half Profit, but Misses Estimates

The Data Behind Rising Homeowners Premiums: By Peril and By State

The Looming Homeownership Crisis: A Ticking Time Bomb of Underinsurance, Insurance Premiums, Taxes, Systemic Losses, and Owners Not Able to Pay for Costs of Ownership

Former California Agent Pleads Guilty to 90 Counts of Insurance Fraud

Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes

Property Drives E&S Growth of 15% in 2023 to Increase Overall P/C Share

Americans Shop Around for Insurance More Than Ever as Costs Soar

Ivans Index Shows Commercial Lines Renewal Rates Down in October From August

Global Non-Life Insurance Rates ‘Plateauing’ but Nat Cat Losses Delay Market Softening

Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance

NFIP to Begin Taking Monthly Flood Insurance Payments

While Other States Struggle, New Hampshire Boasts Insurance Is ‘Going Quite Well’

California State Fund Declaring 15% Dividend for 2024 Policy Year

Travelers Triples Q3 Net Income, Reverses Underwriting Loss

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