Marsh report showed US commercial insurance prices spiked in Q3 2020

H. Cutner
Commercial Insurance prices - graph

There was an increase of 18 percent, primarily driven by higher property exposure rates. American commercial insurance prices rose by a striking 18 percent in this year’s third quarter, said a recent Marsh LLC report. The driving forces behind this sharp rise was higher rates for property exposures as well as for both financial and professional lines, said its authors. There was a 24 percent increase in US business property rates in the third quarter, said the report. That 24 percent property rate increase represents the largest spike in this…

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Petbusinessinsurance.com the #1 agency for the Pet business industry

Guest Author
pet insurance for business and how it works

We here at Pet Business insurance want to make sure every pet business gets insured with the specialized types of insurance coverage that are available to them. Unlike normal business insurance, pet businesses have extra options such as animal bailee coverage when getting property coverage. Animal bailee coverage protects business owners when a pet in their care gets injured or dies. According to Forbes, this is a great time to start your very own pet care business! Millennial and Generation Z Americans are pet-obsessed, accounting for 62% of pet ownership. …

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Health insurance plan enrollment has shifted due to the pandemic

Marc
Health insurance plan enrollment - pandemic - American flag on face mask

As is the case with everything else, signing up for coverage has been impacted by COVID-19. As has been the trend with virtually everything in 2020, health insurance plan enrollment has been impacted by the presence of the pandemic. The coverage and benefits have altered due to the impact of the pandemic on health care. As insurers, employers, and even Medicare have seen the needs of policyholders change throughout the pandemic, they have made changes to coverage in an effort to better respond COVID-19. Consumers are also taking a closer…

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New York Department of Financial Services issues insurance company fines to 4 insurers

Logan B.
Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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7 Reasons to Choose Cloud Based CRM for Your Small Business

Guest Author
cloud based CRM and what is it

Look around you and take stock of the various changes happening in the world. While we are in 2020 and in the middle of a global pandemic, there are also many opportunities to run and grow a business online since there is now a greater emphasis on not only building a presence online, but also on selling online. The world’s marketplaces have moved online with entire businesses finding a way to appear and do business in the E Commerce space. For this, one needs many tools and technologies that can…

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Life insurance industry gap revealed among Black Americans, says survey

Nordstrom
Life insurance policy ownership - coffin

Recent research shows that there is a racial gap in this coverage as a result of several trends. For centuries, Black Americans have viewed life insurance policy ownership in terms of a singular purpose: covering the cost of burial. According to a recent Forbes article, this ongoing trend is indicative of a race-based gap in the industry. For many years, the industry has promoted purchasing small policies just big enough for funeral costs. That life insurance policy ownership trend didn’t start winding down until this century, said the report. “For…

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Could Tesla car insurance become the largest auto insurer in the US?

G. Turner
Tesla car insurance - Tesla vehicle on road

According to a recent valuation by CEO Elon Musk, the company is headed in that direction. If a recent valuation of the Tesla car insurance offshoot of the electric vehicle company is to be believed, it could eventually become one of the largest auto insurers in the United States. Musk dropped several hints of this nature during a recent quarterly earnings call. Musk discussed the Tesla car insurance unit in terms of comprising a substantial portion of the company’s auto business. “Obviously, insurance is substantial. So, insurance could very well…

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