Tag: Commercial Insurance

Commercial auto insurance is continuing its slumping trend

G. Turner
commercial auto insurance business

According to Fitch Ratings, this sector has been a “chronically underperforming product segment.” Fitch Ratings has revealed that the commercial auto insurance market as a whole had not only experienced an underwriting loss last year, but also that this was the fifth year in a row in which that happened. Fitch also said that the P&C market was in its third consecutive year of considerable underwriting profits. The American commercial auto insurance market has become a “chronically underperforming product segment” for insurers, said Fitch. These underwriting losses have even been…

Read More

Liability insurance coverage needs spike with popularity of drones

H. Cutner
liability Insurance industry policy for drones

As businesses start to find a use for these unmanned flying devices, insurers are selling more policies. Commercial uses for drones are practically limitless and as businesses start to come up with reasons to use these flying devices, insurers are getting calls to make sure the appropriate liability insurance coverage is in place to cover the various perils that could be associated with them. Particularly the case in the United States for the last year, but other countries like Canada are s seeing similar trends. According to the Insurance Bureau…

Read More

Business insurance claims show clear patterns for losses by providers

G. Turner
Business Insurance policy

According to recent data, some of the top causes of claims losses include power outages. A recent data analysis conducted by Allianz Global Corporate & Specialty has revealed that power failure were among the leading causes for interruption related loss claims on business insurance policies from 2010 through 2014, worldwide. In fact, power outages took tenth place when it came to losses from business interruption during that time. The Allianz Global Corporate & Specialty firm specializes in industrial and business risk coverage and its research involved an analysis of almost…

Read More

Citizens Insurance in Louisiana dumps more policies

Julie Campbell
Citizens Insurance Louisiana homeowners insurance property

The Insurance Commissioner from the state, Jim Donelon, has announced new participation in this effort. A recent announcement from Insurance Commissioner Jim Donelon has shown that three new insurers have added themselves to the efforts to reduce the number of policies carried by Citizens Insurance in Louisiana. Citizens Property Insurance Corp. has been working to shrink its size after becoming quite bloated. The state’s property insurance company of last resort had been swelling in size following Hurricane Katrina in 2005, and then hit its peak size following Hurricane Rita in…

Read More

Forrest T. Jones Launches New Insurance Plan for Accountants

PR Article
FTJ Logo color

Forrest T. Jones & Company Launches National Professional Liability Insurance Program Kansas City, MO – Forrest T. Jones & Company (FTJ) announced today that it has completed an agreement with Liberty International Underwriters (LIU) to serve as the Program Administrator for LIU’s national accountants’ professional liability insurance program for accounts with annual revenues up to $5 million. FTJ will market, underwrite and administer the program under its ProDefenderTM product line, issued by Liberty Insurance Underwriters Inc. The program will be offered to eligible accounts on an admitted basis in all…

Read More

PwC report shows cyber insurance becoming $7.5 billion market in 5 years

Julie Campbell
Cyber Insurance

These predictions for the Indian market were revealed this week at the Monte Carlo Reinsurance Rendezvous. According to the figures that were released at the Monte Carlo Reinsurance Rendezvous, the market for cyber insurance could blossom to a hefty $7.5 billion in India as early as the end of 2020, if things continue as they have been. This forecast, along with several other insurance predictions, was released by PricewaterhouseCoopers (PwC). PwC also stated that by the end of 2018, the cyber liability insurance market will have risen to $5 billion…

Read More

Global commercial insurance rates dropped in Q2

G. Turner
Commercial Insurance rates

Property coverage saw the largest drops during that quarter with more moderate decreases in casualty. Customers in the commercial insurance market saw positive news upon the release of a recent August 2015 report from Marsh, called the “Global Insurance Market Quarterly Briefing,” which determined that rates had decreased worldwide in nearly every business line. That report indicated that this was the ninth consecutive quarter in which there were decreases. It also explained that this trend of commercial insurance rate decreases is a reflection of the competition within the market. It…

Read More