premiums News

Aviation Reinsurance Rates Rise by Up to 250% – Report

LONDON — Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two …

Canada’s Struggling Hospitality Businesses Face ‘Perfect Storm’ as Insurers Flee

TORONTO — Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and the sector’s risks. Even before COVID-19, insurers …

Directors’ Liability Insurance Rates Surge on Virus Litigation Fears

LONDON — Premiums for directors’ and officers’ liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors’ liability insurance, known as D&O, …

GOP Lawmakers Look to Limit Car Accident Claims in Louisiana

BATON ROUGE, La. — Louisiana’s Republican lawmakers Tuesday advanced proposals to limit damage claims against businesses in car wreck lawsuits, pushing ahead with the pre-coronavirus priority as Democrats argued the debate was inappropriate amid a pandemic. House and Senate committees …

Consumer Groups Say Some Auto Insurer Lockdown Rebates Are Too Small

Two consumer groups said on Thursday that some of the largest U.S. auto insurers, including billionaire Warren Buffett’s Geico Corp, are short-changing customers on premium rebates as Americans drive less due to stay-at-home orders aimed at curbing the coronavirus outbreak. …

Silver Lining For Some: Virus Shutdown Boosts China P/C Insurers

HONG KONG/BEIJING — Chinese non-life insurers are discovering a silver lining to the cloud spreading over China’s economic performance from the coronavirus outbreak — a sharp drop in car accident claims. Beijing’s efforts to contain the new coronavirus have included …

She Thought She Had Health Insurance, but Was Left Owing $40,000

BOISE, Idaho — Susan Calvin was healthy. Her family was, too. But their health insurance premiums and deductibles were climbing. When she started shopping for an insurance plan for 2017 and lamented the cost, Calvin says, her insurance broker suggested …

Zurich Insurance Sees Best Chance to Raise Prices in 18 Years

Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining premiums. “The last time this …

Equine Insurance Agency Owner Sentenced for $1.3M Fraud

The owner of a Rhode Island insurance agency that specialized in insuring horses was sentenced Monday to 36 months in federal prison for operating various schemes to defraud customers, insurance companies, and finance companies of approximately $1.3 million, the U.S. …

North Dakota Town Sees Rising Flood Insurance Costs

Had Greg Larson, a Realtor and riverside homeowner in Bismarck, and his family changed their flood insurance policy, their cost would have gone from $705 a year to $4,200. Increases in flood insurance rates are making some of Bismarck-Mandan’s prized …