rates News

State Farm Seeking Large Rate Increases in Wildfire-Prone California

State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7% and 20%—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of carriers pullback or …

CIAB: Commercial P/C Premiums Increase 7.7% in Q1 2024

Overall commercial property/casualty premiums increased slightly for all account sizes to 7.7% on average in the first quarter 2024. According to The Council of Insurance Agents and Brokers’ Q1 Market Survey, the 7.7% average increase in Q1 compared to 7% …

Inflation Contributes to Rising Loss Costs for US Commercial P/C Insurers: Fitch

Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings Inc., and Selective Insurance Group Inc. — to gauge trends for …

Marsh: US Commercial Lines Rates Up 3% in Q4 2023

Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th …

10 Largest Auto Insurers Each Raised Rates by Double Digits in 2023

According to S&P Global Market Intelligence’s RateWatch, Farmers Insurance instituted double-digit rate increases in 43 states in 2023 for a weighted average rate increase of 17.6%—and its private-auto insurance peers in the U.S. did the same. All 10 of the …

‘Zombie’ Companies Likely to Keep Commercial Insurance Rates Rising

NEW YORK — The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely …

Insurance Costs Too Steep? Try Writing Your Own

LONDON — Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called “captive” insurers are already common among large …

Pandemic Pushes Insurers to Avoid Already Strained Senior Care Market

The coronavirus pandemic has made it even harder for senior-care centers in the United States to find or afford standard liability insurance, with rates soaring by as much as 300%, insurance brokers said. Residential care communities like nursing homes and …

U.S. Supreme Court Rejects Dispute Over 2007 California Wildfire Payouts

The U.S. Supreme Court on Monday declined to hear a bid by Sempra Energy’s San Diego Gas & Electric Co to recover $379 million from customers related to damages it was forced to pay out in litigation after the deadly …

Miss. Insurance Commissioner Chaney Has 2 Opponents

Louis Fondren, a Democrat from Gautier, and Barbara Dale Washer, the Reform Party candidate from Hattiesburg, seek to dislodge incumbent Mike Chaney as Mississippi insurance commissioner. Chaney, 67, a Republican from Vicksburg, served in the state Legislature before being elected …