Underwriting performance for the commercial lines sector of the U.S. property/casualty (P/C) insurance industry is likely to deteriorate in 2016, according to a new report from Fitch Ratings. The decline follows a three-year underwriting profit for the industry with a combined ratio of approximately 94% in each of the last three years (2013-2015). “Catastrophe losses below historical norms contributed to strong 2015 […]
Private U.S. property/casualty insurers saw their net written premium growth slow to 3.4 percent in 2015 from 4.2 percent a year earlier, while their net income after taxes grew to $56.6 billion in 2015 from $55.9 billion in 2014, according to ISO, a Verisk Analytics (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America […]
New York CEOs are not happy. They rated the Big Apple 49th out of 50 for the second year in a row, making it the second-worst state in which to do business, according to Chief Executive magazine’s annual Best & Worst States for Business survey. This survey gauges the sentiment of CEOs on a variety […]
Before I share my opinion on this topic, I will admit to a brief Internet search. As I expected, Google revealed no shortage of customer service advice supporting what I have to say. One source opines that business interests consider the value of a client over a lifetime versus a customer who is forgotten after […]
Insurance Websites Not Keeping Pace with Changing Customer Expectations, Says J.D. Power Study Insurer websites are not keeping up with customer expectations, with just over half of consumers surveyed saying they “definitely will” return to the site for their servicing needs, according to the J.D. Power 2016 Insurance Digital Evaluation Study(SM). The study,[1] now in its […]
Insurance agency mergers and acquisitions hit an all-time high for the first quarter of a year, with 109 reported transactions in the first three months of 2016, according to OPTIS Partners’ M&A database. The data covers U.S. and Canadian agencies selling primarily property-and-casualty insurance, agencies selling both P&C and employee benefits, and those selling only […]
We recently wrote a six-part blog series on how to Spring Clean your agency. It was amazing the feedback we received, as well as how many agencies shared the posts with their entire team. As it turns out, many agencies are, well, downright filthy! Just like that one junk closet you may have at home, […]
National Dog Bite Prevention Week was May 15-21; California has Largest Number of Claims, Arizona Has Highest Cost Per Claim Dog bites (and other dog-related injuries) accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2015, costing in excess of $570 million, according to the Insurance Information Institute (I.I.I.) […]
“A Checklist for Optimizing Reinsurance Negotiation” By Larry Warren This article is written with the assumption that both the reinsurer and the direct writer would each benefit from fully exploring all appropriate assumptions and considerations directly and indirectly impacting reinsurance pricing. Such assumptions and considerations are discussed below. The reinsurer benefits by being able to […]
ALBANY, N.Y.—Professional Insurance Agents of New York State Inc. members met with their legislators at their Albany offices during the association’s Albany Lobby Day, May 10, 2016. The PIANY members included: PIANY President Gene Sandy, CIC; PIANY President-elect John Parsons II, CIC, CPIA, AAI; PIANY Director Anthony Kammas; and PIANY past-President Richard A. Savino, CIC, […]
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