Report: Commercial insurance rates rose last month
Rates for commercial-lines insurance increased 4% in February from year-ago levels amid a shift in the industries driving the increases, MarketScout says. Transportation, energy and public entities had the lowest rate increase in February, MarketScout CEO Richard Kerr said. Manufacturing, service and habitational had the highest increases, Kerr said. PropertyCasualty360
(3/5)
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A.M. Best: P/C industry should focus on reserves, ERM
Property/casualty insurers' reserve adequacy and enterprise risk management are concerns in light of rising catastrophe losses, says Anthony Diodato of A.M. Best. The industry also has dealt with a challenging economy and low interest rates, "which could not provide an offset if there were underwriting losses," Diodato said. However, he said, "We still continue to see companies take that incremental rate increase that will help bring that risk and that rate to the same level, which will add value when the company's financial strength is evaluated." Insurance Networking News
(3/5)
Expert: Garage-keepers liability coverage can cause confusion
Owners of auto-repair shops often conflate garage liability insurance and garage-keepers liability coverage, said Earl VanBuskirk Jr. of Heffernan Insurance Brokers. Garage-keepers liability covers damage to a vehicle and "is where we usually find the least sufficient coverage" because of uncertainty among agents and insureds over coverage amounts, VanBuskirk said. "If something happens, a big catastrophic event like a fire, they're not going to have nearly enough limits to cover all of the vehicles that were damaged in the fire," he said. Insurance Journal
(3/5)
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N.C. approves a 7% rate increase for homeowners coverage
Property insurers and regulators in North Carolina have agreed to a 7% average increase in homeowners insurance rates to settle a dispute over a rate-hike request. The increase is set to take effect in July. "The likelihood of getting any kind of increase probably would have been pushed back into 2014. It was better to get a little now rather than wait a long time for some unknown amount," said Ray Evans of the N.C. Rate Bureau. The News & Observer (Raleigh, N.C.)
(3/6)
Wis. bills would toughen penalties for drunken drivers
Lawmakers in Wisconsin have filed bills aimed at tightening penalties for drunken-driving violators. "What we want to do is get a discussion started about how much tolerance we have for drunk driving," Sen. Alberta Darling says. However, a spokesman for Senate Majority Leader Scott Fitzgerald wrote in an e-mail that "there are senators with varying thoughts on this issue as some believe the stiffer penalties passed in 2009 need to be evaluated." Wisconsin State Journal (Madison)
(3/6)
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Every time you spend money, you're casting a vote for the kind of world you want."
-- Anna Lappé, American writer, speaker and activist
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