PropertyCasualty360: Property & Casualty Insurance News & Tips

MarketScout: Commercial, Personal Lines Pricing Up

Mark E. Ruquet

Commercial and personal-lines pricing continued their upward drive through the month of June as composite rates matched the previous months increases, according to MarketScout.
Increased Regulatory Oversight Driving Steep EPLI Rate Increases

Anya Khalamayzer

After several years of soft-market conditions, Employment Practices Liability Insurance (EPLI) is experiencing double-digit rate increases, driven in part by claims caused by the recession.
State of the U.S. Reinsurance Market: Higher Prices, But No Real Hardening

Chad Hemenway

Despite 2011s huge catastrophe losses, abundant reinsurance capacity is largely keeping price increases at bay.
Huge Business Interruption Losses Spur New ‘Information Age’

Dave Lenckus

Insurers suffered sizable Contingent Business Interruption (CBI) losses last year, as catastrophes such as the Japan earthquake and Thai flooding wreaked havoc on supply chains worldwide. CBI losses, in fact, likely accounted for a substantial portion of the massive cat claims in 2011.
Surplus Carriers Now Offering Wrap-Up Cover to Contractors for Small Jobs

Dave Lenckus

Insurers are rewarding general contractors with a history of running effective wrap-up programs, but are hiking others rates.
Broker E&O Risk in Surplus-Lines Agreements

Lawrence T. Bowman

A recent court case illustrates why wholesale brokers should carefully review the contractual language before signing with a surplus-lines carrier an agreement that obligates the producer to ensure that risks being submitted comply with the insurers underwriting criteria.
Flexible Property Policies Cover Unique, Nonphysical Supply-Chain Risks

Dave Lenckus

Some insurers cover Business Interruption or Contingent Business Interruption (CBI) losses that do not result from actual physical damage to a policyholders or its suppliers property.
Agents, Challenged by Health-Care Decision, Vow to Soldier On in New Environment

Mark E. Ruquet

Smaller agencies selling employee-benefit services face increased compliance demands and lower commissions now that the health-care-reform law has been upheld by the Supreme Court, but agents arent throwing in the towel just yet.
Hot Risks: Travelers’ John O’Connor Discusses Perils Posed by Summer Help

Chad Hemenway

John OConnor, Vice President of Strategic Product & Platform Development for Travelers Small Commercial, tells NU that identifying the risks seasonal staff can bring to the businesswhether its a restaurant, landscaper or general contractoris key to protecting the company during and beyond the summer months.
Environmental Insurance: More Buyers Paying Less

Mark E. Ruquet

According to a report from insurance broker Marsh, the percentage of clients purchasing Pollution Legal Liability (PLL) and Contractors Pollution Liability (CPL) policies has increased: Nearly 10 percent more PLL policies were sold in 2011 compared to 2009.
Is Long-Term Independence a Realistic Goal for Your Agency?

Jim Campbell

Whats the primary goal for your firm? For many agency owners, the answer to this question is to remain independentand with good reason. A commitment to independence is a positive story to tell employees, clients and carriers. It can help shape your organizational culture and can also provide an advantage...
Survey: More CEOs, Employees ‘Owning’ Risk

Anya Khalamayzer

Increasingly, more CEOs and CFOs are taking charge of their companies risk-management duties, according to a Deloitte & Touche and Forbes Insights surveyand the majority of those companies say they plan to implement changes designed to raise the profile of risk management throughout their organization.
Global Premiums Rise in 2011; Emerging Markets Show Robust Growth

staff Writer

Global non-life insurance premiums grew 1.9 percent in 2011 compared to 2010, driven by strong economic expansion in emerging markets and by rate increases in advanced markets, according to Swiss Re.
Wrap It Up: The CCIP Advantage

Dave Lenckus

When underwriting contractor-controlled insurance programs (CCIPs) as opposed to owner-controlled insurance programs (OCIPs), do insurers favor one type over the other? They do indeed.

National Underwriter Property & Casualty-July 9-July 16, 2012

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