Articles

What to Know About Insuring Fairs, Festivals and Other Special Events

by Andrea Wells

The world of fairs and festivals has evolved well beyond the pie judging, chili cook-off, apple bobbing days of the traditional county fair. Today, there’s an event for nearly every hobby, interest or culture imaginable. For 65 years, underwriters at K&K Insurance have been in the business of insuring crowds. Stephanie Waldron, senior vice president…

Personal Auto Rate Hikes Not Keeping Up with Losses: Fitch

U.S. personal auto underwriters increased premium rates “significantly” in 2016. But here’s the thing: it wasn’t enough. Loss trends are still outpacing rate changes. Also, the U.S. P/C industry statutory combined ratio will likely hit 108 in the coming months, a 3.5 percentage point rise and the weakest result in 15 years, Fitch Ratings noted…

Architects, Engineers Rates Stabilize or Decline in 2016

Although a slim majority of insurance companies providing architects and engineers professional liability insurance saw their rates stabilize in 2016, nearly one in three experienced modest decreases in rates. That’s according to a new survey by insurance broker Ames & Gough finds that market competition and favorable claim results are combining to hold premium rates…

D&O Coverage to Expand, Get Cheaper in 2017: Marsh

Directors and officers liability policies are likely to become broader and continue getting cheaper in 2017. This is among the likely trends expected for the financial and professional liability insurance marketplace in the months ahead, insurance broker Marsh said in a new report, “The U.S. Financial and Professional Market in 2017: Our Top 10 List.”…

Steamin’ Hot Markets of 2017: Growth of the Sharing Economy Market

by Amy O'Connor & Andrea Wells

Insurance Journal examined industries experiencing changes, challenges, expansions and growth in the past year and picked the top five market sectors that could offer opportunities for agents and brokers in the property/casualty insurance industry in 2017. Each market is detailed on MyNewMarkets.com. Sharing Economy Market Continues to Grow, Evolve The idea of sharing resources as…

Steamin’ Hot Markets of 2017: Opportunities With Transactional Risks

by Amy O'Connor & Andrea Wells

Insurance Journal examined industries experiencing changes, challenges, expansions and growth in the past year and picked the top five market sectors that could offer opportunities for agents and brokers in the property/casualty insurance industry in 2017. Each market is detailed on MyNewMarkets.com. Transactional Risk Opportunities The merger and acquisition insurance sector has seen increased demand…

Steamin’ Hot Markets of 2017: Growing Risk of Active Shooters

Insurance Journal examined industries experiencing changes, challenges, expansions and growth in the past year and picked the top five market sectors that could offer opportunities for agents and brokers in the property/casualty insurance industry in 2017. Each market will be detailed on MyNewMarkets.com. over the coming days. Growing Risk of Active Shooters Sadly, nearly every…

Steamin’ Hot Markets of 2017: Cyber – The Belle of the Market Ball

by Amy O'Connor & Andrea Wells

Insurance Journal examined industries experiencing changes, challenges, expansions and growth in the past year and picked the top five market sectors that could offer opportunities for agents and brokers in the property/casualty insurance industry in 2017. Each market will be detailed on MyNewMarkets.com. over the coming days. Belle of the Market Ball For the umpteenth…

Steamin’ Hot Markets of 2017: All Eyes on Infrastructure

by Amy O'Connor & Andrea Wells

For 2017, experts predict the U.S. economy will continue to expand. “Job growth means higher payroll, sales, more autos insured by businesses, construction, property expansion, etc., which will increase gross premiums underwritten,” according to the 2017 Wells Fargo Insurance Market Outlook. “The majority of insureds will continue to see rate reductions, just not as high…

7 Questions Agents Must Ask Cyber Insurance Prospects

by Denise Johnson

An increase in spearfishing and ransomware, coupled with weakened data security due to more connected and mobile devices, means businesses, insurers and their agents need to understand and protect against these threats, according to experts at a recent American Bar Association insurance coverage and litigation program. Lisa Phillips, a national practice advisor for Wells Fargo Insurance…

The Hidden Cost of Bundling Insurance Policies

by Andrew G. Simpson

Marketers love to bundle products and for good reason. Bundling encourages consumers to buy more. However, new research suggests that it’s not quite that simple. While bundling gets buyers to buy more, it can also make them less willing to pay more for the additional bundled items and more likely to be frustrated if a…

Calling All Young Insurance Agents: Tell Insurance Journal What You Think

Are you a young insurance agent, 40 years old or younger? Do you know a young insurance agent? Insurance Journal is searching for young insurance agents to participate in this year’s Young Insurance Agents Opinion Survey. Tell us what you think about the insurance industry, the agency you work in, and what young agents want…

Bumpy Road Ahead for Tow Truck Market as Carriers Exit

by Andrea Wells

Tow truck drivers operate in a dangerous world. Every day they face angry drivers while repossessing vehicles, dangerous driving and road conditions, near misses while operating heavy equipment, and close calls on U.S. freeways while hitching up wrecked vehicles. These are just a few of the reasons why the tow truck market is in a…

Insurance Journal 2017 Agency Salary Survey: Salaries, Total Compensation on the Rise

Salaries for insurance agency management, owners, principals and producers were up in 2016. Total compensation for support staff also increased, although not by as much as they did the year before. That’s according to Insurance Journal’s 2017 Agency Salary Survey, which revealed that salaries for agency owners, principals and management went up 4.4 percent in…

How Small Insurers Can Sell Cyber Coverage to Small Businesses

With the global cyber insurance market expected to reach $14 billion by 2022, according to Allied Market Research, it’s no wonder more insurers are looking to offer cyber coverage. But small insurers have been sidelined in this market due to the difficulty of pricing the products. Hartford Steam Boiler, an insurer that began covering risks…