Articles

What to Expect in Global Commercial Insurance Market Growth

Global commercial property/casualty insurance premiums were worth approximately $730 billion in 2017 and by 2021 will rise to almost $900 billion. U.S. commercial P/C insurance premiums were worth $274.5 billion in 2017 and are forecast to rise to $331.5 billion in 2021. Those figures are from market reports from Aon Inpoint, insurance broker Aon’s data…

How to Succeed in Today’s Small Business Insurance Market

by Andrea Wells

The small business market is big. The U.S. small commercial market represents about one-third of the total commercial lines market and generates between $99 billion and $103 billion in direct written premium, according to a 2016 McKinsey & Co. report. It could be a much bigger market as more businesses are being started. Since 1994,…

Insurance Journal’s 2018 Young Agents Survey: Change Wanted

by Andrea Wells

Young agents want change. They want more diversity in the agency sales ranks. They want better paths to grow in their careers. They want other agents to adhere to professional standards and ethics. They want faster and better technology in their agencies and in the insurance companies they use. Most of all, today’s young agents…

What Scares Insurers Most: Cyber Hurricane or Silent Cyber?

by Amy O'Connor

Insurers in the cyber insurance segment have enjoyed exponential growth in the market over the last 10 years, and that is expected to continue as the world becomes even more connected via the internet. But while the growth in business is welcome, the exposure the industry itself faces to losses in the event of a…

Survey: Where Carriers Fall Short of Agent Expectations

There appears to be a misalignment between carrier performance and independent agents’ expectations in both personal and commercial lines. These are selected findings of “Agent Voices 2018,” a soon-to-be-released report based on a survey of the nation’s independent agents cosponsored by Channel Harvest Research and Insurance Journal. In commercial lines, agents expect high underwriting performance…

Allianz to Back Off Insuring Coal Operations as it Expands Climate Strategy

The Allianz Group “is significantly expanding its climate strategy.” The German insurance giant recently announced a commitment to support the change to a low-carbon economy over the coming decades, and is setting for itself long-term climate goals that are linked to the 2-degree Celsius target outlined in the Paris Climate Agreement. Allianz plans to have…

Rising D&O Claims Frequency Hampers Underwriting Results

The underwriting performance in the U.S. directors and officers (D&O) liability insurance market deteriorated significantly in 2017. Competitive pricing and an increasing number of lawsuits have hurt the line’s profitability, according to a new A.M. Best special report. A.M Best’s Special Report, titled, “Quick Look: D&O 2017 Year-End Results,” states that the main driver of…

Survey: New Coverages, Enhancements for Architects, Engineers Liability Coverage

While the market for architects and engineers professional liability insurance remains intensely competitive, many insurers providing this coverage are weighing new policy enhancements that offer expanded protection. A new survey by insurance broker Ames & Gough finds some insurers are going beyond limited coverage for cyber liability and drone exposures and considering protection to address…

What Cyber Exposures and Coverage Gaps Keep Risk Managers Up at Night

by Amy O'Connor

Risk managers are very concerned about the cyber risks facing their companies and are heavily investing in protection against cyber attacks with the blessings of their boards and CEOs, a major shift from even just 10 years ago when convincing a company to worry about cyber was a big challenge for risk managers. However, the…

7 Questions to Consider When Selling Flood Insurance

Any agent who has used the National Flood Insurance Program (NFIP) in the past to deliver flood insurance to clients knows all too well that trying to simplify the complexities of flood insurance in the midst of program lapses, regulatory changes and extreme weather events is an important yet arduous undertaking. With the NFIP debate…

What to Expect in Commercial Market Pricing for Rest of 2018: WTW Spring Forecast

Commercial property insurance rate increases are easing off initial spikes following 2017’s record natural catastrophe losses, but commercial insurance buyers still face upward pricing pressure on many lines of business for the remainder of 2018. That’s according to Willis Towers Watson’s 2018 Insurance Marketplace Realities — Spring Update report (formerly titled, Marketplace Realities). Overall, the…

Today’s Hot Markets: Buyers Hungry For EPLI, Cyber and More

by Andrea Wells & Amy O'Connor

Insurance Journal examined industries experiencing changes, challenges, expansions and growth in the past year. Here are five industry sectors and insurance markets that could offer opportunities for agents and brokers in the property/casualty insurance industry in 2018. Employer Liability and Harassment From actors speaking out against Hollywood mogul Harvey Weinstein to thousands of others speaking…

Insurance Research Council: Rate of Uninsured Motorists Rising Nationwide

Nearly one in eight U.S. motorists is driving around uninsured and putting insured drivers at greater risk in the event of an auto accident, according to a study. The study, directed by the Insurance Research Council (IRC) and co-sponsored by The Hanover Insurance Group, found that 13 percent of all U.S. motorists were uninsured in…

What’s Inflating Agribusiness Insurance Costs?

Agribusiness clients are acutely aware of the high premiums they pay for workers’ compensation, premises liability, health insurance and the steps they can take to mitigate those costs. On the other hand, automobile liability has historically been a low-cost, low-visibility afterthought. Not anymore. The risk associated with catastrophic vehicle-related losses is on the radar of…

SMEs Underestimate Cyber Risks Which Could Prove ‘Fatal’: Allianz Report

by L.S. Howard

Small- and medium-sized enterprises are waking up to the realities of cyber risks but still underestimate their exposures, according to a report published by Allianz Global Corporate & Specialty (AGCS). For medium-sized companies with annual revenues between €250 million ($308.9 million) and €500 million ($617.8 million), cyber incidents rank as the top risk for the…