Navigating the Hardening Commercial Lines Insurance Market
The commercial lines insurance market is experiencing a period of hardening, characterized by tightening capacity, increasing rates, and stricter underwriting guidelines.
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The commercial lines insurance market is experiencing a period of hardening, characterized by tightening capacity, increasing rates, and stricter underwriting guidelines.
While switching from a captive to an independent insurance agency does not technically make you a “new agent” in the traditional sense of the term, it can feel like a fresh start. While you have the advantage of industry knowledge based on your previous work in insurance there are several differences and challenges that will need to be overcome.
Did you know that from Memorial Day to Labor Day each year, thousands of teens are injured or killed in driving accidents nationwide? That’s why this time period is called the ’100 deadliest days’ for teen drivers.
Chances are, you have a significant number of customers who either have a teen driver in their household or will have one soon. Those families are going to have questions about protecting their teens and also will be looking for ways to keep their auto insurance costs under control. It’s a fact: As a group, teenagers cost more to insure than adults. That’s due, of course, to the fact that teen drivers are the riskiest age group to insure. The risk of motor vehicle accidents is higher among 16- to 19-year-olds than among any other age group. They are nearly three times more likely to crash than older drivers.
“That smile looks good on you!” The well-known expression has more truth to it than most people may realize. A 2021 post from Verywell Mind lists nearly a dozen reasons to smile every day. These benefits include longer life, relieving stress and creating a more upbeat mood. In addition, it makes people feel good when we flash a nice, beautiful smile. When you smile around people, they will often smile back, or make some pleasant eye contact. Smiling, at its essence, conveys happiness. And we all need that.
Did you know that from Memorial Day to Labor Day each year, thousands of teens are injured or killed in driving accidents nationwide? That’s why this time period is called the ’100 deadliest days’ for teen drivers.
It’s estimated that one in 20 insured homeowners nationwide makes a claim each year. The most common reason? Weather. Damage from the elements — wind, hail, rain and snow — is the most common reason homeowners file claims. Fire-related claims are less common, but are the most costly. Here are the most common types of losses incurred by homeowners, according to the Insurance Information Institute:
As COVID-19 continues to disrupt traditional ways of doing business, telecommuting has grown in popularity. Yet having employees working at home can definitely change things from a commercial insurance perspective.
There are nearly 31 million small businesses nationwide, and it’s estimated that three-quarters of them have either not enough commercial insurance or no coverage at all. Does this surprise you?