September 2022

More

Report: Price of comprehensive car insurance in NI remains well below UK average

  • September 12, 2022

Comprehensive car insurance in Northern Ireland on average is far below the UK as a whole, according to a new survey.

he average price of insurance per year here is £496, according to the confused.com insurance price survey.

The highest average price across bands here, running from young drivers to the oldest, is £540 while the lowest is £451. The company would not immediately give region-specific details or on the different bands.

According to the survey, the average price of insurance across the UK is £554, up from £522 a year ago, a 6% increase.

Premiums increased by £32 in the last 12 month across the UK, according to the survey, carried out in association with WTW, an advisory and broking company.

Motor insurance premiums have risen in the last three quarters, but there was only a small rise of one per cent, or £4, in the last three months.

The index is based on price data compiled from over six million customer quotes per quarter.

Tim Rourke, of WTW, said: “A combination of rising accident frequency after the pandemic lull and surging inflation sees upwards pressure on insurance prices coming from claims costs and repairs.

“These challenges are compounded by insurers also having to respond to the FCA’s pricing reforms, effective from January, which bans renewal prices being higher for existing customers than for new business.”

From April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3%, £17, with average premiums now at £704.

Drivers in the South of England saw the steepest quarterly drop in prices, with their insurance premiums decreasing on average by one per cent to £437.

Inner London remains the most expensive region, where prices are now on average £882, having

… Read the rest
INSURANCE
More

MLTPLY Launches Stable Insurance Using INSTANDA’s Platform in Ten Weeks

  • September 11, 2022

Stable Insurance
Stable Insurance GNW

Dallas Fort Worth, Texas, July 26, 2022 (GLOBE NEWSWIRE) — MLTPLY announced the successful launch of their latest insurtech partnership, Stable Insurance, with the help of INSTANDA’s complete digital platform. Stable’s first offering is owner-operators rideshare insurance for drivers in networks such as Uber or Lyft. In just ten weeks, Stable, MLTPLY, and INSTANDA built an end-to-end insurance experience including B2C support via a digital agent quote flow and policy issuance supported by an innovative insurance offering enabling their customers to:

  • Get a quote in 90 seconds
  • Buy a policy in 150 seconds
  • Purchase specialty coverages such as a matching and vanishing deductible
  • Get a dash cam for $5 a month and receive a 20% discount

MLTPLY is an insurtech incubator focused on bringing comprehensive innovation to the P&C sector by offering vital products and services at the right price. Their first insurtech, Pouch, launched in late 2021 and offers simplified Commercial Auto insurance built for underinsured markets. With a constantly growing portfolio, MLTPLY will continue to innovate through 2022 with exceptional delivery records achieved through globally distributed teams across the United States, Latin America, and the European Union.

Gloria Guntiñas, Co-Founder and CEO of MLTPLY says, “With a personal mission to insure the underinsured and make insurance accessible to markets that historically don’t have access, we’re thrilled to launch Stable Insurance. It’s a gamechanger for rideshare drivers who need to insure their most valuable assets and livelihood, their vehicle.”

“One of the biggest wow moments in my time at INSTANDA so far is seeing what

… Read the rest
INSURANCE
More

These Upgrades May Shrink Your Home Insurance Costs

  • September 10, 2022

Along with food, gas, and many other essentials, home insurance costs are on the rise in Canada.

Issues like climate change and increased rebuilding costs mean insurance companies are paying more to settle claims — an expense they pass on to customers.

It’s unwise to be without home insurance, or to be underinsured. So if you’re looking to shrink your home insurance premiums, improvements that make your home safer or less damage-prone may be the better route.

How are home insurance premiums determined?

Insurance companies consider a variety of factors when determining the cost of home insurance. They start by estimating your home’s value. Then, they calculate how much it would cost to repair or replace the structure and its contents based on numerous factors, including:

  • Location and type of house.

  • Size and age of your home.

  • Proximity to a fire hydrant (the closer the better).

  • History of previous claims, if any.

  • Type of electrical wiring and heating.

  • Whether or not you have a finished basement.

  • Level of finishes.

  • Replacement cost of contents.

Homeowners who make property alterations that reduce their chances of filing a claim are sometimes rewarded with discounts. It’s very similar to the way that a violation-free driving record and a vehicle with extra safety features can sometimes earn you cheaper car insurance — they’re indications that you’re less likely to have a costly accident.

6 home upgrades that may shrink insurance costs

Each home insurance company, policy and property is different, so there’s no guarantee the following upgrades will result in a smaller bill. Read your own policy carefully and reach out to your insurance company before doing renovations to confirm what discounts are possible, if any.

1. New roof

Getting a new roof could help decrease your insurance payments, especially if the existing

… Read the rest
INSURANCE
More

Allstate losing money on car insurance even after rate hikes

  • September 9, 2022

In the second quarter, Allstate paid out nearly $1.08 to cover claims and expenses in its auto business for every dollar of premium it collected. Not including the effects of claims payments due to costly wind and hail storms, mainly in the Midwest, the auto business still was in the red to the tune of $1.02 for every dollar collected.

Allstate reports second-quarter earnings in early August. Based on auto premium levels in the recent past, the underwriting loss is likely to be in the neighborhood of $500 million.

The company said late yesterday that it has hiked rates an average of 8.3% in all 50 states plus another unidentified territory since the beginning of the year. That included a 12% increase in Illinois earlier this year. Northbrook-based Allstate is the second-largest auto insurer in its home state.

Allstate and other major auto insurers are scrambling to respond to higher costs to settle claims, thanks mainly to the rise in used-car prices. The cost of total auto losses is pegged to the cost of Replacing a vehicle.

The rate hikes are expected to continue. “Allstate continues to implement significant insurance rate increases given ongoing inflationary impacts on claim severities,” it said in the Securities & Exchange Commission filing.

The price increases are spurring pushback from regulators in some states. In Illinois, the Department of Insurance required auto insurers to disclose how much they made or lost insuring cars from 2019 to 2021.

The data, made public, showed that Allstate and several other major insurers made profits of about 15% while drivers hunkered down in their homes in 2020 and early 2021. Ordinary profits are in the single digits—often the low single digits.

Allstate appears to have spent much of that bounty buying back stock. Last year, it

… Read the rest
INSURANCE
More

NJ auto insurance increase a necessary pain | Editorial

  • September 8, 2022

New Jersey drivers will never be happy with the cost of their auto insurance. The congestion of its roadways, the highest population density of any state, and a high crime rate ensure average car insurance premiums will be higher than average.

Residents who choose minimum coverage pay the fifth highest average rate in the nation — $855 a year — for the basic policy to meet state requirements, according to bankrate.com. New York’s minimum coverage is the highest at $1,339.

Rates are higher in New York even though much of that state isn’t urbanized. One reason is that the minimum coverage required by New York and nearly all other states is more than here. New Jersey is one of just four states requiring only $15,000 of personal injury coverage (and Florida mandates only $10,000). The vast majority of states require $25,000 and three require $50,000 worth.

People are also reading…

The appeal of lesser and cheaper insurance coverage is obvious, and it has some advantages. New Jersey has the fewest uninsured drivers in the nation.

Too little coverage, though, is only next best to no coverage. Average injury claims are $18,000, leaving most accident victims short on compensation. Many claims far exceed that average, and for those victims being hit by a minimally covered driver is barely better than by a driver with no insurance.

This year legislative leaders decided to finally address New Jersey’s inadequate minimum auto insurance. The coverage requirement had not been increased in 50 years — ridiculous in view of inflation and especially soaring medical costs.

The proposed fix was equally ridiculous minimum personal injury coverage of $250,000 for basic and standard auto policies. That would have made New Jersey’s minimum five times higher than any other state and 16 times higher than

… Read the rest
INSURANCE
More

UK car insurance premiums increase by 6%, industry facing a “raft of challenges”: WTW

  • September 7, 2022

Comprehensive car insurance premiums have increased by 6% (£32) during the last 12 months, with UK motorists now paying £554 on average, according to data from WTW and Confused.com Car Insurance Price Index.

Car lot imageWTW recently warned that UK motor claims inflation was on the rise, as the broker recently revealed that the average cost per claim in 2021 was £5349, up from £5037 the previous year.

Car insurance premiums have now seen consecutive annual increases over the last two quarters, following the implementation of the new FCA pricing rules on 1 January, 2022.

Motor insurance premiums have now also risen for three quarters in a row, with a marginal rise of 1% (£4) recorded in the last three months.

Further data shows that from April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3% (£17), with average premiums now costing £704.

Tremor - The modern way to place reinsurance

However, drivers within the South of England benefited from the greatest quarterly drop in prices, with their insurance premiums decreasing on average by 1% to £437.

Meanwhile, Inner London still remains the most expensive region within the UK, with prices now on average £882 having increased in the last quarter by 2% (£18).

Manchester and Merseyside (£701) continues to be the most expensive area outside of the capital (£701), and only marginally less expensive than average premium prices in Outer London (£704).

In addition, the Scottish Borders retains its position as the cheapest region for car insurance, with prices averaging at £366, closely followed by the South West of England (£373).

Moreover, motorists in Enfield, Motherwell and Lancaster experienced the sharpest quarterly rise of 4% taking their average premiums to £730, £490 and £425 respectively.

West Central London (£1,046) continues to be the most expensive

… Read the rest
INSURANCE
More

Bruce Oyler State Farm Insurance Agent Explains Why Car Own…

  • September 5, 2022

(MENAFN- GetNews)


Bruce Oyler is a reliable State Farm Insurance agent in Littleton, CO. In a recent update, the insurance agent explained why car owners should have car insurance.

Littleton, CO – In a website post, Bruce Oyler explained why it is essential to have car insurance.

The car insurance Littleton agent said that car insurance covers help car owners avoid costs associated with accidents involving their cars. If one has an insurance cover, they may not be liable for damages, third-party personal injuries, and related expenses. The owner can also have a personal accident cover covering the driver and passengers. But the amount one receives depends on the policy terms.

The auto insurance Littleton agent said that car insurance could cover the cost of repairing or Replacing a vehicle after an accident. Many insurance companies offer different insurance covers to ensure car owners don’t pay for repairs or replacement out of pocket. The agent advised people to read and understand the policies before paying. This helps avoid conflicts or issues with the insurance company when claiming benefits or compensation after an accident.

The State Farm car insurance Littleton agent added that car insurance coverage gives a car owner peace of mind. They know that even if they are involved in a car accident, the car insurance will take care of the damages and losses and protect them against lawsuits for damages caused to third parties.

About Bruce Oyler – State Farm Insurance Agent

Bruce Oyler is a State Farm Insurance agent serving Littleton and nearby areas. The insurance agent helps people with car, motorcycle, and home insurance needs. Bruce and his team have a combined experience of over 58 years and are ready to serve customers.

MENAFN16072022003238003268ID1104539533


Legal Disclaimer: MENAFN provides the information “as is” without warranty

… Read the rest
INSURANCE
More

Allstate still losing money on auto insurance, despite rate increases

  • September 4, 2022

Allstate still losing money on auto insurance, despite rate increases

By Dave LaChance
on
Insurance

In spite of raising rates by an average of 8.3% in all 50 states, Allstate continues to lose money on auto insurance, according to the company’s second quarter underwriting results.

The carrier said it paid out nearly $1.08 to cover claims and expenses in its auto business for every dollar of premium it collected. Even subtracting the effects of claims payments due to wind and hail storms, mainly in the Midwest, Allstate paid out $1.02 for every dollar in premium.

Allstate has been carrying out its pledge to investors to aggressively pursue rate increases to bring its auto insurance business back to profitability. The company reported implementing rate increases totaling $258 million in the month and $601 million in the quarter, after implementing $862 million and $702 million of rate increases in the first quarter of 2022 and fourth quarter of 2021, respectively.

In a Securities & Exchange Commission filing, Allstate said it is not done seeking higher rates. “Allstate continues to implement significant insurance rate increases given ongoing inflationary impacts on claim severities,” it said.

The carrier reported three factors reflecting “persistent increases” in loss costs:

  • Increases in physical damage costs are geographically widespread and reflect higher part prices, labor rates, and length of claim resolution.
  • Increases in injury claim costs reflect more severe auto accidents, increased medical inflation, higher consumption of medical treatment, and more claims with attorney representation.
  • Claims reported in 2021 but settled in 2022 were subject to the rising vehicle values, parts prices, and labor rates experienced during 2022, which contributed to the adverse loss of reserve development.

allstate-auto-insurance-rate-hikes” class=”external”Crain’s Chicago Business reported that, with the increases, the carrier’s rates are now

… Read the rest
INSURANCE
More

The do’s and don’ts of switching auto insurance policies to save money

  • September 3, 2022

This article is brought to you by Bankrate and created by In The Know’s commerce team. If you decide to purchase products through the links below, we may receive a commission. Pricing and availability are subject to change.

Lots of people take an in-depth look at their budget at the beginning of the new year. The holiday season may have in more spending than usual. But with the new year, it’s an opportunity to rein in those expenses a bit.

Cutting things like dining out and wardrobe upgrades are obvious ways to spend less each month. But you may be looking for even more substantial savings. With fixed expenses, like rent or your car payment, there isn’t much you can do. But what about your auto insurance? Of course, having insurance is mandatory if you have a car — but could changing your policy add a few extra dollars to your bank account each month?

Thinking about switching? Check out the top offers on Bankrate.

To help explore the do’s and don’ts of adjusting your auto insurance policy, we talked to Cate Deventer, an insurance writer and editor at Bankrate.com. Here’s what you should know.

Don’ts

  • Don’t scale back your coverage to save money. “If your monthly budget is really stretched, it might seem like a good idea to lower your car insurance coverage or limits to save money. This is not something insurance professionals recommend doing,” Deventer says. “While it may lower your monthly bill, you’ll actually be at a greater financial risk if you get into an accident.”

  • Don’t change providers frequently. “You probably don’t want to switch insurance providers too often because you might be missing out on things like loyalty discounts. If you’re changing providers every year, you’re never really building up that track

… Read the rest
INSURANCE
More

Market concentration in auto insurance increases; GEICO, Progressive projected to pass State Farm in 2023

  • September 2, 2022

Personal auto insurance continues to move toward a “more concentrated” market, with the 10 largest carriers controlling 76% of the market at the end of 2021, Fitch Ratings said in its recently released “US Personal Lines Market Update.”

State Farm, the largest auto insurer in the US, saw no growth in its premiums, paring its share of the market to 16.4% based on net written premiums. However, both GEICO and Progressive “expanded revenues faster than the overall market,” climbing to shares of 14.7% and 14.1%, respectively.

Given premium growth rates over the past three to five years, Fitch predicts that both GEICO and Progressive will pass State Farm in market share in 2023. “A larger question is which of these two companies will be the longer term market leader as [Progressive] recently reported faster auto growth,” the report, based on data from S&P Global Market Intelligence, said.

The report offered no analysis of the carriers’ changes in market share.

During an annual shareholders meeting in May, Ajit Jain, vice chairman of insurance operations for Berkshire Hathaway, GEICO’s parent company, noted that Progressive is far ahead of GEICO in using telematics.

“There’s no question that recently Progressive has done a much better job than GEICO … both in terms of margins and in terms of growth,” Jain said, according to an Investopedia article. “There are a number of causes for that, but I think the biggest culprit is as far as GEICO is concerned …is telematics.”

Forbes reports that Jain “expects to catch up with Progressive in a year or two.” And the Insurance Journal quoted Jain as saying, “Progressive has been on the telematics bandwagon for, I don’t know, more than 10 years, 20 years. GEICO until recently wasn’t involved in telematics. It’s been only the last two years

… Read the rest
INSURANCE
September 2022
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930