September 2022

Price Increases Continue at 6% for U.S. Commercial Insurance in Q2: WTW

September 12, 2022

U.S. commercial insurance prices increased again during the second quarter 2022, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS).

The aggregate commercial price change reported by carriers was nearly 6%. The survey compared prices charged on policies underwritten during the second quarter 2022 with those charged for the same coverage during the same period a year ago.  Continue ........

Study Says Rising Seas to Affect $108B in SE Property; Tax Bases will Suffer

Rising seas will engulf millions of homes, business and parcels of land, and will reshape coastlines, property lines and local tax bases around the Southeast in less than 40 years.

And Florida, North Carolina, Louisiana and Texas will see the most impact, according to a new study from Climate Central. Continue ..........

Flood losses to insured property are jumping drastically and only a small fraction of what’s damaged by floods is insured

The cost of flood damage to insured property around the globe is jumping drastically, and climate change is one of several factors, according to a new report out Thursday from the insurance giant Swiss Re.

From 1991 to 2000, global insured losses from floods was about $30 billion. In the next decade, global insured losses from floods was $40 billion, and from 2011 to 2020, global insured losses from floods was $80 billion, according to Swiss Re. Continue .............

As climate change threatens more homes, some properties are getting too costly to insure

As climate change threatens the U.S. with more natural disasters, it’s becoming increasingly costly for Americans to insure their homes ⁠— and it’s only expected to get worse, according to experts.

“These things are occurring more often, and they’re causing more damage,” said Jeremy Porter, chief research officer at First Street Foundation, a non-profit focused on defining U.S. climate risk.

Indeed, there were 20 separate billion-dollar U.S. natural disasters in 2021 — including a deep freeze, wildfires, flooding, tornado outbreaks and other severe weather — costing a total of $145 billion, according to the National Oceanic and Atmospheric Administration

Continue .........

Medicare scams are on the rise. Here are four tips to avoid them

Scammers often use deceptive tactics to lure unsuspecting seniors into sharing their Medicare number. They might offer to send free medical supplies or genetic testing kits, or promote some other type of refund or incentive. 

These types of health-care fraud schemes, which cost the U.S. government tens of billions of dollars in annual losses, are especially troubling because they prey on older people who tend to be more vulnerable to exploitation. 

Here are four protective measures seniors and families should take:  Continue ...........

September is National Life Insurance Awareness Month

S-DVI closing to new enrollment, and VALife launching in '23

September is National Life Insurance Awareness Month. VA Insurance Service is highlighting its mission to provide our Nation’s Veterans, service members and military families with life insurance products and services. There are several life insurance programs available for service-connected Veterans and upcoming changes will expand the benefit to even more Veterans in honor of their service. Continue ..............