I'd love to get input and do a mini survey on what you are seeing in insurance renewals this year. I am getting my initial quotes in from
Property +35%
General Liability +100%
Auto +15%
Umbrella +193%
Workers Comp +39%
Anyone willing to share their experiences so I can see if I shoul dbe happy or sad?
Thanks! Brenda
General Liability +120%
General Liability: +57%
D&O +10%
D&O fairly flat
P&C coverages up about 3%
Tech, E&O up low double digits
We are a midwestern, middle market, private company
I just met with a broker from Barney and Barney who told me that rates were indeed going up and here are the following rate changes (avg for Q1 2012), Barney and Barney is in California
Auto 3.1%
WC 7.4%
Property 6.5%
Gen Liab 3.1%
Umbrellla 3.3%
General Liability +22%
Umbrella +48%
Auto +21%
Products Liability +8%
Some of this is attributed to an increase in exposures, but our agent claims the increases are due to payouts from natural disasters.
Brenda,
If your rates are going up so substantially either your exposures and losses are commensurate or your broker is doing you a major disservice. Did he/she provide benchmarking, loss forecasting, classification reviews? All of these tools - sometimes not readily available to all brokers - are critical an driving down or streamlining your total cost of
Average Property and Liability rate increases are between 10-15% right now HOWEVER, many competing carriers will offer rate reductions. Its how you and your broker agree to approach the process.
Please email me if need be - happy to help and advise. richard,[email protected]
Thanks
Richard
