Driving safe is something that insurance companies love their customers to do. It saves the insurance providers a significant amount of money if their insured clients do not ever have accidents. Thus, they tend to favor safe drivers with lower policy premiums and incentives like a disappearing deductible for each year they do not file…Read more
Insurance Forecast for 2013
2012 was another very difficult year for insurance companies. Several storms, including hurricane Sandy, continue to put pressure on loss reserves and repair costs continue to increase. Another factor that will impact almost all insurance companies is reinsurance. Reinsurance is insurance for insurance companies and rates for reinsurance will almost certainly increase in 2013 and beyond. Rates…Read more
Why are Insurance Rates Increasing?
2012 was one of the worst years ever for insurance companies. Hurricanes, Tornados, and large hail storms destroyed thousands of homes throughout the country and even though most of the damage did not occur in Richmond, homeowners should expect rate increases and stricter underwriting. Reinsurance premiums, reduced new business writing and low investment returns are all pressuring insurance…Read more
