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Insurance analysts predict modest rate increases for property and casualty risks will extend into 2013, as the overall economic environment is not expected to change dramatically in the coming year.
In a recent survey, approximately 83% of risk managers anticipated price increases in their property/casualty programs, with 17% expecting flat renewals and none expecting price decreases.
Dr. Robert Hartwig, president of the Insurance Information Institute (I.I.I.), has stated that Commercial Lines rates across the board have strengthened in 2012 when compared to 2011 and all indicators reflect a positive pricing momentum moving forward. He also sees that the firming trend specifically in Workers’ Compensation that began in 2011 and gained momentum in 2012 is likely to remain strong in 2013.
Dr. Hartwig, stated that “This [increase] is due to three factors: the firming of rates, continued expansion of payroll exposure as more jobs have been added this year, and wage growth. All three of these are pushing Workers Compensation in the upward direction.” For more information on Florida’s Workers’ Compensation rate increase in 2013, click here.
In addition, Citizens Property Insurance Corporation continues to increase rates for Commercial Property Residential – Condominium Associations, by an average of 10%. For more information on what condo associations can expect in 2013, click here.
For questions regarding your insurance rates and how to control them, please contact your Gulfshore Insurance Client Advisor for a more detailed review of your insurance program.
Brad Havemeier is the President of Gulfshore Insurance and works with a wide range of business clients to deliver strategic risk management and insurance guidance.