Insurance rating org AM Best is predicting that the commercial insurance market will start a move to higher prices, according to the Insurance Journal.
I don't know if their prediction is right or not. I do know that the insurance marketplace right now is competitive for good risks. There are a great number of insurers chasing renewals and new business.
In any market insurance buyers do better when there is competition for their business. If you have not tested the market recently, consider getting alternate quotes now.
Recent bid project:
- expiring premium $60,000
- renewal offer from current insurer $55,000
- offer from another agent $26,000 - higher property limits and an extra $2m umbrella
I don't know if their prediction is right or not. I do know that the insurance marketplace right now is competitive for good risks. There are a great number of insurers chasing renewals and new business.
In any market insurance buyers do better when there is competition for their business. If you have not tested the market recently, consider getting alternate quotes now.
Recent bid project:
- expiring premium $60,000
- renewal offer from current insurer $55,000
- offer from another agent $26,000 - higher property limits and an extra $2m umbrella
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