Here's my read of the current marketplace for upcoming business insurance renewals:
Renewal Premiums: -5%
Renewal Coverages: Liberal Terms
Buyer's Outlook: Long-Term: Prices Flat
The insurance market "experts" seem to have given up on the marketplace "hardening" any time soon. There have been several articles in the past few weeks predicting that the market will not change in 2011.
The November 15th edition of National Underwriter touts on its cover that the soft market is the new normal.
That may be good news for insurance buyers. I'm not convinced.
The older I get, the more I realize that when the mass of "experts" are saying that something is going to happen, the opposite is most often true.
In the past month I have handled about 15 renewals. Several increased in premium by 2%. Several dropped by 30%. Most dropped by about 10%.
Those that dropped the most had not been out to bid for several years. They were also the best accounts - highly desirable to the underwriters.
I repeat...
--Bid your insurance every 3 years
--Work to make your business an exceptional risk
--Be sure you have a great insurance agent
--Negotiate your renewals for better pricing and better coverage
Go HERE for my comments from past months.
Renewal Premiums: -5%
Renewal Coverages: Liberal Terms
Buyer's Outlook: Long-Term: Prices Flat
The insurance market "experts" seem to have given up on the marketplace "hardening" any time soon. There have been several articles in the past few weeks predicting that the market will not change in 2011.
The November 15th edition of National Underwriter touts on its cover that the soft market is the new normal.
That may be good news for insurance buyers. I'm not convinced.
The older I get, the more I realize that when the mass of "experts" are saying that something is going to happen, the opposite is most often true.
In the past month I have handled about 15 renewals. Several increased in premium by 2%. Several dropped by 30%. Most dropped by about 10%.
Those that dropped the most had not been out to bid for several years. They were also the best accounts - highly desirable to the underwriters.
I repeat...
--Bid your insurance every 3 years
--Work to make your business an exceptional risk
--Be sure you have a great insurance agent
--Negotiate your renewals for better pricing and better coverage
Go HERE for my comments from past months.
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