News

Despite 30% of small businesses experiencing a premium increase, customer satisfaction with the price of their policies rose three points in 2022.

The report points to independent agencies’ dominance in commercial lines, with nearly 88% of all commercial lines written premium placed by the independent agency channel.

The second quarter of 2022 saw personal lines rate increases stabilize at 5.16%. Commercial rates also stabilized at a composite increase rate of 5.91%.

David Long has worked for the Boston-based insurer for 37 years, becoming president in 2010, CEO in 2011 and chairman in 2013. He will retire at the end of the year.

First-year injuries led to more than 6 million lost workdays over a five-year period, according to a Travelers report.

As losses mount, insurance companies and their reinsurers continue to assess rate increases across all lines of coverage and industry groups.

The report studied how agencies approach specialty lines, such as the key factors they consider in the placement decision-making process.

Coalition announced two new insurance products to help protect the leaders of small and midsize businesses.

The Hanover plans to integrate its workers compensation, business owners policies and general liability products into Vertafore’s Commercial Submissions solution.

Commercial rates saw an increase of 6.8% at third quarter of 2021, while personal lines saw average increases of 6.6%.