22 Mar
Posted by Lucas Falkiner as Insurance Tips
A group of Florida homeowners could see a double-digit increase in their property premiums if regulators go along with their insurer’s rate request.
Florida regulators are holding a public hearing today to consider the First Community Insurance Co.’s request that it can raise its rates on dwelling and fire policies by a statewide average by 23.3 percent.
If approved, the rate changes would apply to new policies as of April 1 and renewal policies as of April 26.
The public rate hearing is not the first on this filing. Last October, regulators met with the insurer’s executives to consider a 26.7 percent rate increase. At th
05 Jul
Posted by Lucas Falkiner as Insurance Tips
The average medical malpractice insurance rate increase for New York doctors this year will be five percent. The increase, which took effect July 1, follows two years of rates freezes.
New York State Insurance Superintendent James J. Wrynn, who approved the rates, said the increase “will help hold the line on costs for physicians while giving the insurance companies the resources to pay claims as they come due.”
Wrynn established new base rates resulting in five percent increases for Medical Liability Mutual Insurance Co. (MLMIC), which is the largest medical malpractice insurer with almost 60 percent of the market, and Physicians’ Reciprocal Insurers (PRI), the second largest medical malpractice carrier with almost 30 percent of the market.
Advertisement
Two smaller specialty carriers, Hospitals Insurance Co.