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Based on the company’s Commercial Lines Insurance Pricing Survey (CLIPS) for Q2 2024, the collective commercial price change reported by insurance carriers in the quarterly survey showed an increase of 5.9%, down from 6.3% in Q1 2024 (6.1% in Q2 2023).
Commercial trucking insurance premiums are rising, and trucks themselves are becoming more expensive. At this point, navigating a travel route is probably easier than navigating a trucking ...
The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge ...
The three states where insurance rates could jump by more than 50% this year are California, Minnesota and Missouri, the Insurify report found. Drivers in those states could see their rates rise ...
March's rise in insurance costs is the largest gain since December 1976, when prices rose 22.4% over the prior year. ... and the service business is the rise of electric cars. ... fears Fed will ...
Therefore, premiums rise rapidly. The market hardens, and underwriters are less likely to take on risks. In turn, this lack of competition and high rates looks suddenly very profitable, and more companies join the market whilst existing business begin to lower rates to compete. This causes a market saturation and Insurance Cycle begins again.
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