Delaware Business Insurance Update from CNC Insurance Associates 4.20.13

As we said goodbye to 2012 and ushered in the new year, commercial insurance rates were climbing. Now, as we reach the first quarter of 2013, we are still seeing a steady climb. Part of this increase may be due to  more realistic large account pricing. In the past, some insurance premiums were written for large businesses as way to increase growth with little regard to profitability. However, those strategies at least for now, may be a thing of the past. What we are seeing currently in the market is a more even playing field when it comes to underwriting policies and rates. Last year, 2012 brought us many unusual and devastating weather events.  Basically, the monetary reservoirs for insurance companies have dropped below a safe level and the refilling of those reservoirs is required. Could it have been avoided? Probably. Is it necessary now? Yes. As we move into the second quarter of 2013, we will in all likelihood, continue to see rising rate levels. Until next time, be careful out there and know your risk.

 G. Kevin Nemith
President, CNC Insurance Associates
Serving, Delaware, Maryland, Pennsylvania, New Jersey, and Virginia.
www.cncinsurance.com
www.bizinsurancetv.org

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