Delaware Business Insurance Update " USA Insurance Market to be Affected by China Port Explosion" 9-7-15

The insurance marketplace that we deal with every day in America is directly tied to world events. So expect insurance rates to rise over the next year, especially in property. The Tianjin China port explosion will cost the world insurance market in excess of 1.5 billion dollars. This is a very big insurance event. This port was being used by most of the Fortune 500 companies in the world. As these companies make claims to their respective insurers, capital that is stored up in insurance companies will need to be replaced. So how do insurance companies replace capital?  They raise rates.  Only time will tell but it will be a sure bet that property rates will rise in 2016. Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Insurance Assoc. & The Small Business Insurance Center
Proudly Serving DE, MD, NJ, PA, & VA
www.cncinsurance.com
www.bizinsurancetv.org



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