What are the predictions for your Commercial insurance rates for 2018?
It's that time of year we all hold our breath to find out what our new rates will be for 2018. Weather it is your health coverage or business coverage it always seems to increase! Here are some predictions from Willis Towers Watson, The Marketplace Realities.
Non-cat risks: Flat to +5%
Cat-exposed risks: +10% to +20%
Cat-exposed with losses: +20% to +25%
General liability: Flat to +3%
Umbrella: Flat to +3%
Workers comp: –2% to +2%
Auto: +3% to +8%
International: –10% to –5%; –5% to flat for Defense Base Act coverage
Directors and officers: –7% to flat
Errors and omissions: Flat to +5% (good loss experience)
Employment practices liability: Flat to +5%; +5% to +15% in California
Fiduciary: –5% to +5% (flat to +12% for large concentrations of stock in benefit plans
–3% to +5% (non-POS retailers and non-large health care); competitive for first-time buyers
Most risks: –2% to flat
Active hot spots: Capacity limited
Non-tier 1: –5% to flat
Tier 1: Flat
Cargo, Hull: Flat to +10%
Liability: –5% to +10%
Is there anything you can do to help keep your rates manageable? Here are a few of my suggestions.
Manage your claims before they occur by instituting additional policy like pre-hire screening options. Actively promote safety programs and get back to work program. Utilize your carriers risk control services to help identify potential hazards. Anytime you can reduce or eliminate claims your rates will reflect this. If you have not checked around for comparative quotes in a while call me for a review.
However, there are factors that we cannot control. Things like the recent fires in California, hurricanes, and unforeseen legal or regulator actions that could suddenly add exposure and expense that are out of our control.
If you would like to review your insurance please call me at 913-948-6575.