The New York Compensation Insurance Rating Board announced this week that it has proposed a 2.6% decrease in Workers' Compensation insurance loss costs for 2023. If approved, the new schedule of loss costs will apply effective October 1, 2023.The filing is subject to approval by the New York State Department of Financial Services. The filing and explanatory memorandum are available for review online.Source
LISTEN TO ARTICLE HEREOr read on...In a recent meeting, Independent Market Solutions, LLC (IMS) and Hippo Insurance Company joined forces to provide homeowners with an unparalleled insurance experience. The collaboration aims to revolutionize the way individuals safeguard their homes, combining advanced technology, swift policy processing, and comprehensive coverage. With a focus on specialization, efficiency, and cutting-edge solutions, Hippo Insurance is set to reshape the home insurance landscape. Your agency can sign up today at IMSaccess.com.Hippo has carved a niche for itself by specializing in one insurance policy the HO3. This specialized policy allows homeowners to protect their property, and possessions, with tailored coverage. By narrowing…
By: Carey Wallace Over the past 18 months, we have experienced the highest interest rates since 2000, with them peaking at 7.08% in November of 2022. Over one-third of the independent insurance agencies in the U.S. anticipate a change in ownership in the next two years, which means that over 13,300 agencies will transition ownership according to the 2022 Agency Universe Study. Many agency owners plan to transition their ownership to family, children, or a current partner, and if a bank loan is involved the change in interest rates can have a significant impact on the price of their agency and their retirement. Now more…