Rates are going to have to increase to help offset the losses from all the natural disasters that have been occurring over the past few years.
(PRWEB) January 22, 2013
Houston risk management firm’s own president & CEO was recently featured in Property and Casualty 360 Magazine, providing insights into the 2013 forecast for upcoming challenges and opportunities for top insurance producers.
The number of natural catastrophes and high losses that have been occurring the past few years is predicted to undoubtedly bring rate increases as well. As part of his analysis for a forecast of 2013:
“Rates are going to have to increase to help offset the losses from all the natural disasters that have been occurring over the past few years,” Karkowsky tells Property Casualty 360. “Carriers will begin limiting their exposure wherever they can by increasing deductibles and using sublimits. And customers are going to be hit with premium increases they haven’t seen in a while.”
With things shifting in the insurance world this coming year, Frank Karkowsky addressed the issue of competition in the marketplace potentially being the biggest challenge for 2013.
Karkowsky also advised small businesses not to overlook the need for executive-risk policies. Lawsuits targeted against small businesses are on the rise for employment related practices, directors and officers, cyber and other executive-risk type lawsuits. Businesses should strongly consider purchasing these types of policies this year to adequately protect themselves.
For more information about insurance and risk management firm Pasadena Insurance Agency, visit http://www.pasins.com. Follow PIAI on Twitter (@PasadenaInsAgcy) or “Like” them on Facebook.
About Property Casualty 360:
Property Casualty 360 is the comprehensive print and online destination for P&C insurance sellers and buyers providing insurance news, analysis and market trends. Property Casualty 360 provides highly relevant content, data assets from Summit Business Media and elsewhere via syndication, data aggregation, content curation and community interaction. For more information, please visit: http://www.propertycasualty360.com/
About Pasadena Insurance Agency:
Pasadena Insurance Agency, Inc (PIAI) is a Trusted Choice® independent insurance and risk management firm. They are a third-generation, family-owned, boutique independent insurance agency offering property & casualty insurance, life & health insurance, and consultative risk management services to individuals and small-to medium-sized businesses. Having been in business for over 75 years, they have access to the majority of the insurance marketplace either through direct appointments or intermediaries resulting in the appropriate alignment of insurance carrier to clients. PIAI offers a friendly, community-based agency with personalized customer service, while also providing the capabilities of a large corporate agency with established industry relationships and decades of experience. For more information, please visit http://www.pasins.com.