‘Phantom’ Insurance, Retention Rates and Rising Premiums, and Four Mistakes to Avoid
When is insurance coverage “phantom” insurance? That was the question a federal court in Pennsylvania was pondering when it dismissed a lawsuit involving Liberty Mutual unit State Auto earlier this month. Perhaps we’ll never know.
One thing we do know is that rising insurance premiums last year drove more people to shop for coverage rather than renew. Led by declines in auto renewal rates, Allstate, Travelers and The Hanover were among carriers that reported a drop in retention rates in the last three months of 2023.
Speaking of rising premiums, Chubb enjoyed the biggest fourth quarter premium gains in both auto and home among many other publicly traded P&C carriers. Travelers, Allstate and The Hartford also posted solid gains.
With the industry’s unemployment rate well below the national average, insurers risk losing top people. P&C Specialist detailed four mistakes companies need to avoid to prevent their employees from fleeing for the exits.
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