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Commercial insurance market changes affect more than pricing. (Risk Management).

Publication: Mississippi Business Journal
Publication Date: 24-FEB-03 		Format: Online - approximately 876 words
Delivery: Immediate Online Access

Article Excerpt
The changes taking place in the commercial insurance market are affecting more than just pricing.

In previous articles we have discussed reasons for these changes, steps to mitigate the effects on your business and steps to improve the way you "sell" your business to an insurance company. In this article we will address credit issues, the steps insurance companies are taking and the steps you can take to deal with these changes.

During 2002 the insurance industry reported in excess of $4 billion in catastrophe claims alone. A catastrophe, as defined by The Insurance Services Office Inc., is a single incident or series of closely related incidents causing severe insured property loss totaling more than $25 million. Hurricanes, tornadoes, windstorms and wildland fires are examples of the catastrophes that occurred...

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