Another 44 in Category II and 6 in Category III. In general, the market is seeing price compression and downward pressure particularly. The cannabis insurance market has undergone notable transformations and shifts in recent years with insurance providers refining their offerings to meet the unique needs of the sector.

The insurance companies' data must support assumptions that vary significantly from industry experience.Įach year on April 1st and October 1st, industry benchmarks for private passenger vehicles are updated following the Semi-Annual Review process required by the AIRB’s Review of Automobile Insurance Trends and Premiums policy and Section 9 of the Automobile Insurance Premiums Regulation.Įach year, on October 1st, industry benchmarks for commercial vehicles are updated. 50MM Of the approximate 200 or so companies whose data was analyzed, about 51 were companies in Category I. Amwins State of The Market Report 2023: A Focus on the Cannabis Market. The AIRB and its consulting actuary use the Industry Benchmarks as a reference when reviewing individual insurance companies' filings and opining on the assumptions' validity. Benchmark Insurance Group is a leading independent insurance agency providing Texas businesses and families with commercial and personal insurance products. Paving the Way to Insurance Protection for Colorado Drivers. Insurance companies may use the AIRB Industry Benchmarks when they do not have sufficient data or cannot support their assumptions' validity. And with the right insurance plan, your business will be covered from top to bottom. For insurers who predominantly write auto insurance, the ratio is approximately. The AIRB expects insurance companies to use their data in rate filings to the greatest extent possible, reflecting their mix of normal and unique circumstances. is still considerably lower than the 2011 P&C industry benchmark of 29.7. The AIRB's Industry Benchmarks have been developed to support insurance companies when preparing rate filings.

Benchmark auto liability