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Are Insurance Premiums On The Rise?

Little & Sons Insurance Group / Blog  / Are Insurance Premiums On The Rise?

Are Insurance Premiums On The Rise?

why insurance premiums will increase

Understanding The Economy’s Impact On Insurance Rates

With the recent enactment of the Affordable Care Act, it is important that individuals and businesses pay attention to news regarding health insurance and why insurance premiums will increase in the near future. Yes, it is called the Affordable Care Act, but that does not mean that premiums and insurance rates will not adjust with the improvement of the economy.

While economic growth is favorable, especially considering the Great Recession we recently escaped from, it will inherently increase insurance premiums and alter coverage options. This will be most evident when looking at health insurance costs employers pay, as with the improving economy, they will be required to pay more for their team’s health insurance coverage.

However, there is no reason to panic. President and CEO of wholesale broker Burns & Wilcox, Alan Jay Kaufman, states that we should not expect too much “firming” to take place until the economy steadily continues its journey upwards. With minimal growth in the economy and a period of recovery still taking place, insurance rates are not expected to skyrocket any time soon. However, as the economy continues to improve, we can expect the insurance market to be heavily impacted.

If you are wondering how the ACA will affect your insurance rates, please do not hesitate to give us a call. Serving Beaumont, Banning, Calimesa, and Redlands, contact Little & Sons Insurance Group for all of your California health insurance needs. We work for you, not an insurance company! Allow us to provide you with the unmatched security and protection we have been providing California residents with since 1922.

Little & Sons Insurance Services

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Little and Sons Insurance Services is your complete insurance resource. Since we were established in 1922, we assist individuals and business owners with all of their insurance needs, whether it be for auto, home, or commercial insurance. As an independent, full-service insurance agency, our duty is to our clients’ best interests.

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After 23 Years of serving our clients at our location in Beaumont, CA it is with a heavy heart that we are consolidating our operations to our Banning Office. We will be available all the same hours and will work to make this transition as smooth as possible. Thank you for your continued business and we look forward continuing to serve your insurance needs. Our contact information will stay the same so feel free to contact us.

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