Tag: naic

NAIC to address US insurance industry racism and discrimination

H. Cutner
Insurance industry racism - racial equality - typewriter

A special committee has been formed in order to specifically focus on Race and Insurance. The National Association of Insurance Commissioners (NAIC) has announced that it has created a special committee to address insurance industry racism and discrimination. NAIC is seeking to improve the way its systems and coverage reflect and protect society. “Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that…

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Allstate drops below third place in the auto insurance market

Nordstrom
Auto Insurance Market - Allstate Drops in the auto insurance market - graph down trend

The car policy provider recently lost significant ground according to recent NAIC data. Allstate has lost its previous coveted spot in the auto insurance market. The insurance company had previously been in third place in the country. That said, the National Association of Insurance Commissioners (NAIC) released data showing the provider’s downward slide. Allstate was the third auto insurance company in the United States but fell to fourth place. The reduction of Allstate’s position in the auto insurance market occurred when its share dropped 0.43 points to control 9.29 percent…

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Connecticut liability insurance makes coverage more expensive for drivers

H. Cutner
auto insurance

Auto policy premiums rose by an average of 4.1 percent for drivers in the state last year. Connecticut liability insurance is making coverage more expensive for drivers throughout the state, according to data from the Insurance Department. In fact, it is also sending homeowners insurance rates higher, though not by as much. Last year, homeowners insurance rates increased by an average of 2.4 percent in Connecticut. Drivers saw a 4.1 percent rise in their premiums because of the Connecticut liability insurance regulations. The Connecticut Insurance Department is responsible for an…

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Insurance market in Nigeria will see solid growth this year

Julie Campbell
africa insurance market life industry growth

Experts are predicting that, regardless of the challenges in the country, the industry will be growing faster. A recent analysis has been published by KPMG and has predicted that the insurance market in Nigeria will see its growth picking up speed despite some of the challenges it has been facing over the last while. The forecast was made based on its expanding use of ICT and telecom facilities for sales, as well as the population density. The analysis results were published in “The African Insurance Market at a Glance” report…

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Insurance commissioners across the U.S. seek to combat the cyber attack threat

Julie Campbell
Cyber Insurance policies commissioners industry

They are now working with American federal legislators to help to combat the evolving nature of data breaches. State insurance commissioners have announced that they will be working in partnership with federal legislators in order to try to improve defenses against the damage being caused by the rapid evolution of cyber threats. At the same time, these industry regulators aren’t seeking to adopt new national regulations or legislation over their own authority. The insurance commissioners do want to try to combat the increasing threat from cyber attacks and data breaches,…

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