Tag: naic

New National Association of Insurance Commissioners CEO is Gary Anderson

Nordstrom
National Association of Insurance Commissioners - New CEO

NAIC has announced that its new chief executive officer has now been named The National Association of Insurance Commissioners recently announced that they have appointed a new CEO.  The appointment went to Gary Anderson, the current Massachusetts Insurance Commissioner and veteran of the industry. Anderson will start at his new position on May 1, 2024 The start date for Anderson as CEO of the National Association of Insurance Commissioners will be May 1, giving him enough time to finish his service as the Massachusetts Insurance Commissioner. This will have him…

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GEICO losing auto insurance ground to State Farm and Progressive

G. Turner
Auto insurance Policy - Checkmate

Early data from NAIC indicates that the Berkshire Hathaway-owned insurer is losing market share to competitors. Following a rocky 2023 for the personal auto insurance business in the United States, early data released by the National Association of Insurance Commissioners (NAIC) suggests that auto insurance company GEICO is losing ground to its larger competitors State Farm and Progressive. State Farm has held the top spot for many years in the US While it’s no big news that State Farm is still the largest auto insurance company in the United States…

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Insurance commissioners establish new climate risk reporting for insurers

Nordstrom
Insurance commissioners - Reporting

NAIC announced that 15 states have adopted a new way for these risks to be reported. The spring meeting of the National Association of Insurance Commissioners (NAIC) in Kansas City, Missouri, came with an announcement that 15 regulators have adopted a new standard for insurers to use to report risks related to climate change. The bipartisan initiative was led by California’s Ricardo Lara and Florida’s David Altmaier. This initiative led by the California and Florida insurance commissioners complemented the Internal Task Force on Climate-Related Financial Disclosures (TCFD). The standard of…

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State Farm wrote the most auto insurance premiums in the US, says NAIC

H. Cutner
Auto insurance premiums - car insurance

The National Association of Insurance Commissioners ranked the insurer in the top spot for 2021. According to the National Association of Insurance Commissioners (NAIC), State Farm took the top spot among auto insurance companies in terms of its written private passenger vehicle policy premiums. This ranking was released in the most recent NAIC Property/Casualty Market Share report. NAIC released its market share data for 2021 in the report, including nationwide direct written premiums for the largest 25 companies and groups as reported on the annual financial statement state page that…

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NAIC examining insurance industry impact from private equity

Logan B.
Insurance industry - Private Equity

A National Association of Insurance Commissioners group is reviewing recent regulatory considerations. The Macroprudential Working Group (MWG) of the National Association of Insurance Commissioners (NAIC) has announced that it is examining the impact on the insurance industry from private equity firms. The MWG recently gave its approval to a “regulatory considerations” list which it will be reviewing. Recently, The MWG gave its approval to a regulatory considerations list. That list will be a part of this new examination. The group has already left comments about it and will be continuing…

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