Insurance commissioners establish new climate risk reporting for insurers

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

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

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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NAIC to address US insurance industry racism and discrimination

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

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

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

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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