Washington insurance rate calculation for property coverage cannot use credit scores

Washington insurance rate calculation - person holding credit card and using computer

Commissioner Kriedler has banned the use of this factor for three years following the pandemic’s end. State Commissioner Mike Kreidler’s office has announced that he has issued an emergency rule banning Washington insurance rate calculation from using credit scores as a factor. This rule will remain in place for property insurers for three years following the declaration of the end of the current COVID-19 pandemic. The new emergency rule will be applicable to homeowners, renters, and auto insurance premiums. “The insurance industry’s dependency on the discriminatory practice of credit scoring…

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NAPCO study shows that the U.S. property insurance market is under stress

A new study from NAPCO LLC, a wholesale broker of commercial property insurance coverage, suggests that the national catastrophe property market is quickly moving away from the soft market conditions that have governed insurance prices for several years. While this is typically good news for some insurers, the study shows that a low demand for insurance coverage may restrict the pricing power of insurers. David Pagoumian, CEO of NAPCO, says that property insurers are under heavy pressure to make profits in the current climate and may face even greater pressures…

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Report from Marsh shows that the U.S. insurance market is surprisingly stable

There have been doubts regarding the stability of the U.S. insurance industry of late. In the wake of catastrophes ravaging many states in the east, as well as worldwide disasters, the industry has been toiling with costly losses. Yet, the industry has been able to bounce back from these disastrous happenings thanks to a surplus in capacity. This has led to stability in the market that many thought was beyond reach. Marsh USA has released a new report detailing the quick recovery of the industry. Marsh is a company that…

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