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U.S. Personal Auto Insurance Affordability Better Than in the Mid-2000s, Even with Recent Increases: IRC Study 0

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U.S. Personal Auto Insurance Affordability Better Than in the Mid-2000s, Even with Recent Increases: IRC Study

Malvern, PA (Mar. 27, 2025) – The affordability of personal auto insurance is estimated to have deteriorated from 2021 through 2024 as insurance companies increase premiums to offset inflationary loss pressures, according to an updated study from the Insurance Research Council (IRC), an affiliate of The Institutes. Despite this recent deterioration, auto insurance is more affordable than in the mid-2000s. Auto Insurance Affordability: Countrywide Trends and State Comparisons looks at the average auto insurance expenditure as a percent of median income, which ranges from a low of 0.93% in North Dakota to a high of 2.67% in Louisiana. In 2022, the most recent year for which data are available, average expenditures were $1,127, and median household income was $74,580. Thus, U.S. households spent 1.51% of their income per vehicle on auto insurance, a slight increase from the previous year. Looking at long-term trends, auto insurance affordability improved over the past two decades. Between 2000 and 2022, median household income grew somewhat faster than auto insurance expenditures, causing the expenditure share of income to decline from 1.64% in 2000 to 1.51% in 2022. In other words, auto insurance was somewhat more affordable in 2022 than in 2000. “With the recent increases...

HDI Global Insurance Company Selects Guidewire for Policy Administration and Underwriting 0

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HDI Global Insurance Company Selects Guidewire for Policy Administration and Underwriting

Corporate & Specialty insurer, HDI Global selects Guidewire PolicyCenter on Guidewire Cloud to enhance operational efficiency, improve customer experience, facilitate scalability, and leverage data-driven insights San Francisco, CA (Mar. 27, 2025) — HDI Global Insurance Company (HGIC), the U.S. subsidiary of international Corporate & Specialty insurer, HDI Global SE (HDI), and Guidewire are pleased to announce that HGIC has selected Guidewire PolicyCenter as its new system for policy administration and underwriting. The company will implement PolicyCenter on Guidewire Cloud by line of business, beginning with general liability. HGIC selected Guidewire PartnerConnect Consulting Global Strategic member Ernst & Young LLP (EY US) to lead the implementation project. “We selected PolicyCenter on Guidewire Cloud because Guidewire has the modern, resilient, scalable, and secure platform and market leadership, cloud and product maturity, and track record of successful implementation projects that we were looking for,” said HGIC Chief Underwriting Officer Marco Hensel. “PolicyCenter will impact our combined ratio over time through better, smarter underwriting, while reducing cost through increased efficiencies.” HGIC Chief Information and Transformation Officer (CITO) Kashif Syed added, “HDI is committed to innovation and excellence in the insurance sector. Our partnership with Guidewire aligns with our strategic vision to be a leader...

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RYZE Acquires Missouri’s Acorn Claims

Article 0 Comments RYZE Claim Solutions, a full-service claims management provider, announced its acquisition of Acorn Claims, a Springfield, Missouri-based firm specializing in daily and catastrophe claims services nationwide. RYZE said the transaction further supports its position in the industry, reinforcing its commitment to innovation, service excellence, and continued expansion as a part of their previously released M&A strategy. Acorn Claims offers a comprehensive suite of claims management services, including Third-Party Administration (TPA) and its proprietary audit service, Expert Technical Analysis (ETA), which is a dedicated review process to ensure mitigation work is performed to industry standards. These offerings, along with its estimate review program, enhance RYZE’s already robust service portfolio, RYZE said. Rob Brown and Kirk Belz will join the RYZE management team. Topics Mergers & Acquisitions Claims Missouri Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Claims? Get automatic alerts for this topic.

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This New-Job Mistake Could Cost Clients $300,000 in Retirement

How are business expenses reported for income tax purposes? Get Answer What is a charitable IRA rollover or qualified charitable distribution? Get Answer What are the tax benefits that can be realized by providing employee benefits through a cafeteria plan? Get Answer What are the Social Security and Medicare tax rates for traditional employees and employers? Get Answer What developments have emerged regarding a fiduciary’s consideration of environmental, social and governance (ESG) issues in making investment decisions? Get Answer What are the Social Security tax and Medicare rates for self-employed taxpayers? Get Answer How is it determined whether a taxpayer is an independent contractor or a common law employee? Get Answer What is FBAR, and does a U.S. citizen living in Canada need to be concerned with FBAR requirements? Get Answer

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Thrivent Puts Values at Its Core — and It’s Hiring Advisors

How are business expenses reported for income tax purposes? Get Answer What is a charitable IRA rollover or qualified charitable distribution? Get Answer What are the tax benefits that can be realized by providing employee benefits through a cafeteria plan? Get Answer What are the Social Security and Medicare tax rates for traditional employees and employers? Get Answer What developments have emerged regarding a fiduciary’s consideration of environmental, social and governance (ESG) issues in making investment decisions? Get Answer What are the Social Security tax and Medicare rates for self-employed taxpayers? Get Answer How is it determined whether a taxpayer is an independent contractor or a common law employee? Get Answer What is FBAR, and does a U.S. citizen living in Canada need to be concerned with FBAR requirements? Get Answer

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How Holistic Tax Overlays Can Benefit Wealthy Clients

How are business expenses reported for income tax purposes? Get Answer What is a charitable IRA rollover or qualified charitable distribution? Get Answer What are the tax benefits that can be realized by providing employee benefits through a cafeteria plan? Get Answer What are the Social Security and Medicare tax rates for traditional employees and employers? Get Answer What developments have emerged regarding a fiduciary’s consideration of environmental, social and governance (ESG) issues in making investment decisions? Get Answer What are the Social Security tax and Medicare rates for self-employed taxpayers? Get Answer How is it determined whether a taxpayer is an independent contractor or a common law employee? Get Answer What is FBAR, and does a U.S. citizen living in Canada need to be concerned with FBAR requirements? Get Answer

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State Farm Has Paid out $2.5 Billion for LA Wildfires

Article 0 Comments State Farm has reported paying out $2.5 billion for the Los Angeles wildfires in January, more than double what the carrier reported paying out weeks earlier. “As of March 28, we’ve received more than 12,300 total claims related to the fires and have paid over $2.5 billion to our customers,” State Farm said in a statement on the fires. State Farm reported more than $1 billion paid out to customers earlier in March. The latest figures from the California Department of Insurance updated on March 5 show insurance companies paid out more than $12 billion for losses from the two biggest of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes in January. The money paid out in the first eight weeks was likely related to rapid payments for additional living expenses and contents coverages, according to the CDI. “We are now in the phase of the recovery where claims and losses need time to mature as rebuilding begins,” a CDI spokesperson said in an email reply to a request for an update on the losses from the fires. “We will be collecting additional data and updating the claims tracker...

Cowan Group Ltd. Joins Assurex Global 0

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Cowan Group Ltd. Joins Assurex Global

Columbus, OH (Mar. 17, 2025) – Assurex Global, the world’s largest privately held commercial insurance, risk management, and employee benefits brokerage group, is thrilled to announce the election of Ontario-based Cowan Group Ltd., a leading Canadian insurance brokerage and consulting firm, to its Partnership, effective March 17, 2025. Founded in 1927, Cowan Group Ltd., through its wholly owned subsidiaries; Cowan Insurance Group Ltd. and Cowan Benefits Ltd., provides comprehensive insurance and risk management solutions, spanning commercial and personal insurance, group benefits, and wealth management. The firm is recognized for its Platinum Club Status as one of Canada’s Best Managed Companies, setting a benchmark for excellence in the insurance industry. The addition of Cowan Group Ltd. to the Partnership reinforces the strength of Cowan’s capabilities and complements Assurex Global’s network of best-in-class, independent insurance firms worldwide, fostering unparalleled service and innovation. “We’re thrilled to welcome Cowan Group Ltd. to the Assurex Global family,” said Dean Hildebrandt, President and CEO of Assurex Global. “Cowan’s nearly century-long legacy of excellence, combined with its deep industry expertise and community-first approach, perfectly aligns with Assurex Global’s values, further strengthening our ability to deliver tailored, world-class solutions for clients across North America and globally.” With 565...

Three-quarters of Canadians worried about effects of climate change as insurance rates rise 0

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Three-quarters of Canadians worried about effects of climate change as insurance rates rise

First Onsite survey also explores urban flooding, severe rains, and threats to properties Mississauga, ON (Mar. 19, 2025) – As Canadian communities experience record-breaking weather-related insurance losses, almost three-in-four Canadians are now worried about climate change’s effect on their properties and wallets, according to First Onsite Property Restoration’s annual Weather and Property Survey. Canadians believe climate change is driving up insurance rates Commissioned by First Onsite each year, the Weather and Property Survey of more than 1500 adults found that three quarters of Canadians (73%) are worried about being affected by climate change, extreme weather, and disasters. This concern was highest in Atlantic Canada at 79 per cent, followed by Manitoba, Ontario, and British Columbia, all of which were above 75 per cent. Additionally, three quarters of Canadians (74%) are concerned that climate change is driving up the cost of their home or business insurance. This is an eight per cent increase over last year. More than one-third of respondents (36%) report they have already experienced increases in their property insurance rates. 2024 breaks record with $8.5 billion in losses According to CatIQ, 2024 shattered the record for severe weather-related property losses in Canadian history at $8.5 billion. This is...

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AM Best Removes Negative Implications, Expects Continued Profitability for Pie Insurance

Article 0 Comments AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The Pie Insurance Company (Columbus, OH) and its pooled affiliate, Pie Casualty Insurance Company (Chicago, IL), collectively referred to as Pie Insurance Group (Pie). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Pie’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings were initially placed under review with negative implications on March 8, 2024, following the organization’s 2023 results, which included material underwriting losses brought on by adverse reserve development in its New York book of business (see related press release). The reserves have stabilized since third-quarter 2023 and management has derisked the balance sheet significantly through commutation of their reserves. The ratings have been removed from under review with negative implications as AM Best has completed its assessment of the impact of the commutation on the rated entities and consolidated risk-adjusted capitalization. Post-commutation, Pie’s risk-adjusted capitalization for year-end 2024, as measured by Best’s Capital...