{"id":20824,"date":"2023-10-11T06:40:15","date_gmt":"2023-10-11T06:40:15","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=743595"},"modified":"2023-10-11T06:40:15","modified_gmt":"2023-10-11T06:40:15","slug":"insurance-executives-paid-millions-in-compensation-as-rates-skyrocket-cfa-findings","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/10\/11\/insurance-executives-paid-millions-in-compensation-as-rates-skyrocket-cfa-findings\/","title":{"rendered":"Insurance Executives Paid Millions in Compensation as Rates Skyrocket: CFA Findings"},"content":{"rendered":"<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2023\/10\/11\/743595.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/national\/2023\/10\/11\/743595.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p class=\"post-meta\">A new report from the Consumer Federation of America (CFA) says chief executives of insurance companies are \u201cliving high on the hog\u201d as policyholders are forced to absorb increases in insurance rates.<\/p>\n<p>The research from the association of nonprofit consumer organizations found that CEOs of the top 10 U.S. personal lines insurers were paid more than $250 million in salaries, bonuses, and other payments combined in 2021 and 2022.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"talent\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cCEOs are living high on the hog while increasing insurance premiums for people living paycheck to paycheck,\u201d said Michael DeLong, CFA\u2019s research and advocacy associate. \u201cInsurers are telling regulators that ordinary consumers have to pay much more for auto and home insurance because the companies are struggling with inflation and climate change, but they are quietly handing CEOs gigantic bonuses.<\/p>\n<p><a href=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA.png\"><img loading=\"lazy\" decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-743597 size-large\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA-580x254.png\" alt width=\"580\" height=\"254\" srcset=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA-580x254.png 580w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA-300x132.png 300w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA-768x337.png 768w, https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/10\/CEO-compensation-CFA.png 1024w\" sizes=\"(max-width: 580px) 100vw, 580px\"><\/a><\/p>\n<p>Credit: Consumer Federation of America\u201dDrivers are required to buy auto insurance and homeowners have to buy coverage to satisfy their loan requirements, so there needs to be more scrutiny of the rate hikes companies are demanding and the huge CEO paydays that are funded with customer premiums,\u201d DeLong added.<\/p>\n<p>Six CEOs received at least $12 million each in compensation in 2022 \u2013 led by State Farm CEO Michael Tipsord\u2019s $24.4 million and the $20.8 million paid to Travelers CEO Alan D. Schnitzer.<\/p>\n<p>Data was compiled from the Nebraska Department of Insurance, which requires insurance companies to disclose information about compensation to top officials, CFA said.<\/p>\n<p>Note: <em>CFA said 2021 compensation to of Nationwide\u2019s Kirt Walker is inferred from filings with the California Department of Insurance in which the Nationwide discloses the compensation of its five highest paid executives. The highest paid executive from the filing is presumed to belong to Walker. Data on Progressive\u2019s 2022 executive compensation come from its 10-K report to the Securities and Exchange Commission.<\/em><\/p>\n<p><strong>Related:<\/strong><\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/talent\/\" class=\"btn btn-sm btn-primary tagtag\">Talent<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"743595\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Talent<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments A new report from the Consumer Federation of America (CFA) says chief executives of insurance companies are \u201cliving high on the hog\u201d as policyholders are forced to absorb increases in insurance&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":20825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[318,319,2,1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/10\/insurance-executives-paid-millions-in-compensation-as-rates-skyrocket-cfa-findings.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20824"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20824"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/20825"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}