Declarations
“Workplace patterns have changed post-pandemic with work-from-home arrangements, reducing the number of vehicles on the road. However, driver inattentiveness and riskier driving habits have become more problematic in the last few years, and as a result, auto severity has worsened.”
— Said Christopher Graham, an AM Best senior industry analyst and co-author of the company’s market segment report that shows the 112.2 net combined ratio in 2022 for personal auto was an almost 11-point deterioration from 101.5 in 2021. In addition, it is about 10 points over the 10-year average and median combined ratios for the line, according to AM Best.
“After flooding disasters, PID hears devastating stories from residents who thought they were covered for flood through their homeowners’ insurance policy but were not. FEMA’s revised flood maps now require more Pennsylvania properties to hold flood insurance and many owners are struggling to meet that requirement.”
— Pennsylvania Insurance Commissioner Michael Humphreys said, announcing the state has established the Flood Insurance Premium Assistance Task Force to recommend policies to make flood insurance more affordable. Humphreys said the insurance department “strongly encourages insurance agents to highlight the availability of flood coverage when meeting with clients to discuss new or renewal coverage.”
“We are excited to launch a new name and look that will usher the association into its next chapter, and it’s fitting to do so while celebrating 125 years of providing education, advocacy, and business resources to independent agencies. … Big I Illinois signifies who we are: the preeminent professional trade association for independent agencies in Illinois.”
— Independent Insurance Agents of Illinois CEO Phil Lackman commented after the agents’ organization announced it will rebrand to Big I Illinois in 2024 and launch a new website and logo. Big I Illinois has nearly 1,000 insurance agency members representing over 10,000 licensed independent agents.
“New private capital entering the market, such as the several new reciprocal exchanges formed during 2023, will further fuel expansion through Citizens take-outs and other voluntary new business origination.”
— States a report by KBRA, formerly known as Kroll Bond Rating Agency, covering the Florida insurance market. KBRA rates and analyzes 13 Florida-domiciled property insurers. According to the report, 2024 could see more entrants into the Florida market but reinsurance rates will continue to rise for the next two years.
“Our investigation into Meta’s social media platforms demonstrates that they are not safe spaces for children but rather prime locations for predators to trade child pornography and solicit minors for sex.”
— New Mexico Attorney General Raul Torrez said after the state sued Facebook and Instagram parent Meta Platforms META.O and CEO Mark Zuckerberg, alleging the social media company had failed to protect children from sexual abuse, online solicitation, and human trafficking. According to Reuters, Meta reported it uses multiple methods to root out sexual predators and that in August alone it had disabled more than 500,000 accounts for violating child sexual exploitation policies.
“Consumers are grappling with increased insurance costs, yet many of them don’t realize the extent that economic pressures and market dynamics are affecting their rates.”
— Charles Symington, Big I president & CEO, said, commenting on a survey released in mid-December by Trusted Choice — the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big I) — that found that while nearly 70% of American are shopping their insurance policies to find a better price, only one third of them are unaware that external economic factors affect insurance rates.