Groups including Auto Care Association, SEMA, CAR Coalition, MEMA Aftermarket Suppliers and others call for passage during next U.S. House Energy and Commerce Committee markup session. In a letter July 8 to members of the U.S. House Energy and Commerce Committee, 25 groups called on the committee to pass H.R. 906, The Right to Equitable […]
U.S. Property and Casualty Insurers Projected to Have $21.1 Billion in Underwriting Losses Last Year
Verisk & APCIA estimate shows the industry facing continued challenges from natural catastrophe events, inflation. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), a national trade association for home, auto, and business insurers, today remarked on full-year 2023 losses for the insurance industry, which they […]
Insurance Association Announces 2024 Advocacy Priorities
The American Property Casualty Insurance Association (APCIA) announces the association’s 2024 advocacy priorities, which focus on nine priority areas including addressing the drivers of auto insurance costs. Priority areas include: working to curb rampant legal system abuse; supporting risk-based pricing and related rating and underwriting tools; addressing innovation, regulatory modernization, insurance industry talent and economic […]
Auto Insurance Study Says Underwriting Losses Doubled Last Year
Insurance association says increased auto insurance claim costs will stretch into 2023 and beyond. A new study Auto Insurance: The Uncertain Road Ahead released by the American Property Casualty Insurance Association (APCIA), examines how insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance […]
Property/Casualty Insurance Underwriting Losses Soar, Net Income Shrunk in 2022
The $26.9 billion underwriting loss is the largest since 2011. Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from Verisk (NASDAQ: VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). The industry experienced a $26.9 billion net […]
February is Insurance Careers Month
The federal government reports 2.8 million people in the U.S. are employed by the insurance industry and February’s annual celebration of Insurance Careers Month is a reminder of the opportunities it offers, according to the Insurance Information Institute (Triple-I). “Insurance is the backbone of the global economy, providing security, recovery, and sustainability. Whether just starting […]
Insurance Associations Say President Biden’s Comments on Race-Based Auto Insurance Pricing False
The American Property Casualty Insurance Association (APCIA) and the National Association of Mutual Insurance Companies (NAMIC) released statements calling remarks January 16 by President Biden at the National Action Network’s Annual Martin Luther King Day Breakfast that auto insurers base premiums on race as false. According to the published remarks posted on the White House […]
Insurance Association Says Record Rise in Traffic Fatalities Underscores Need for Enhanced Auto Safety Initiatives
American Property Casualty Insurance Association’s (APCIA) says that the early crash fatality estimates released last week by the National Highway Traffic Safety Administration (NHTSA) reinforces the need for roadway and driver safety investment. The NHTSA report estimated that 9,560 people died in traffic crashes during the first quarter of 2022, which is a 7% increase […]
Property and Casualty Insurers Experience Underwriting Loss in 2021
Auto physical damage written premiums were up 6.5% but direct losses grew 25.1% over pandemic influenced 2020. Despite experiencing an underwriting loss, the property/casualty insurance industry ended 2021 strong and able to support policyholders, according to a report from Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property Casualty Insurance Association (APCIA). In […]
Insurance Association Reports Detail Skyrocketing Inflation Impacting Insurance Costs and Claims Times for Consumers
The American Property Casualty Insurance Association details how riskier driving habits and rising costs are impacting auto and property insurance and driving higher rates. Facing the fastest rise in inflation since the 1980s, along with rising auto and homeowners insurance losses and supply chain disruptions, insurers and consumers are experiencing strong upward pressure on insurance […]