The American Property Casualty Insurance Association (APCIA), the Illinois Insurance Association (IIA), and the National Insurance Crime Bureau (NICB) support the new towing proposal by Alderman Gilbert Villegas (36th Ward) to combat rogue towing in Chicago. The new proposal builds upon the ordinance that was introduced by Villegas and passed by the Chicago City Council […]
Insurance Association Says Legislation Repealing Florida’s No Fault Auto Insurance System Raises Costs and Hinder State’s Insurance Market Recovery
The American Property Casualty Insurance Association (APCIA) raised concerns over the passage of Florida House Bill 1181 (HB 1181) out of the Florida House Insurance & Banking Subcommittee that would reform no-fault insurance and increase minimum coverage limits. “Efforts to repeal Florida’s no-fault auto insurance system could result in higher auto insurance costs and increased […]
U.S. Property Casualty Insurance Industry Reports $170 Billion Net Income in 2024
Verisk and APCIA report that investment gains and pricing in 2024 offset some impacts driven by severe catastrophic events. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), the primary national trade association for home, auto and business insurers, reported full-year 2024 net income for the […]
New Coalition Forms to Advocate for Vehicle Data Rights
A new organization called the American Vehicle Owners Alliance (AVOA) launched February 25 with the stated goal of ensuring vehicle owners have access and control over data generated by their vehicles. The coalition includes eight founding members: the American Car Rental Association (ACRA), the National Consumers League, the National Association of Fleet Administrators (NAFA), Enterprise […]
25 Groups Write Letter Supporting Passage of Federal REPAIR Act
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 […]
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