Insurance trade group opposes measure that passed Senate 27-6 The South Dakota House Transportation Committee is scheduled to hear Senate Bill 227 on today, a measure that would prohibit insurers from declaring a vehicle a total loss unless repair costs reach at least 75% of its pre-damage value. The bill, introduced by Sen. Steve Kolbeck, […]
REPAIR Act Advances Out of House Subcommittee for Second Consecutive Congress
The legislation now goes before the full House Energy and Commerce Committee for consideration. The U.S. House Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade on Feb. 10 approved the Right to Equitable and Professional Auto Industry Repair (REPAIR) Act (H.R. 1566) on a voice vote, advancing the federal automotive right to repair legislation […]
Illinois Secretary of State Launches Auto Insurance Rate Reform Campaign
Illinois Secretary of State Alexi Giannoulias launched a statewide campaign July 29 aimed at restricting insurance companies from using socioeconomic factors in auto insurance pricing, drawing immediate opposition from industry groups. The “Driving Change” campaign targets the use of credit scores, ZIP codes and age in rate-setting, with Giannoulias arguing that driving records should be […]
Insurance Association Support Proposed Chicago Towing Ordinance
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 […]
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