Progressive moves into second place on the list of top 10 private passenger auto insurers. NAIC reports auto insurance premiums earned up nearly 5% in 2022. Total direct premiums earned on private passenger auto insurance were $270.26 billion in the U.S., up 4.86% from 57.7 billion in 2021 according to final data released March 28 […]
National Association of Insurance Commissioners Announces Resignation of CEO
The National Association of Insurance Commissioners (NAIC) announced that Michael (Mike) F. Consedine is stepping down as the organization’s Chief Executive Officer, effective April 30. Consedine has served as the CEO of the NAIC since January 2017. “On behalf of our members and the NAIC staff, we are grateful to Mike for all his good […]
Top 10 U.S. Auto Insurers Had Over 75% Market Share in 2021
NAIC reports auto insurance premiums earned up over 3% in 2021. Total direct premiums earned on private passenger auto insurance were $257.7 billion in the U.S. in 2021, up over $7 billion, or 3.1% from $250 billion in 2020 according to final data released March 28 by the National Association of Insurance Commissioners (NAIC). The […]
National Association of Insurance Commissioners Elects 2021 Officers
Members of the National Association of Insurance Commissioners (NAIC) elected officers for 2021 on December 9 during the closing activities of its Fall 2020 National Meeting. The following officers were elected for 2021: President: Florida Insurance Commissioner David Altmaier David Altmaier was appointed Commissioner of the Florida Office of Insurance Regulation (OIR) by the Financial […]
Auto Physical Damage Insurance Underwriting Profit Up in 2017
The latest statistics from the National Association of Insurance Commissioners indicates that the private passenger auto physical damage insurance returned to profit in 2017. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2017, released this month, showed some improvement in private passenger auto physical damage (APD) […]
PCI Reports Tariffs Could Increase Collision Repair Claim Costs $3.4 Billion
The Property Casualty Insurers Association of America (PCI) made a presentation Saturday to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Insurance (C) Committee on the potential effect of tariffs on auto insurance costs and consumers. “Tariffs on auto parts could have a significant adverse economic impact on consumers, automobile repair providers, business, […]
Groups Say State Insurance Regulators Fail Consumers on Auto Insurance Affordability Research
Consumer groups want Federal Insurance Office to step in saying National Association of Insurance Commissioners report biased towards insurance industry. Insurance industry association calls consumer groups’ comments unfortunate. Consumer groups have called on state insurance regulators to reject a proposed report on auto insurance affordability that the groups said is biased toward industry and fundamentally […]
NAIC Unveils Distracted Driving Awareness Campaign
The National Association of Insurance Commissioners (NAIC) announced the launch of Keep the Road Code, a new campaign that focuses on preventing distracted driving. April is distracted driving awareness month. “We know that there has been a significant increase in distracted driving accidents and fatalities since 2008,” said Julie Mix McPeak, NAIC President and Tennessee […]
Chair of NAIC Antifraud Task Force Elected to Executive Committee of Antifraud Coalition
Oklahoma Insurance Commissioner John D. Doak, chair of the NAIC’s Antifraud Task Force, has been named to the executive committee of the Coalition Against Insurance Fraud. He was elected unanimously to the position. “John Doak brings a valuable dual viewpoint to the Coalition’s mission, both as a state insurance regulator and national anti-fraud leader. This […]
Auto Physical Damage Insurance Underwriting Profit Continues to Decline in the U.S.
The latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has continued to increase. Private passenger physical damage insurance turned to a loss in 2016. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2016, released this […]