National Association of Insurance Commissioners News

Viewpoint: The Cold, Hard Truth About Florida Litigation

Greater clarity came this week from the National Association of Insurance Commissioners (NAIC) via Florida Commissioner David Altmaier: Florida has 8% of all homeowners’ claims in the U.S., yet 76% of all homeowners’ claims lawsuits. Boom. In a letter to …

Viewpoint: The Future of Commercial Insurance Is Connected Insight

Artificial intelligence adoption across the insurance industry is taking off. In its report, “The Dawn of the Age of AI in Insurance,” Genpact noted that insurers recognize the value and potential of AI, “with 87% of carriers investing more than …

U.S. Regulators Inch Toward Pet-Insurance Rules, Following California’s Lead

U.S. insurance regulators are close to creating a legal standard for pet insurance that would address long-standing consumer complaints that insurers rarely pay up when their furry friends are not well. A National Association of Insurance Commissioners (NAIC) committee is …

What’s Wrong With Commercial Auto and How Do We Fix It?

Commercial auto is one of the biggest, most problematic cost centers in the insurance industry. Its loss ratios are incredibly high — and growing — particularly in comparison with other P&C lines. This makes it hard for carriers to make …

Contractor in Surety Dispute Accuses Arch Insurance of Fraud

A Southern California construction company accuses Arch Insurance Co. of “fraudulent and deceptive behavior,” and has hired the public relations specialist who represented Michael Cohen when he spoke out against President Donald Trump to take those allegations to the press. …

Nation’s 1st COVID-19 Business-Interruption Suit Headed to Trial [Update]

A trial will begin Monday in what is thought to be the first lawsuit to be filed against an insurer for denying coverage for business-interruption losses caused by COVID-19 shutdown orders. Judge Paulette R. Irons ruled against a motion for …

Businesses Call On U.S. Insurers to Ditch Fossil Fuel Underwriting

A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of …

KEMI Board Votes to Cut CEO’s Pay Following Critical Audit

LEXINGTON, Ky. — The governing board of Kentucky Employers’ Mutual Insurance has recommended that its chief executive take a pay cut and lose his long-term job contract in favor of year-to-year probation. The Lexington Herald-Leader reports the action follows an …