Auto insurers use many factors, including a motorist’s education and occupation, to accurately gauge their risk, industry representatives told state lawmakers Thursday, a week after a consumer advocacy group called the practice unfair. “The more accurate we can make our …
Private U.S. property/casualty insurers’ net income after taxes rose to $24.5 billion in first-half 2013 from $17.2 billion in first-half 2012, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus increasing to 8.2 …
Hurricanes and tropical storms affect more than just homeowners. Following Superstorm Sandy, which hit October 28, 2012, insurance companies processed more than 250,000 claims for damaged vehicles. Damage can range from scratches and minor dents to vehicles being crushed or …
Private U.S. property/casualty insurers’ net income after taxes rose to $14.4 billion in first-quarter 2013 from $10.2 billion in first-quarter 2012, with insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus climbing to 9.6 …
The number of states that allow electronic proof of insurance via smartphones has increased to 25, with the recent addition of Indiana and Florida. The states that allow electronic proof of insurance coverage are: Alaska, Alabama, Arizona, Arkansas, California, Colorado, …
Despite the impact of Superstorm Sandy and smaller investment gains, private U.S. property/casualty insurers’ net income after taxes grew to $33.5 billion in 2012 from $19.5 billion in 2011, with insurers’ overall profitability as measured by their rate of return …
With almost half of state legislatures in the country likely to consider changing their laws to allow drivers to use their cell phones to show their insurance identification card in order to prove they are insured, electronic proof of coverage …
Before Hurricane Sandy hit, private U.S. property/casualty insurers’ net income after taxes grew to $27 billion in nine-months 2012 from $8.4 billion in nine-months 2011. Insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus …
Forty-five percent of insurers estimated that insurance fraud costs represent 5-10 percent of their claims volume, while 32 percent said the ratio is as high as 20 percent. This according to a survey of U.S. insurers showing the high cost …
The Kentucky Legislature recently joined a growing list of states to take action this year and pass legislation (HB 421) that protects homeowners from contractor fraud and abuse, according to the Property Casualty Insurers Association of America (PCI). The bill, …