To anyone who works in the insurance industry, it is clear that the marketplace is going through a period of transition. The increasing occurrence of severe weather, growing interest rates, and increasing replacement cost are a few of the drivers that are creating...
While the insurance industry has yet to publicly and explicitly acknowledge global warming and the importance of protecting the environment, actions taking place within the industry—which are related to industries and governments—are indicative that a shift is...
Mainsail Insurance Co., is a newly formed carrier, which is wholly owned by Spinnaker Insurance Co. The parent company is Hippo Holdings Inc., which acquired Spinnaker Insurance Co., on Aug. 31, 2020. The Florida Office of Insurance Regulation has approved Mainsail...
In the insurance industry, rules, laws and regulations play a vital role in ensuring fairness and transparency. For insurance companies operating in Connecticut’s admitted and nonadmitted marketplaces, staying compliant with the law is not only a legal obligation, but...
For years, we have been writing personal auto policies that afford 30 days of rental reimbursement coverage at various daily limits. And for years, this was enough coverage. If a vehicle was damaged in an accident, the insured could expect the garage of his or her...
According to a new report published by Insurance Information Institute, American auto and homeowners insurance policies were unable to match the current inflation rates. As a result, Triple-I’s report warns that if losses and expenses keep up at this rate, insurers...
According to the Insurance Information Institute, the insurance industry is seeing more economic momentum in U.S. auto, home, and business insurance than the entire U.S. economy. Mortgages and other personal loans will cost less, allowing for economic development in...
Raise your hand if you enjoy reading contracts. Why am I getting the sense that I am the only one with his hand up? OK, I get it. Contracts are boring. They are long and filled with terms that barely resemble English. While I can’t get you out of reading the terms of...
Across the country, the insurance-buying public has seen sharp premium increases when their homeowners and automobile insurance policies are being renewed. In many cases, premiums are outpacing claims and expenses, as well as rising higher than inflation. The rules...
In a word: Yes. They do. There are organizations that rate the financial condition of insurance companies, such as Demotech, Moody’s and S&P Global Ratings. However, AM Best is probably the most prominent. AM Best uses letter ratings, ranging from “A” (which is...