Extreme weather events likely to cause billions in insured losses – report

BTIS promotes head of operations Builders & Tradesmen’s Insurance Services, Inc. (BTIS), an Amynta Group company, has announced the promotion of Jessica Keefe to senior vice president, head of operations. With over 20 years of experience in compliance, operations, and strategic growth, Keefe has played a key role in BTIS’s expansion and operational efficiency since…

“For instance, travel insurance can be offered during a flight booking, motor insurance when selling a car, or gadget insurance with electronic goods. In fact, this model allows insurers to reach customers who were otherwise not seeking to take out a policy,” Benito said. Source link

Fraser McLachlan, current chief executive of GCube, has been appointed chairman of TMGX. Ben Kinder, chief underwriting officer for marine, energy & renewables at Tokio Marine HCC International (TMHCCI), will serve as TMGX’s CUO in addition to his existing responsibilities at TMHCCI. Source link

In response to rising cost pressures, auto insurers saw underwriting results deteriorate, prompting significant adjustments to pricing strategies. “(Auto insurance providers) sought and received approval to raise rates. So, you’ve had several years of back-to-back, in some cases double-digit, rate increases. It culminated in 2024, with underwriting results showing a big improvement as a result…

In 2022, the most recent year for which data is available, US households spent an average of $1,127 per vehicle on auto insurance, representing 1.51% of the median household income of $74,580. This marked a slight increase from the previous year. State-by-state variations were significant, with North Dakota having the lowest expenditure share at 0.93%,…

The bill would offer a tax credit for premiums paid in excess of $2,500 per vehicle Source link