Personal Lines

Whether considering market dynamics or organizational functions, transformation may be the most important word for insurers in 2014, according to Deloitte analysis.

While homeowners-insurance policy exclusions can burden consumers with significant out-of-pocket expenses, expanding policies to fill coverage gaps creates a new set of challenges, such as affordability issues, lower consumer demand as rates rise and regulatory approval for risk-based rates, the GAO says.

The Senate vote to delay flood-rate hikes creates unlikely divisions and alliances on both sides of the issue. For example, statements opposing the bill came from insurance groups such as NAMIC and PCI, as well as from the Consumer Federation of America.

The move will catapult a credit union to become one of the largest P&C insurance providers in Canada.

When profits stall in auto, insurers can enhance other lines of business to bolster overall profitability.

What can insurers do to shape their own destiny, rather than behaving like victims of circumstances beyond their control?