BREAKING: A.M. Best has reaffirmed American Family Insurance's 'A' (Excellent) financial strength rating with a "stable" outlook for the 21st consecutive year.
Additionally, an issuer credit rating of 'a+' was affirmed for the sixth year in a row.
These ratings encompass American Family Insurance Group and American Family Life Insurance Company, reflecting our solid operating performance, balance sheet strength, favorable business profile, and effective enterprise risk management
BREAKING: 1 Million+ More Uninsured Vehicles as Insurance Costs Spike 🚨
Per J.D. Power, 5.7% of households with a car now lack insurance, up from 5.3% last year.
12.5% are shopping for cheaper policies, an all-time high.
12 states saw uninsured rates rise 30%+ between late 2022 and early 2023. SD and NH topped 80% increase.
What you can do: Review uninsured motorist coverage given rising uninsured risk. Loyalty is built in turbulence - engage clients to boost retention.
Source: J.D. Power auto #insurance intelligence report
P&C industry urged to brace for $100B disasters
Experts say climate change is fueling more costly storms, with a single event hitting $100B not out of the question.
Insurers need to embrace newer risk models and raise premiums.
Tropical Storm Hilary could cause $9B in damage
The storm caused flooding in California and Nevada. Insurance companies could see big losses.
State Farm and Farmers could potentially see the biggest impact from Hilary as the two carriers have the highest market share in CA
In Louisiana, 9 #insurers have gone insolvent, and 12 exited the market in 2 years.
Some large companies have pulled out of California recently. Are you surprised to not see CA on this list?
Agents, we are critical in times like this!
Per WSJ, 12% of homeowners now lack property coverage.
Per Nationwide: 2/3 of 🏠 policies underinsure the home's value.
American Family agents provide localized care, education, and guidance when stability matters most. 🤝