The Zebra | January 12, 2022
The Zebra, the nation's leading insurance comparison site, released its 2022 State of Auto Insurance Report revealing the national average annual cost for car insurance to be $1,529, up 3% over last year's reduced rates from the COVID-19 pandemic.
The Zebra's sixth annual State of Auto Insurance Report provides an under-the-hood look at more than 83 million auto insurance rates across all 34,500 U.S. ZIP codes. It examines over a decade's worth of data to reveal trends in pricing across the nation.
"In 2021, drivers began taking their cars out of 'park' and returned to the roads, More drivers can lead to more potential accidents to occur. As soon as the number of claims filed increases, so will insurance rates. However, drivers aren't powerless – to lower rates, practice safe driving behaviors and take every precaution to protect your vehicles from damages caused by extreme weather."
-Nicole Beck, Head of Communications at The Zebra.
The COVID-19 factor
The COVID-19 pandemic created major changes in how Americans traveled. The Federal Highway Administration reported a 14% decrease in the number of miles traveled by U.S. drivers during the first year of the pandemic. The number of annual miles driven is only one factor considered in car insurance pricing, which is why drivers only saw a 4% drop in rates during 2020, a year of less driving. As Americans began driving again – whether it was back to work, grocery stores or social gatherings – prices are on the rise as the number of claims filed have returned to its pre-pandemic baseline.
More claims filed from deadly roads, extreme weather damages
Drivers are back: the Federal Highway Administration estimates an 11% increase in miles driven through October 2021. But, roads have become deadlier, after risky driving behaviors like distracted and aggressive driving, speeding and impaired driving have increased. The National Highway Traffic Safety Administration estimates that 20,160 people died in motor vehicle crashes in the first half of 2021, up 18.4% over 2020.
Weather is also an essential factor to consider as a factor in the national price increase, as insurance companies seek to make up for losses from claims filed. Even though fewer hurricanes occurred in 2021, it was still considered an above-average hurricane season. Winter storms this year caused a record $15 billion in insured losses, up from $1 billion in 2020, almost entirely due to two storms that occurred in February.
Prices vary down to the zip code
Each state has its specific requirements and regulations for auto insurance. Car insurance rates increased in 38 states (including the District of Columbia) and fell in 13 states in the past year. Louisiana saw the largest increase of 42%, putting the state at the top spot for most expensive insurance. Maryland had the most significant decrease at around 9%.
About The Zebra
The Zebra is the nation's leading, independent insurance comparison site. With its dynamic, real-time quote comparison tool, consumers can identify insurance companies with the coverage, service level, and pricing to suit their unique needs. The Zebra compares more than 100 auto and home insurance companies and provides agent support and educational resources to ensure consumers are equipped to make the most informed decisions about their insurance. Headquartered in Austin, Texas, The Zebra has sought to bring transparency and simplicity to insurance shopping since 2012 — it's "insurance in black and white."
Nationwide | March 07, 2022
Nationwide has launched a new variable universal life (VUL) insurance product built specifically for fee-based investment advisors that allows for management of funds within the product without a life license.
Nationwide Advisory Variable Universal Life is a permanent life insurance policy with a customizable guarantee that keeps the cost of the protection separate from the rest of the investment. This is the first fee-based VUL fully integrated within the registered investment advisor's operating system and it can also be sold by dually registered and hybrid advisors.
With no surrender charges Nationwide Advisory VUL keeps your clients' investment money completely liquid, It also has an investment component and allows you to integrate the policy's subaccounts into your assets under management and collect your customary asset management fee."
Holly Snyder, president of Nationwide's life insurance business.
The product features a diverse fund lineup comprised of over 30 of the most recognizable fund managers in the industry such as Vanguard, DFA, PIMCO, American Funds and Fidelity. Because the cost of protection is separate from the rest of the investment, it can give investment dollars the opportunity to grow more quickly and efficiently.
There are fewer fees associated with this product compared with a traditional VUL, There are also no surrender charges upon full surrender of the contract, and no sales loads, which allows more money to be contributed and go to work for your client faster."
Nationwide Advisory VUL also provides clients the ability to authorize their investment advisor to take their advisory fee from the policy as an advisory loan or as a withdrawal.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.
Polly | May 17, 2022
Polly, a leading provider of innovative SaaS technology for the mortgage capital markets space, today announced its integration with the six primary mortgage insurance (MI) providers: Arch MI, Enact, Essent, MGIC, National MI, and Radian. These staple integrations come highly requested, not only by the mortgage originators that have contributed to the rapid adoption of Polly’s end-to-end capital markets ecosystem to date, but also by the principal companies leading the private mortgage insurance industry.
By embedding each MI company’s quoting capabilities into its state-of-the-art Product and Pricing Engine (PPE), Polly streamlines the process of calculating, quoting, and comparing MI offerings across all providers to save valuable time and effort for the loan officer and mortgage lender, and ultimately, provide the optimal options to the borrower. Users receive a comprehensive list of rates, premiums, summaries on DNI impact, and more from each MI provider with the single click of a button. Polly’s cloud-native PPE will also provide an explanation when a quote is not provided, as well as actionable suggestions for changing parameters. When a quote is selected, the user will instantaneously receive documentation from the applicable MI provider. These integrations are part of Polly’s core service offering and demand no additional cost from the MI companies that populate in the search results.
At MGIC, we are dedicated to enabling efficiencies for our customers and are thankful for the opportunity from Polly to meet our customers where they need us most."
Leslie Malicki, Director-Partner Solutions at MGIC.
Polly is proud to have established a strong partnership with each MI provider, and all share a mutual dedication to providing joint customers with a superior experience. This commitment to industry collaboration, paired with its team of experienced mortgage professionals and first-hand knowledge of the market’s evolution, will serve to further accelerate Polly’s goal to drive true transformation across the mortgage industry.
We are committed to our customers’ success and equipping them with the right tools and workflow automation to navigate an ever-changing market, We often receive feedback that legacy processes remain cumbersome and time consuming, so we are thrilled to partner with all six essential MI providers to streamline the mortgage insurance process for lenders and borrowers."
Adam Carmel, Founder and Chief Executive Officer of Polly.
Polly is transforming the mortgage industry with its modern, data-driven capital markets ecosystem. Lenders trust Polly’s Product and Pricing Engine (PPE), Loan Trading Exchange, Analytics Platform, and Partner Platform to optimize performance from rate lock to loan sale and delivery, increase gain-on-sale execution, automate workflows, and provide actionable data and analytics. Polly was founded in 2019 by a seasoned team of technology and mortgage experts, and is based in San Francisco, California.
HUB International | May 16, 2022
Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, announced today the launch of its Nonprofit Specialty practice, HUB's 10th Specialty in five years. The formation of the practice formalizes HUB's capabilities in serving the unique risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations.
HUB has a long-proven track record of successfully assisting nonprofit organizations and creating a new Nonprofit Specialty practice formalizes our work in this area, Nonprofits face unique operational, financial, and governance challenges, and our specialized brokers will help them flourish by offering proactive consultation and advice to protect against all aspects of their risk."
Marc Cohen, CEO and President of HUB International.
HUB's nonprofit insurance veteran Scott Konrad will lead the new specialty practice. He will be responsible for galvanizing HUB's decades of nonprofit client experience, industry relationships and sector engagement to develop innovative risk management, insurance and human capital products and solutions. Konrad is a nationally recognized author and speaker on nonprofit risk management themes with direct experience as a servant leader of nonprofit civic, religious and professional organizations, including the Nonprofit Risk Management Center's Corporate Advisory Council.
According to Independent Sector, nonprofits make up 10% of the American workforce, the third largest in the U.S., behind retail and manufacturing. In Canada, there are more than 170,000 charitable and nonprofit organizations, and over 85,000 of these are registered charities recognized by the Canada Revenue Agency. According to Statistics Canada, nonprofits represent nearly 13% of all jobs in Canada.
Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn -- in reducing risk, safeguarding their assets, and taking care of their people, We understand the charitable sector's challenges, needs, and temperament, and use our skills and resources to tackle issues such as board protection, talent recruitment and retention, volunteer risk management, and more. By lightening the burden for busy nonprofit leaders so they can focus on mission, we're an effective catalyst for the greater good."
Having a dedicated practice supports our effort to build out more specialized products, expand carrier relationships and provide industry specific integrated P&C, employee benefits and retirement solutions for our customers, This is a unique sector of the economy with unique needs, and we are excited to provide specific services to fuel its success."
Chris Treanor, HUB President of Programs & Specialties.
About HUB International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.