January 14-17

CUNA Board of Directors Conference - Punta Cana, DR

January 23-24

CUNA Business Lending Roundtable - Miami, FL

January 28 - February 1

CUES Symposium - Nassau, BS

January 29-30

TN CUL Legislative and Regulatory Forum - Nashville, TN

January 30

WI CUL State Government Affairs Conference - Madison, WI

January 31 - February 2

LSCI Management Institute - Anaheim, CA

Budgeting for 2024? Set Aside Extra Money for Car Insurance

Not only are the auto insurance rate increases in 2023 an indicator of higher rates in 2024, but also costlier repairs, parts shortage, higher costs of labor, and low inventories are contributing factors. According to Mark Friedlander of Triple-I, cumulative replacement costs increased on average of 45% from 2020 through 2023, whereas inflation for the overall economy increased 15% during this same timeframe. Monthly fluctuations in 2023, particularly the significant rate increases observed in August, emphasize the importance of careful consideration and budgeting for potential cost spikes.

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bankrate.com

State Farm's Homeowners Loss Ratio Hits Record High

State Farm is anticipated to experience its highest homeowners direct incurred loss ratio in more than two decades, as revealed by S&P Global's recent analysis. The insurance giant's homeowners loss ratio for the initial nine months of 2023 reached 84%, a notable surge from the 60.2% reported in 2022. If this trend persists throughout the year, it will mark the fourth instance since 1996 that State Farm's direct incurred loss ratio for homeowners insurance exceeds 80%. S&P Global attributes this increase primarily to the impact of severe storms, with various weather events affecting the United States in 2023, including hail storms in the South, severe wind events in the Midwest and Southeast, and Hurricane Idalia. The third quarter alone witnessed eight one-billion-dollar weather events nationwide, with Hawaii experiencing almost $6 billion in losses due to a destructive firestorm on the island of Maui.

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insurancebusinessmag.com