July 14-16

2025 World Credit Union Conference - Stockholm, Sweden

July 15-18

Florida CUREN Connection 2025 - Orlando, FL

July 17-20

CU Conferences Director's Critical Skills Conference - Boston, MA

July 28-29

Credit Union Financial Leadership Exchange - Boston, MA

July 28-August 1

DCUC 2025 Annual Conference - Palm Desert, CA

Rate Growth Slows, Moving Violations Increase: The Road Ahead for Auto

The U.S. auto insurance market is stabilizing after recent turbulence, with slower rate increases, improved loss ratios, and a return to profitability for many insurers. In 2024, rate hikes eased to 10% (down from 15% in 2023), and direct written premiums rose 13.6%. Insurers are cautiously filing for rate decreases, though potential tariffs could reverse this trend. Despite softening rates, consumer loyalty continues to decline—policy retention has dropped from 83% in 2021 to 78% in 2024, and more than 45% of policies were shopped by year’s end. Seniors and long-tenured customers led much of the switching, often influenced by bundled home insurance deals.

Meanwhile, distracted and unsafe driving is on the rise. Distracted driving violations spiked 50%, contributing to increased claim severity, especially among drivers aged 26–36. Though overall traffic fatalities declined slightly, they remain significantly above pre-COVID levels. Electric vehicles also made a notable impact—sales rose nearly 9%, and insured EVs grew 40% to 5.6 million. However, EV claims are costlier, with 31% higher loss costs driven by more frequent and severe incidents. Overall, claim cycles have improved slightly, but total loss claims continue to rise, especially in collision coverage.

Read Full Article

insurancejournal.com

New Study Warns That One Type of US Home Foreclosures Could Surge by a Staggering 380%: 'Hidden Risks'

A new study warns that climate-driven foreclosures in the U.S. could rise by 380% by 2035, making up nearly 30% of all home foreclosures—up from just 7% today. These foreclosures stem from extreme weather events like floods, hurricanes, and wildfires, which damage homes and drive up insurance and repair costs beyond what many homeowners can afford. Lower- and middle-income families are especially at risk, as much of their financial stability is tied to their homes. Rising insurance premiums and gaps in coverage leave many with no choice but to walk away, especially when damage isn't fully covered.

The study, from climate risk firm First Street, also points to a critical oversight: lenders rarely consider a property's climate vulnerability when issuing mortgages. That leaves both banks and buyers exposed to losses, with projected lender losses reaching $5.4 billion annually by 2035. Florida leads the nation in projected losses, but inland areas are also at risk, especially where flood coverage is lacking. Millions of homes at risk for flooding aren’t included in FEMA's official flood zones, creating a dangerous gap in protection. Experts recommend that buyers assess weather risks and consider flood insurance—even if it’s not required.

Read Full Article

msn.com