January 2025 Newsletter

Click on the image above to play a short video of our 2024 Year in Review!

Upcoming Industry Events

January 14-15

TNCUL Bankruptcy and Collections Conference - Nashville, TN

January 14-16

LSCI's University of Lending - Anaheim, CA

January 16

NCUA Board Meeting - Alexandria, VA

January 23-24

National Credit Union Supervisory Committee Conference - San Juan, Puerto Rico

January 26-30

CUES Symposium - Kola, Hawaii

Industry News

New Bill Seeks Higher Auto Insurance Limits in DC

The District of Columbia City Council is considering the Motor Vehicle Insurance Modernization Act of 2024, which would raise mandatory minimum auto insurance limits and require enhanced underinsured motorist (UIM) coverage. The proposed changes include increasing injury coverage limits to $50,000 per person and $100,000 per accident, tied to inflation, and mandating enhanced UIM protection, removing the option to waive it. Supporters argue these updates reflect rising accident costs and inflation since the last adjustment in 1986.

Critics, such as the Consumer Federation of America, caution that higher limits could raise premiums and disproportionately impact low-income drivers. They suggest alternatives like low-cost insurance programs for safe drivers. If passed, the legislation would phase in changes starting in 2028, with updates every five years.

Read Full Article

insurancebusinessmag.com

What's Not Changing in 2025: Homeowners Outlook, Re Retentions

AM Best analysts highlight mixed outlooks in the insurance industry, with personal auto insurance stabilizing due to granular pricing, regulatory support, and tech adoption. However, homeowners insurance remains under pressure with a negative outlook due to severe weather volatility, higher reinsurance retentions, and challenges in managing long-term policies. Improved catastrophe management offers some relief but is insufficient to offset the challenges.

In reinsurance, tighter terms and reduced capacity continue, though underwriting profits remain strong. Primary insurers face higher losses due to evolving risk structures. Commercial lines are stable overall, with specific challenges in liability and auto insurance. Delegated underwriting authority enterprises show growth potential but face capacity and governance risks, especially in markets like Lloyd's

Read Full Article

insurancejournal.com

What Others Are Saying About ISI

"Excellent customer service. I love this chat app. I always get quick responses."

Laredo Federal Credit Union

See what other Raving Fans are saying about ISI!

This Month's Milestone Anniversaries

We are thankful for our lender partners, who are essential to our continued success! Listed below are those celebrating a milestone anniversary with ISI this month!

Celebrating 15 Years

Census Federal Credit Union

PWC Employees Credit Union

Data/Industry Trends

J.D. Power 2024 Insurance Annual Report

This report presents actionable insights from J.D. Power's insurance benchmark studies, offering an independent and impartial perspective on customer satisfaction throughout the entire value chain—from shopping and servicing to claims.

Read Full Report

jdpa.com

Mortgage Rate History: 1970s to 2024

Mortgage rates have seen dramatic shifts over the decades. The 30-year fixed mortgage rate peaked at over 16% in 1981 and hit record lows of under 3% in 2021. In 2024, rates mostly ranged between 6% and 7%, with an average of 6.9% as of December.

Read Full Article

msn.com

January Holidays, Fun Facts, and Folklore!

January symbolizes fresh starts and new beginnings! See how this month invites us to embrace traditions like New Year’s resolutions, enjoy cozy recipes, and marvel at the winter night sky.

Everything you need to know about January

almanac.com

Protecting Borrowers After the Holidays

As borrowers navigate the financial strain following the holiday season, it’s important to anticipate potential lapses in insurance coverage. With many looking to reduce expenses early in the year, some may allow their insurance to lapse or cancel their policies to ease their budgets.

As a lender, staying proactive during the first quarter of 2025 will be key. Reach out to borrowers to remind them of the value of keeping their insurance active to avoid the possibility of force-placed insurance. Offering resources or flexible solutions can help borrowers maintain their coverage, reducing the likelihood of unnecessary disruptions or additional costs.

President

ISI

tmaccurdy@isicpi.com

704-957-5024

Connect with Us:

Contact Info:

Phone: 800-749-5440

Email: management@isicpi.com

Website: insurancesystemsincorporated.com

ISI is an administrator of Collateral Protection Insurance (CPI) and Blanket Lenders Single Interest (BLSI) for financial institutions. We provide insurance, lending, and marketing products to the financial institution marketplace. Our mission is to deliver the best products and services in the industry through responsive service, comprehensive coverage, and advanced technology. We combine the lender's vision and our proven plan to create a portfolio that matches the lender's needs for a successful program and partnership.