- Auto InsuranceTwo years after Connecticut became the first state to offer auto insurance in 1925, the practice of insuring automobiles became mandatory nationwide. In the years since, the auto insurance industry endured several challenges, including the Great Depression, World War II (with the restricted use of private automobiles), and recent safety advancements. Each caused the auto insurance industry to rethink its approach. However, insurance is an ever-evolving and resilient industry. Today and in the future, self–driving cars will test the market.
- Professional Liability InsuranceHolborn is pleased to announce that Chuck Chamness has joined its Board of Directors as an independent director. Most recently, Chuck served 18 years as President and CEO of the National Association of Mutual Insurance Companies (NAMIC), a property/casualty insurance trade association with more than 1,500 member companies. Through the combination of advocacy, public policy and member services, Chuck helped position NAMIC as the leading U.S. property/casualty insurance trade association. During his NAMIC tenure, Chuck served as chair of NAMIC Insurance Company, a professional liability insurer, Chair of the St Baldrick’s Foundation (the nation’s largest private funder of pediatric cancer research grants) and as a board member of the Insurance Institute for Highway Safety.
- Flood InsuranceFlood: FEMA is ambitiously targeting a four-fold increase in overall mitigation and a doubling of their coverage provided by 2023. Currently they have roughly 5Mn policies representing $3.6Bn of annual written premium. Approximately 12% of homeowners have flood insurance in the U.S, with FEMA insuring the vast majority. FEMA is embracing a collaborative approach with the private sector to maximize this outcome and improve overall resiliency (close the protection gap). Part of this collaboration is securing reinsurance.