Declarations – East

Policyholders’ Surplus

“The $17.5 billion increase in policyholders’ surplus to a near-record-high $567.8 billion at June 30, 2012, is a testament to the strength and safety of insurers’ commitment to policyholders.”

—Robert Gordon, senior vice president for Property Casualty Insurers Association of America, on P/C insurers’ rising policyholders’ surplus. The PCI reported this month that private U.S. P/C insurers’ income was $16.4 billion for the first half of 2012.

Counterfeit Airbags

“We want consumers to be immediately aware of this problem and to review our safety information to see if their vehicle could be in need of inspection.”

—U.S. Transportation Secretary Ray LaHood, on a recent government report that found instances of counterfeit airbags being used as replacement parts in vehicles.Officials said it doesn’t appear to be a widespread problem. The issue affects less than 0.1 percent of the U.S. vehicle fleet, according to government officials.

Renters Insurance

“Laws vary from state to state regarding unrelated people being allowed to have their name on a renters policy, but, where allowed, many insurers do offer renters insurance to roommates or an unmarried couple.”

—Jeanne Salvatore, consumer spokesperson for the Insurance Information Institute, on purchasing renters insurance. The number of people living in roommate and unmarried partner situations is on the rise in the U.S., raising questions about home and auto insurance, she said.

Topics USA