Nonprofits Insurance Alliance (NIA) Joins Federal Home Loan Bank of Boston
June 25, 2020SANTA CRUZ, Calif.–(BUSINESS WIRE)–Nonprofits Insurance Alliance (NIA), the leading P&C insurance provider exclusively serving the 501(c)(3) nonprofit sector, announced today that Alliance of Nonprofits for Insurance, Risk Retention Group (ANI)—part of the NIA group brand—has become a member of Federal Home Loan Bank of Boston (FHLBank Boston). FHLBank Boston is part of the FHLBank System, which was created by Congress in 1932 as a government-sponsored enterprise to serve the public by enhancing the availability of credit for housing and community development. The System is composed of 11 regional banks which are privately capitalized and owned as cooperatives by their members. Each year, the FHLBanks provide access to billions of dollars in low-cost funding to nearly 7,000 of America’s banks, credit unions, insurance companies, and community development financial institutions. Membership into FHLBank Boston is a vote of confidence in ANI’s financial stability and provides ANI access to low-cost funding to continue supporting the nonprofit sector.
Non-profit insurance sector ‘in crisis’
June 22, 2020Insurance Business America–The non-profit insurance market is in crisis, according to the Non-profit Insurance Alliance (NIA). In what could be labeled as ‘the perfect storm’, charitable non-profits – also known as 501(c)(3) organizations – are battling against a hardening property & casualty insurance market, a restriction of appetite among insurers who have traditionally supported the space, and now additional stresses relating to the COVID-19 pandemic, through which many non-profits are providing frontline public services. For many non-profits, this ‘perfect storm’ could prove too financially challenging to overcome, unless something is done to solve the insurance crisis and make P&C coverages more expansive and affordable.
California Insurer Announces 2020 Dividend for Policyholders. Total Returned to Nonprofit Sector Tops $47 Million.
June 15, 2020SANTA CRUZ, Calif.–(BUSINESS WIRE)–Nonprofits Insurance Alliance (NIA) today announced that the Board of Directors of Nonprofits Insurance Alliance of California (NIAC), an insurer under the NIA brand, has approved a $3 million dividend for policyholders (members). Since 2007, NIAC has cumulatively returned $47.1 million in dividends to its members, all of whom are 501(c)(3) nonprofits. “Even in the midst of a national health emergency, the Board declared a dividend due to strong financial performance,” says Tammy Wilson, Chair of the NIAC Board of Directors.
Nonprofits Anxiously Await Court Action as Insurers Reject Virus-Related Payouts
June 1, 2020by Dan Parks – The Chronicle of Philanthropy
For decades the Simon Wiesenthal Center was a satisfied customer of Chubb, a global insurance company that provides the center’s property insurance. Rabbi Marvin Hier, founder and CEO of the center, even used Chubb to insure his home. “We’ve never had any trouble with them,” Heir said, “until now.” Chubb denied the center’s property-loss claims after the pandemic hit, a problem facing nonprofits insured by an array of companies. Now some groups are trying to force legal action or advocate for federal legislation that would help nonprofits and others make up for losses caused by the pandemic.
Broadening the Definition of Insurance Innovation
May 19, 2020by Pamela Davis – Spring 2020 Demotech Difference Magazine
It is accepted wisdom: insurance companies are late to the game and must embrace innovation to become more customer-centric and stay relevant. A KPMG survey found that 73 percent of insurance CEOs are ready to push their organizations through radical transformation in order to remain competitive. For an industry inundated with data, InsurTech and artificial intelligence (AI) are considered the driving forces of innovation. Technology can help insurers improve the insurance value chain and the time it takes to evaluate, rate and quote a policy. AI can play a significant role in delivering much-needed insights on data. In the most hopeful scenarios, technology expands access and choice, helps companies cover more loss exposure and reduces the cost for policyholders.
As InsurTech and AI dominate insurance media headlines, is the industry relying too much on technology for innovation?