October 31, 2014
 
 

 

 

Property Casualty Briefing: PCI’s Jeffrey Junkas on legislative threats to underwriting freedom.

 

 

Credit-based insurance scoring has been a factor in classifying risk for many years. However, legislatures across the U.S. are looking to limit the use of certain information in the underwriting of consumer risk.

 

In this first edition of Property Casualty Briefing, Jeffrey Junkas, Regional Manager of State Government Relations with the Property Casualty Insurers Association of America (PCI) discusses the legislative efforts to curtail the use of credit-based insurance scoring and other threats to underwriting freedom being considered across the U.S.

 

The “Property Casualty Briefing”, sponsored by PCI, provides insight on public policy, recent legislation and regulation, economic data and trend analysis, and other issues important to consumers and the property and casualty industry.  PCI and WRIN.tv will produce Property Casualty Briefings at least once each month to ensure those in the industry are kept informed on a timely basis.

 

For more information on issues affecting the U.S. Property Casualty insurance community, visit the PCI website.

 

Jeffrey Junkas

 

 

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Comments  

 
-1 # Kenneth Teglia 2013-08-02 16:39
The following is not the view of the company I work for. I am an agent for 40 years and against credit-scoring. The gentleman said it best: It is not an "intuitive" rating factor. Why isn't it? Because correlating it to expected claim frequency requires much more stretch than correlating accident, moving violations, etc. Those factors don't require surmise to be correlated, and should be enough! To lay credit-scoring on top of that is to seemingly go out of one's way to hurt many folks who fell on hard times. If someone learned that people with freckles had a LOWER accident rate, would the industry allow a credit for the be-freckled? Yes, that's more of a stretch than for credit score, but the principal is the same: by definition, statistical correlations DECLARE NOTHING about causality. Once you move away from causal factors, you are into guessing. The "intuitive" factors, most plausible, are enough to assess risk. Why intrude more into one's privacy and worsen people's misery?
 
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