Hawai'i's insurance game just saw a major change-up with the appointment of Jerry Bump as acting Insurance Commissioner. Stepping into the shoes of the longtime Insurance Commissioner Gordon Ito, who's been a fixture at the Department of Commerce and Consumer Affairs' Insurance Division for over three decades, Bump is now at the helm starting last Saturday. With a substantial career encompassing roles in both the private sector and public service, Bump is no stranger to the ins and outs of insurance, having joined the Insurance Division back in 2008.
According to the Hawai‘i Department of Commerce and Consumer Affairs, Jerry Bump, with his promotion, is now responsible for keeping watch over an industry that's been dealt a tough hand. From self-insurers to insurance agents, the job entails making sure the citizens of Hawai'i are getting a fair deal. As for Gordon Ito, who has put in a remarkable 31 years at INS, gratitude was the word of the day, with DCCA Director Nadine Ando praising Ito for his "exemplary service."
The insurance sector in Hawai'i, much like the rest of the nation, is navigating a so-called "hard market." This spells out high rates alongside limited availability, something that’s been incrementally biting wallets for years now. The push and pulls of the reinsurance game, which essentially sees companies insuring insurance companies, unfortunately, sees no respite, with reinsurance markets tightening their belts and driving prices up for carriers. In response to the crisis, the Hawai‘i Property Insurance Association has been bulking up its capacity, including setting its sights on tech upgrades to stay nimble in these shaky times, as per the Hawai‘i Department of Commerce and Consumer Affairs.
For those feeling the pinch of the insurance climate, INS hasn't been idle, busying itself with the reestablishment of the Hawaii Hurricane Relief Fund Board in July last year and trying to keep the coverage flowing without breaking the bank. "I look forward to collaborating with industry professionals, policymakers and consumers to promote stability and innovation in our insurance landscape," Bump told the Hawai‘i Department of Commerce and Consumer Affairs. For folks at home worrying over non-renewal notices or the sting of rate increases, the advice is to start shopping around — and INS has even put out a handy premium comparison sheet to help you get started, available on their website.
