Industry Disruption Led to Moratoriums, Business Changes
The mission of IMT is to be financially stable so we can fulfill our promises to policyholders and partners. Beginning in 2020, the insurance industry (like so many) experienced rapid change and seismic disruption. The culmination of historic weather events and pandemic-driven inflation created unprecedented challenges for property and casualty insurance carriers to navigate. IMT, like so many other insurance carriers focused on property and casualty business, understood that the status quo was changing.
IMT took a close and careful look at the company’s book of business. IMT recommitted to underwriting Personal Lines and being available to serve policyholders in the state of Iowa. The insurance industry is facing difficult (and unprecedented) times, and IMT must adjust to continue providing its quality insurance solutions.
Profitability initiatives sometimes include difficult decisions, but they are necessary. Changes IMT implemented included new business moratoriums, revisions to underwriting guidelines and actual cash values for roofs older than five years.
IMT remains committed to serving policyholders and making strategic decisions that position IMT for a successful future.
If you are a member of the media seeking additional information, please contact media@imtins.com.
