RELEASE: JERRY BUMP NAMED STATE’S ACTING INSURANCE COMMISSIONER

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI 

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

KA ʻOIHANA PILI KĀLEPA

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA 

NADINE Y. ANDO

DIRECTOR

KA LUNA HOʻOKELE

JERRY BUMP NAMED STATE’S ACTING INSURANCE COMMISSIONER

FOR IMMEDIATE RELEASE
February 03, 2025

HONOLULU — Jerry Bump has been named the acting Insurance Commissioner for the state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) Insurance Division (INS), effective February 1. Bump transitions into this role following the retirement of Gordon Ito, who served as the Insurance Commissioner for a total of 10 years cumulatively and had worked in INS in various capacities for the past 31 years. As acting Insurance Commissioner, Bump is responsible for overseeing the insurance industry in the state of Hawai‘i, which includes companies, insurance agents, self-insurers and captives.

INS ensures that consumers are provided with insurance services meeting acceptable standards of quality, equity and dependability at fair rates by establishing and enforcing appropriate service standards. INS consists of seven branches, the Financial Surveillance and Examination Branch, Compliance and Enforcement Branch, Licensing Branch, Rate and Policy Analysis Branch, Captive Insurance Branch, Insurance Fraud Investigation Branch, and Health Insurance Branch. The seven branches closely interact with each other in attaining the common goal of safeguarding the public interest by monitoring the insurance company activities to ensure that acceptable standards are maintained and by fairly administering the Insurance Code.

Bump joined the Hawai‘i Insurance Division in 2008 as an Insurance Program Specialist and served as Chief Deputy Insurance Commissioner since 2023. Prior to joining INS, he had a 13-year career with Pacific Guardian Life Insurance Company and worked in public accounting as an Auditor.

“I look forward to collaborating with industry professionals, policymakers and consumers to promote stability and innovation in our insurance landscape,” said Bump. “I am grateful for the leadership Gordon Ito provided and will work diligently to uphold the trust and confidence placed in our division,” continued Bump.

“We extend our gratitude to Gordon Ito for his exemplary service over the past 31 years,” said DCCA Director Nadine Ando. “As Jerry Bump assumes the role of acting Insurance Commissioner, we are confident that his leadership will guide the Insurance Division forward in upholding regulatory standards and serving the people of Hawai‘i,” concluded Ando.

Bump is a graduate of Moanalua High School and received his undergraduate degree in business administration from the University of Hawai‘i at Manoa. He is a licensed Certified Public Accountant since 2001.

The insurance industry is experiencing a hard market, characterized by high rates and limited availability. Insurance rates have been increasing over the past several years across the nation. Reinsurance markets, or insurance for insurance companies to manage risks, have contracted resulting in increasing rates to insurance carriers for reinsurance policies. Amidst a challenging market cycle predating the Maui wildfires, the reinsurance market has observed losses of approximately $100 billion in four of the past five years. Nationwide rate increases, influenced by reinsurance market contractions, have led to substantial cost increases upward of 50% for carriers over the past several years. Insurers are reevaluating risks, impacting availability and affordability.

In preparation for a potential decline in the availability of insurance within the Hawai‘i market, the Hawai‘i Property Insurance Association has been working on expanding its capacity, to increase its coverage limits as well as procure a new IT system to be responsive to the market’s needs, including potentially writing condominium units’ policies and AOAO master policies to cover potential losses, excluding hurricane losses. The Hawaii Hurricane Relief Fund Board was reconstituted, convening its first meeting on July 25, 2024. INS continues to actively work with insurers to maintain availability of coverage and affordable options in compliance with statutory mandates.

INS publishes an annual premium comparison sheet and guide for homeowners, condominiums and rentals and motor vehicle insurance. Policyholders receiving non-renewal notices or significant rate increases should explore alternative insurers. The premium comparison guide and other resources are available on the INS website at https://cca.hawaii.gov/ins/.

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The Hawaiʻi Insurance Division regulates the Hawaiʻi insurance industry, issues licenses; examines the fiscal condition of Hawaiʻi-based companies; reviews rate and policy filings; and investigates insurance-related complaints.

Media Contact:
Communications Office
Department of Commerce and Consumer Affairs
Phone: 808-586-2760
Email: [email protected]