HONOLULU — Jerry Bump has officially stepped into the role of acting Insurance Commissioner for the state of Hawai’i’s Department of Commerce and Consumer Affairs (DCCA) Insurance Division (INS), effective February 1. This transition follows the retirement of Gordon Ito, who dedicated a remarkable 10 years as Insurance Commissioner and served in various capacities within INS for over three decades.
In his new role, Bump will oversee the insurance industry across Hawaii, managing companies, insurance agents, self-insurers, and captives. The Insurance Division plays a critical role in ensuring that consumers receive reliable insurance services that meet high standards of quality and equity at fair rates. INS is structured into seven branches, including the Financial Surveillance and Examination Branch, Compliance and Enforcement Branch, and Health Insurance Branch, all of which collaboratively work to safeguard public interests by monitoring insurance activities and enforcing the Insurance Code.
Bump has been a part of the Hawai’i Insurance Division since 2008, initially joining as an Insurance Program Specialist. Most recently, he served as Chief Deputy Insurance Commissioner. His prior experience includes a 13-year tenure with Pacific Guardian Life Insurance Company and a background 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,” Bump stated. “I am grateful for the leadership Gordon Ito provided and will work diligently to uphold the trust and confidence placed in our division.”
DCCA Director Nadine Ando expressed confidence in Bump’s leadership: “We extend our gratitude to Gordon Ito for his exemplary service over the past 31 years. 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.”
A graduate of Moanalua High School, Bump earned his degree in business administration from the University of Hawai’i at Manoa and has been a licensed Certified Public Accountant since 2001. The insurance industry is currently facing challenging conditions, characterized by rising rates and limited availability.
Nationwide, insurance rates have surged by over 50% in recent years, largely due to contractions in the reinsurance market—insurance for insurance companies—which has faced significant losses. In response to these challenges, the Hawai’i Property Insurance Association is actively working to expand its capacity by increasing coverage limits and enhancing its IT systems. This includes potential new policies for condominium units and AOAO master policies to mitigate losses, excluding hurricane damages. Additionally, the Hawaii Hurricane Relief Fund Board reconvened, holding its first meeting on July 25, 2024.
The Insurance Division continues to collaborate with insurers to ensure coverage availability and affordable options in compliance with state mandates. For homeowners, renters, and vehicle insurance, INS publishes an annual premium comparison guide, available on their website at https://cca.hawaii.gov/ins/. Policyholders facing non-renewal notices or significant rate increases are encouraged to explore alternative insurers.
