Articles from Insurance Information Institute

The Insurance Information Institute (Triple-I) has published its 2024 Annual Report, Now More Than Ever, highlighting the organization’s accomplishments in an era of uncertainty, evolving risks and rapid market shifts.

Three-quarters of consumers have had their personal information lost or stolen in some form of cybercrime. Twenty-eight percent of consumers had a social media account hacked. In addition, 23% of consumers had personal information compromised in a data breach, and 14% of consumers experienced an online attack. Yet 56% of insurance agents reported that their customers don’t understand or agree with the value of cyber insurance.

Florida’s legislative reforms to address legal system abuse and claim fraud are stabilizing the state’s property/casualty insurance market, according to a new Issues Brief published by the Insurance Information Institute (Triple-I), an affiliate of The Institutes.

A comprehensive tort reform package moving through the Georgia General Assembly is essential to addressing the impacts of legal system abuse on the costs of insurance for consumers and businesses in the Peach State, according to Trends and Insights: Georgia Insurance Affordability, an Issues Brief published by the Insurance Information Institute (Triple-I.)

The U.S. workers’ compensation (workers’ comp) insurance industry experienced its second best underwriting result in the past 20 years in 2023 with a net combined ratio of 87, the ninth consecutive year of generating a net underwriting profit, according to a new Issues Brief published by the Insurance Information Institute (Triple-I).

The Insurance Information Institute (Triple-I) recently launched another comprehensive awareness campaign in Atlanta, raising awareness about the devastating impacts of legal system abuse on Georgia’s economy.

Legislative reforms made in 2024 are a positive first step toward repairing Louisiana’s insurance market, which has long suffered from excess claims litigation and attorney involvement that drives up costs and, ultimately, premium rates. But more work is needed by state lawmakers, according to the new report Trends and Insights: Louisiana Insurance Market published by the Insurance Information Institute (Triple-I).

The U.S. property/casualty (P/C) market in 2024 is forecast to have continued its trajectory of improving underwriting results, according to the latest report -- Insurance Economics and Underwriting Projections: A Forward View – from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. Further premium growth and improved underwriting performance should continue in 2025 and 2026, provided geopolitical and economic conditions remain relatively stable.

California property insurers are acting as financial first responders to help their impacted customers recover from the wildfires devastating the metro Los Angeles area, according to the Insurance Information Institute (Triple-I).

First paragraph, second sentence of the Commercial Property Insurance Trends for 2025 and Beyond section should read: However, according to the latest market report from AON, for the first time since 2017 (27 consecutive quarters), commercial property insurance rates broke their upward trend – going from +3.4% in Q1 2024 to -0.94% in Q2 2024 (instead of However, according to the latest market report from AON, for the first time since 2017 (27 consecutive quarters), commercial property insurance rates broke their upward trend – going from +34% in Q1 2024 to -0.94% in Q2 2024.).

With winter arriving officially on Saturday, Dec. 21, preparing for snow, ice and frigid temperatures should be a priority for homeowners, renters and drivers throughout much of the U.S., according to the Insurance Information Institute (Triple-I).

Matt McHatten, president and chief executive officer at MMG Insurance, was elected chair of the Insurance Information Institute’s (Triple-I) Executive Leadership Committee (ELC). McHatten succeeds Jennifer Kyung, CEO and founder of NextGen Underwriting and former P&C chief underwriting officer at USAA.

Cyber incidents, changes in climate, and business interruption are the chief risk concerns among key marketplace segments in the insurance industry, a new survey from Munich Reinsurance America Inc. (“Munich Re US”) and the Insurance Information Institute (Triple-I) reveals.

Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance is dismal, reflecting consumer misunderstandings about the coverage, according to the Insurance Information Institute’s (Triple-I) updated Issues Brief.

The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums (NWP), according to the Insurance Information Institute (Triple-I), an affiliate of The Institutes.

To raise awareness of the impacts of legal system abuse on Georgia consumers, businesses and insurers, the Insurance Information Institute (Triple-I) has launched a multi-faceted campaign that includes an Interstate 20 billboard in Downtown Atlanta and digital billboards across the Metro Atlanta area on bus stops and other urban panels.

First-half economic and underwriting results for the U.S. property/casualty (P/C) industry were better than expected, according to the latest forecasting report – Insurance Economics and Underwriting Projections: A Forward View – from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner.

Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship. Insurance is an important component of financial planning that can help survivors move forward, according to the Insurance Information Institute (Triple-I).

Florida residents should finalize preparations for significant impacts of Hurricane Milton, which is forecast to make landfall along Florida’s west-central Gulf Coast as a major hurricane on Wednesday, Oct. 9, according to the Insurance Information Institute (Triple-I).

Residents of Florida, Georgia and the Carolinas should finalize preparations for significant impacts of Hurricane Helene, which is forecast to make landfall along Florida’s Gulf Coast as a major hurricane on Thursday, Sept. 26, according to the Insurance Information Institute (Triple-I).

Excess and surplus lines (E&S) have seen a surge in growth for five consecutive years by double-digit percentage rates. Solid underwriting results continue to drive operating profitability due to emerging new risks and declining capacity in admitted markets, according to the Insurance Information Institute’s (Triple-I) latest issues brief, Excess and Surplus: State of the Risk.

Residents from Texas to the Florida Panhandle should prepare for the potential impacts of Tropical Storm Francine, which is forecast to make landfall along the Northern Gulf Coast on Wednesday, Sept. 11, as a hurricane, according to the Insurance Information Institute (Triple-I).

Artificial Intelligence (AI) promises to revolutionize how property and casualty (P&C) business gets done. As a result, P&C insurers are uniquely positioned to advance the conversation for ethical AI – not just for their own businesses, but for all businesses. How they might help establish cross-industry regulatory and technology best practices is the topic of a new report for insurers, Pioneering Ethical AI: The Crucial Role of Property and Casualty Insurers by the Insurance Information Institute (Triple-I), an affiliate of The Institutes, and data and AI leader SAS, a collaborating partner.

Amica Mutual Insurance Company has joined the Insurance Information Institute (Triple-I) as its most recent member. Headquartered in Lincoln, Rhode Island, Amica is a nationally recognized company that offers auto, home and life insurance, and it earned the top spot in the J.D. Power 2024 U.S. Property Claims Satisfaction Study earlier this year.

Residents of Florida and the Southeast should be alert for the potential impacts of Tropical Cyclone 4, which is forecast to become Tropical Storm Debby later Saturday and potentially a hurricane before making landfall along Florida’s Gulf Coast on Monday, Aug. 5, according to the Insurance Information Institute (Triple-I).

The recent rise in U.S. homeowners insurance costs have been driven by a combination of increasing natural catastrophe losses and extraordinary inflation coming out of COVID, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief. Even more, Triple-I noted that legal system abuse is also proliferating the cost increases.

Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to the latest forecasting report – Insurance Economics and Underwriting Projections: A Forward View – from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner.

Texans should be alert for the potential impacts of Tropical Storm Beryl, which is forecast to intensify back to hurricane strength before making landfall along the Texas Gulf Coast on Monday, July 8, according to the Insurance Information Institute (Triple-I). It would be the first U.S. landfall of the 2024 Atlantic hurricane season.

More than $1.2 billion in lightning-caused U.S. homeowners insurance claims were paid out in 2023 to more than 70,000 policyholders, with $194 million attributable to Texas alone, according to the Insurance Information Institute (Triple-I.).

Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute (Triple-I).

The Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) are marking this week (May 20-24, 2024) as Contractor Fraud Awareness Week (CFAW) to highlight how homeowners can protect themselves from dishonest contractors.

The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023. Premium growth is expected to further improve underwriting results in 2024, with the 2024 P/C industry net combined ratio forecast at 100.2, according to the latest industry underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. Insurance Economics and Underwriting Projections: A Forward View, was presented today at Triple-I’s exclusive members-only webinar.

U.S. property/casualty replacement costs are now increasing at a slower pace than overall inflation and will likely continue to do so for the next 24 months, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.

After years of enduring rampant legal system abuse and claim fraud, Florida’s property insurance market is showing signs of improvement as the 2024 Atlantic hurricane season nears, according to a new Issues Brief published today by the Insurance Information Institute (Triple-I).

The start of what is forecast to be a “very active” 2024 Atlantic hurricane season is just four weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now.

Fires resulting from lightning strikes cause 3% to 5% of all U.S. commercial property insurance claims, accounting for billions annually in covered payouts to small and medium-sized businesses (SMBs), according to the Insurance Information Institute (Triple-I) and the Lightning Protection Institute (LPI).

AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member. Headquartered in Lansing, Michigan, and licensed in 50 states, AF Group is a nationally recognized holding company whose affiliated insurance companies provide specialty insurance solutions offered through independent agents nationwide including property, commercial auto, assumed reinsurance, fronting, trucking, assigned risk pools, wholesale operations, liability, third party administration operations, as well as workers’ compensation.

The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.

U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023 according to the Insurance Information Institute (Triple-I) and State Farm.

A very active tropical cyclone season is projected for 2024 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science.

The Insurance Information Institute (Triple-I) will hold its 2024 Joint Industry Forum (JIF) in Miami, Florida, on Tuesday, Nov. 19, and Wednesday, Nov. 20, offering its audience expert perspectives on the state of the insurance industry, it was announced today.

California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, coupled with the need for more mitigation and resilience efforts in the state, are putting financial pressure on insurers and contributing to limited availability of property insurance in high-risk markets, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief.

The Insurance Information Institute (Triple-I), the trusted source for data driven insights on risk and insurance, today released its latest issues brief highlighting how excessive litigation is compounding a years-long problem of rising auto insurance costs. As dangerous roads and driving conditions as well as economic costs have been on the rise for several years, the challenges presented by overzealous billboard attorneys are exasperating the situation, as insurers last year on average paid out more than $1.10 for every $1 in premium they collected, according to the brief.

The Insurance Information Institute (Triple-I) is reminding homeowners, renters, businesses, and vehicle owners impacted by severe weather related to the West Coast Atmospheric River of what’s covered under standard insurance policies and how the insurance claim filing process works.

Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief, published today.

The Insurance Information Institute (Triple-I) released today its 2023 Annual Report, highlighting the organization’s accomplishments in a year when the U.S. saw a record number of weather and climate disasters causing at least $1 billion in damages.

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results. Hard markets continue with 2023 net written premium growth forecast at 9.0%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.

The federal government estimates 2.9 million Americans are employed by the insurance industry and February’s annual celebration of Insurance Careers Month is a reminder of the opportunities it offers, according to the Insurance Information Institute (Triple-I).

Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I).

In a move aimed at expanding its knowledge of important industry issues, the Insurance Information Institute (Triple-I) today announced the appointment of four new Non-Resident Scholars (NRS).

The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I).

The Milwaukee Metropolitan Sewerage District (MMSD) is mitigating the city’s flood risks using reforestation, wetlands restoration, and other nature-based solutions (NBS), according to the Insurance Information Institute (Triple-I).

Ohio’s defendants should know whether a third-party litigation funding firm is financing a lawsuit against them, the Insurance Information Institute’s (Triple-I) chief insurance officer, Dale Porfilio said, in testimony today before the state Senate’s Judiciary Committee.

Colorado State University’s (CSU) July and August 2023 Atlantic hurricane season forecasts, calling for “above-average” activity, proved to be accurate as the season concluding tomorrow was above-normal, according to the Insurance Information Institute (Triple-I) based on data from the National Hurricane Center.

The Insurance Information Institute (Triple-I) today released the names of the panels and moderators for its first-ever Town Hall: Attacking the Risk Crisis on Thursday, Nov. 30, in Washington, D.C.

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades. Hard markets continue with 2023 net written premium growth forecast at 8.3%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.

Halloween brings trick-or-treaters to nearly everyone’s doorstep, but the otherwise festive day poses risks and can be a safer one if homeowners and renters take a few proactive steps, according to the Insurance Information Institute (Triple-I).

The U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 billion through the end of September, according to the Insurance Information Institute (Triple-I.)

The economic drivers of the U.S. property/casualty (P/C) insurance industry could cumulatively expand faster than the nation’s gross domestic product (GDP) in 2024 and may outperform the overall U.S. economy by 2025, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.

The two Insurance Information Institute (Triple-I) contributors to Resilience Incentivization Roadmap 2.0, a new National Institute of Building Sciences (NIBS) study, will participate in the NIBS webinar on it on Wednesday, Oct. 18, at noon, EDT.

U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.

With Hurricane Ian’s first anniversary approaching, and about two months remaining in the 2023 Atlantic hurricane season, residents and businesses along the Atlantic and Gulf coasts should remain vigilant, according to the Insurance Information Institute (Triple-I).

California’s homeowners insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums in both 2017 and 2018, a legacy impacting 2023’s market conditions, according to the Insurance Information Institute (Triple-I).

Before changing your auto or homeowners insurance policy terms, or your current insurer, consumers should proactively take six steps, according to a newly-published Insurance Information Institute (Triple-I) shopping guide.

Floridians should be on high alert for the impacts of Tropical Storm Idalia, which is expected to strengthen to a Category 1 hurricane later Monday and intensify to a Category 3 major hurricane in the eastern Gulf of Mexico, before making landfall along Florida’s western Gulf Coast on Wednesday, Aug. 30, according to the Insurance Information Institute (Triple-I).

Floridians should be on alert for the impacts of a tropical depression that the National Hurricane Center said Friday morning could form as soon as this weekend in the eastern Gulf of Mexico and directly impact the state early next week, according to the Insurance Information Institute (Triple-I). The next named Atlantic basin storm will be called Idalia.

If someone depends on you financially, you should consider purchasing a life insurance policy, according to the Insurance Information Institute (Triple-I).

As the federally backed National Flood Insurance Program (NFIP) faces obstacles in the rollout of its new rating program that is generating premium increases for many of its policyholders, the private flood insurance market has benefited by significantly growing its market share across the U.S., according to an issues brief published today by the Insurance Information Institute (Triple-I).

In the midst of what’s expected to be an “above-average” 2023 Atlantic hurricane season, the Insurance Information Institute (Triple-I) is participating in a live LinkedIn Audio event on disaster preparedness on Thursday, Aug. 24, at 11:30 a.m., EDT.

To educate prospective homebuyers about their property insurance needs, the Insurance Information Institute (Triple-I) and the National Association of REALTORS® (NAR) today released a Homebuyers Insurance Handbook.

The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.

U.S. workers compensation insurers were able to underwrite profitably between 2019 and 2022 even as significant changes occurred in the nation’s workforce due to the pandemic, according to the Insurance Information Institute (Triple-I).

U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I).

An updated 2023 Atlantic hurricane season forecast from Colorado State University (CSU) released today projects more tropical cyclone activity than CSU previously anticipated.

Michel Léonard, Ph.D., CBE, Chief Economist and Data Scientist, Insurance Information Institute (Triple-I) is participating in a free-to-view webinar on Thursday, July 6, at 9 a.m., ET, on current trends in insurer investment strategies, Triple-I announced today.