Recent News About Insurance Information Institute
By Business Daily | Sep 24, 2024
Residents in Florida, Georgia, and the Carolinas are urged to finalize their preparations as Hurricane Helene approaches. The Insurance Information Institute (Triple-I) reports that the hurricane is expected to make landfall along Florida’s Gulf Coast on Thursday, September 26.
By Business Daily | Sep 23, 2024
Excess and surplus lines (E&S) have experienced growth for five consecutive years, marked by double-digit percentage increases. This trend is attributed to solid underwriting results driving operating profitability due to new risks and reduced capacity in admitted markets. These insights are part of the Insurance Information Institute’s (Triple-I) latest issues brief, "Excess and Surplus: State of the Risk."
By Business Daily | Sep 9, 2024
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).
By Business Daily | Sep 3, 2024
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.
By Business Daily | Aug 20, 2024
Amica Mutual Insurance Company Joins Triple-I as Its Latest Member
By Business Daily | Aug 3, 2024
Residents of Florida and the Southeast should prepare for the potential impacts of Tropical Cyclone 4, which is forecast to become Tropical Storm Debby later on 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).
By Business Daily | Jul 16, 2024
NEW YORK, July 16, 2024 – The recent rise in U.S. homeowners insurance costs has been driven by a combination of increasing natural catastrophe losses and extraordinary inflation following COVID-19, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief. Triple-I also noted that legal system abuse is contributing to the cost increases.
By Business Daily | Jul 11, 2024
NEW YORK, July 11, 2024 – Favorable first-quarter economic and underwriting results for property/casualty insurance align with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to the latest forecasting report from the Insurance Information Institute (Triple-I) and Milliman.
By Business Daily | Jul 6, 2024
HOUSTON, July 6, 2024 — 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.
By Business Daily | Jun 26, 2024
Researchers at the Insurance Information Institute (Triple-I) have determined that home insurance premiums in Florida rose at a much lower rate than originally projected in 2022 and 2023. The significant differences in premium averages reflect the impact of legislative legal system abuse reforms as well as lower levels of inflation in replacement costs. Both factors were not anticipated at the time Triple-I’s estimates were made.
By Business Daily | Jun 10, 2024
The Insurance Information Institute (Triple-I) has reported improvements in personal auto profitability, although these gains may take time to impact premium rates. According to Triple-I's newly published Issues Brief, "Trends and Insights: Personal Auto Insurance Rates," the 2023 net combined ratio for auto insurers was 104.9, a 7.3-point improvement over 2022. Additionally, the net written premium growth for 2023 reached 14.3%, the highest in over 15 years and six points higher than the next-highest during that period.
By Business Daily | May 20, 2024
The Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) have partnered to combat contractor fraud, a growing issue that has stalled or completely halted the rebuilding process for many homeowners after a disaster. Sean Kevelighan, CEO of Triple-I, emphasized the importance of educating homeowners about common signs of fraud and offering guidance on hiring reputable contractors.
By Business Daily | May 14, 2024
The U.S. property/casualty industry experienced its second consecutive year of underwriting losses in 2023, with a net combined ratio of 101.6. Despite an improvement compared to 2022, personal lines remained the primary contributor to unprofitability in 2023. The latest industry underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman anticipate that premium growth will further enhance underwriting results in 2024, forecasting a net combined ratio of 100.2 for the P/C industry.
By Business Daily | May 9, 2024
U.S. property/casualty replacement costs are currently rising at a slower rate than overall inflation and this trend is expected to persist for the next two years, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook. Despite this slowdown in cost increases, it is unlikely to ease upward pressures on insurance premiums, particularly in light of deteriorating underwriting trends and multi-year replacement cost increases. However, it may provide some short-term relief for carriers before surpassing overall inflation again by 2026.
By Business Daily | May 8, 2024
The Insurance Information Institute (Triple-I) reports that Florida’s property insurance market is experiencing improvements, attributed to legislative reforms that address legal system abuse and fraud. The reforms, established in 2022 and 2023, have paved the way for stability in the market as the 2024 Atlantic hurricane season approaches.
By Business Daily | May 3, 2024
ST. JOHNS, Fla., May 3, 2024 – The Insurance Information Institute (Triple-I) is urging individuals in hurricane-prone areas to prepare for what is anticipated to be a busy 2024 Atlantic hurricane season. The season, projected to be "very active," is expected to bring significant challenges, as highlighted by Triple-I CEO Sean Kevelighan during National Hurricane Preparedness Week.Kevelighan emphasized the importance of financial protection and property resilience, stating, "During National Hurricane Preparedness Week, everyone who lives in a hurricane-prone community...
By Business Daily | Apr 29, 2024
Fires resulting from lightning strikes cause a significant portion of commercial property insurance claims in the United States. Tim Harger, executive director of the Lightning Protection Institute (LPI), emphasized the importance of protecting businesses from the destructive consequences of lightning strikes, stating, "The potential consequences, such as business interruption, loss of revenue, and damage to reputation, can be devastating." He highlighted the significance of investing in a lightning protection system to prevent business interruption and safeguard...
By Business Daily | Apr 15, 2024
AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member. "AF Group is a driving force in the specialty solutions market, and the Triple-I is honored to have the support of such an important organization," said Sean Kevelighan, CEO, Triple-I.Lisa Corless, President and CEO of AF Group, emphasized the importance of the partnership, stating, "Among the biggest concerns for insurers today are rate adequacy, inflation, climate change and economic uncertainty." She added, "Aligning with the Triple-I is an ideal way to foster our unique...
By Business Daily | Apr 11, 2024
The economic drivers of the U.S. property/casualty (P/C) insurance industry are showing promising growth, outpacing the nation's Gross Domestic Product (GDP) and poised to accelerate even more with potential Federal Reserve monetary rate cuts. According to Michel Léonard, chief economist and data scientist at the Insurance Information Institute (Triple-I), "Triple-I forecasts P&C underlying growth to increase to 3.4% in 2024, 1.2% above the Fed’s GDP forecast of 2.2%."Léonard further stated, "Triple-I expects P&C underlying growth to continue outperforming overall GDP...
By Business Daily | Apr 8, 2024
NEW YORK, April 8, 2024—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.Janet Ruiz, director of strategic communications at the Triple-I, highlighted that the number of dog bite and related injury claims in 2023 was 19,062, with a total cost of $1.12 billion. She emphasized the importance of education and training for owners and pets to ensure safety and health.State Farm, as the largest property insurer in the country, is dedicated to educating people on pet owner...
