The Insurance Information Institute (Triple-I) has released its 2023 Annual Report, showcasing the organization's achievements in a year marked by a record number of weather and climate disasters in the United States. These disasters resulted in at least $1 billion in damages.

In his Annual Report letter, Triple-I CEO Sean Kevelighan emphasized the significance of climate risks and the insurance industry's response to them. He stated, "Triple-I is making clear how U.S. insurers and reinsurers have long been seeing the impacts of increased climate risk and are promoting a more collective and communal approach to physical infrastructure resilience building." Kevelighan also highlighted Triple-I's contributions to flood mitigation insights in reports by the National Institute of Building Sciences and the Metropolitan Sewerage District of Milwaukee, Wisconsin.

Looking ahead to 2024, Triple-I plans to focus on third-party litigation funding and continue its efforts to address legal system abuse. Kevelighan expressed the organization's commitment to raising awareness about excessive litigiousness and its impact on insurance costs.

Jennifer Kyung, chairwoman of Triple-I's Executive Leadership Committee and Chief Underwriter of Property & Casualty at USAA, emphasized the organization's successful communication efforts in 2023. Triple-I effectively engaged with consumers, the media, policymakers, and industry professionals to address the primary issues affecting the cost of auto, home, and business insurance. Kyung highlighted Triple-I's work in educating stakeholders about the relationship between excessive litigiousness, climate risks, and the regulatory environment for insurers. She emphasized the role of mitigation in reducing climate risks and the influence of state and federal policymakers on insurers' operating costs.

Throughout 2023, Triple-I produced informative editorial content and conducted data-driven economic analyses. Collaborating with the National Association of Realtors, Triple-I produced the Homebuyers Insurance Handbook, providing valuable information for prospective homeowners. Existing policyholders also had access to a comprehensive survey on Homeowners' Perception of Weather Risks, conducted in partnership with Munich Re. Additionally, Triple-I's quarterly economic forecasts provided insights into the industry's financial performance.

The release of Triple-I's 2023 Annual Report underscores the organization's commitment to addressing the challenges posed by climate risks, legal system abuse, and regulatory environments. By engaging with various stakeholders and providing valuable resources, Triple-I continues to play a vital role in the insurance industry's efforts to navigate these complex issues.