Insurance Information Institute

Triple-I and NICB Join Up to Help Consumers Fight Contractor Fraud

Retrieved on:

Montag, Mai 20, 2024

Residential Building & Real Estate, Construction & Property, Professional Services, Insurance, CFAW, Fraud, Insurance Information Institute, Better Business Bureau, National Insurance, NICB

“For many homeowners who are victims of contractor fraud, it has either forced delays in rebuilding or has completely halted the rebuilding process after a disaster,” said Sean Kevelighan, CEO of the Triple-I.

Key Points:

“For many homeowners who are victims of contractor fraud, it has either forced delays in rebuilding or has completely halted the rebuilding process after a disaster,” said Sean Kevelighan, CEO of the Triple-I.
“Contractor fraud costs hardworking Americans billions of dollars every year,” said David J. Glawe, president and CEO of NICB.
If you pay a contractor a large sum for a temporary repair job, you may not have enough money for permanent repairs.
You may also text your information to TIP411, keyword “FRAUD” and remain anonymous if you so desire.

US P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continue to Drag, New Triple-I/Milliman Report Shows

Retrieved on:

Dienstag, Mai 14, 2024

Consulting, Professional Services, Insurance, CPI, COVID-19, Acceleration, Building material, Milliman, Overalls, National Council, MAAA, Growth, CBE, FCAS, Economics, Insurance Information Institute, NCCI, P&C

While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.

Key Points:

While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
Dale Porfilio, FCAS, MAAA, chief insurance officer at Triple-I, discussed the overall P&C industry underwriting projections and premium growth.
For 2023, the personal lines expense ratio improved by almost 2 points over 2022, most dramatically in personal auto.
The net written premium growth rate for personal lines surpassed commercial lines by over seven points in 2023.

Homeowners Insurance Less Affordable for Consumers Over Last 20 Years, According to New IRC Study

Retrieved on:

Donnerstag, Mai 9, 2024

Insurance, Professional Services, Home insurance, Weather, Insurance Information Institute, The Institutes, History, FCAS, MAAA, IRC

In 2021, the latest year for which expenditure data is available, spending on homeowners insurance was 1.99% of household income.

Key Points:

In 2021, the latest year for which expenditure data is available, spending on homeowners insurance was 1.99% of household income.
The U.S. average expenditure on homeowners insurance increased from $508 in 2001 to $1,411 in 2021, a 5.0% annualized rise.
IRC’s analysis looks at homeowners insurance affordability at the countrywide and state level and examines underlying cost drivers by state.
The most affordable state in the country is Utah, with consumers spending 0.96% of their income on homeowners insurance, compared with Florida as the least affordable, with consumers spending 4.07%.

Triple-I: Florida’s Property Insurance Market Improving Due to Legislative Reforms Curbing Legal System Abuse, Fraud

Retrieved on:

Mittwoch, Mai 8, 2024

Professional Services, Public Policy, Government, State, Local, Environment, Other Policy Issues, Natural Disasters, Insurance, Insurance Information Institute, S&P Global, Atlantic hurricane season

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).

Key Points:

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).
Legislative reforms passed in 2022 and 2023 have created a pathway to a stable Florida market, according to Triple-I’s Issues Brief.
In dollar terms, 2023 saw $739 million in direct incurred legal defense expenses – a major decline from 2022’s $1.6 billion.
For perspective, incurred defense costs in the two largest U.S. insurance markets in 2023 were $401.6 million in California, followed by $284.7 million in Texas.

Triple-I Stresses Preparedness for ‘Very Active’ 2024 Atlantic Hurricane Season

Retrieved on:

Freitag, Mai 3, 2024

A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.

Key Points:

A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.
With more Americans living in harm’s way than ever before, it is critical for everyone residing in a hurricane-prone community to make preparedness a priority for the upcoming season,” Kevelighan added.
National Hurricane Preparedness Week , spearheaded by the National Oceanic and Atmospheric Administration (NOAA), starts on Sunday, May 5, and continues through Saturday, May 11.
The Triple-I’s four key hurricane preparedness tips for the 2024 season include:
Review Your Insurance Coverage.

Struck by Lightning: How Businesses Can Become More Resilient – Triple-I and LPI

Retrieved on:

Montag, April 29, 2024

Professional Services, Insurance, Natural Disasters, Environment, Small business, LPI, Risk, Insurance Information Institute, SBA, Water, Harger, National Small Business Week, Structural Damage, Luigi, Interruption, Telephone, Lightning, Fire

“A lightning strike can have a significant impact on a business - especially a small business,” said Tim Harger, executive director, LPI.

Key Points:

“A lightning strike can have a significant impact on a business - especially a small business,” said Tim Harger, executive director, LPI.
By taking proactive measures to protect their operations, small businesses can safeguard their livelihoods and ensure long-term success."
Harger noted that while lightning fires cause structural damage, what’s even more costly is damaged inventory, production downtime, and loss of revenue during repairs.
The system’s installation should be accompanied by the business’ purchase of the right types and amounts of insurance, Triple-I and LPI agree.

More Drivers Are Underinsured on the Nation’s Roads, According to New IRC Study

Retrieved on:

Dienstag, April 23, 2024

Other Automotive, Professional Services, Insurance, Automotive, UIM, Insurance Information Institute, The Institutes, Injury, FCAS, MAAA, IRC, Accident, Mobile phone

In 2022, more than one in seven drivers (15.7%) countrywide had insufficient coverage, according to a new Underinsured Motorists: 2017-2022 report by the Insurance Research Council (IRC), a division of The Institutes.

Key Points:

In 2022, more than one in seven drivers (15.7%) countrywide had insufficient coverage, according to a new Underinsured Motorists: 2017-2022 report by the Insurance Research Council (IRC), a division of The Institutes.
The estimated percentage of underinsured drivers countrywide was 15.7% in 2022, a 3.1 percentage point increase from 2017.
In 2022, the estimated percentage of underinsured drivers ranged from 5.6% in the District of Columbia to a whopping 40.9% in Colorado.
“Riskier behaviors like speeding and distracted driving, in combination with legal system abuse and economic inflation, all contribute to elevated UIM rates.”

AF Group Joins Triple-I as Its Latest Member

Retrieved on:

Montag, April 15, 2024

Insurance, Professional Services, Climate change, Triple, Woman, AF Group, Insurance Information Institute, National Council, Information International, Inc., Corless

AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member.

Key Points:

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.
“Among the biggest concerns for insurers today are rate adequacy, inflation, climate change and economic uncertainty,” said Lisa Corless, President and CEO, AF Group.
“We are excited to work with the Triple-I in support of their mission to inform important discussions on the vital role of insurance.”

Triple-I: 2024 Atlantic Hurricane Season Forecast to be ‘Very Active’

Retrieved on:

Donnerstag, April 4, 2024

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.

Key Points:

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.
Major hurricanes are defined as those with wind speeds reaching Category 3, 4 or 5 on the Saffir-Simpson Hurricane Wind Scale .
It was the third hurricane, and second major hurricane, to make a Florida landfall over the past two seasons.
A warmer-than-normal tropical Atlantic provides a more conducive dynamic and thermodynamic environment for hurricane formation and intensification.

Save the Date: Triple-I and International Insurance Society Team Up for Week of Transformative Discussions in Miami in November

Retrieved on:

Mittwoch, März 20, 2024

Insurance, Professional Services, Risk management, Insurance Information Institute, IIS, Government, The Institutes

They’ll discuss what’s working, what challenges persist, and how best to move forward in an evolving risk environment.

Key Points:

They’ll discuss what’s working, what challenges persist, and how best to move forward in an evolving risk environment.
IIS’ theme is Illuminating Insurance Innovation, which will focus on the impact of innovation on the insurance value chain.
“The industry is undergoing rapid transformation fueled by innovation,” said Joshua Landau, president of IIS.
Registration will open in the spring.