Insurers Donated Over $1 Billion in 2022for Good Works
The Triple-I Blog
by Jeff Dunsavage
3M ago
KiDS NEED MoRE, a nonprofit dedicated to children and families coping with life-threatening illnesses and traumatic interruptions of normal childhood, is just one of the worthy organizations IICF supports. By Loretta Worters, Vice President – Media Relations, Triple-I The insurance industry contributed more than $1 billion to charitable endeavors in 2022, according to an independent review by the Insurance Industry Charitable Foundation (IICF). Alongside the industry’s charitable giving, the IICF Philanthropic Giving Index revealed other community contributions in 2022, demonstrating the ..read more
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Homeowners Insurance Costs Exceeded Inflation From 2000 to 2020
The Triple-I Blog
by Jeff Dunsavage
3M ago
By Max Dorfman, Research Writer, Triple-I The cost of homeowners insurance outpaced inflation from 2000 to 2020, according to new research by the Insurance Research Council (IRC) – like Triple-I, an affiliate of The Institutes. During that period, IRC found the coverage to be most affordable in Utah and least affordable in Louisiana. The IRC research brief, Homeowners Insurance Affordability: Countrywide Trends and State Comparisons, reports that the average homeowners insurance expenditure across the United States was $1,311 in 2020, while the median household income was $68,0 ..read more
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Triple-I Town Hall, Nov. 30, in D.C., Targets Climate Risk
The Triple-I Blog
by Jeff Dunsavage
4M ago
Property/casualty insurers have a powerful interest in mitigating climate-related risk and promoting investment in resilience. The industry is uniquely qualified to help address these perils, but traditional risk-transfer mechanisms on their own are no longer sufficient. Collective responsibility and a multi-disciplinary approach are needed for predicting and preventing catastrophic losses. That’s why Triple-I’s first-ever “Attacking the Risk Crisis” Town Hall is focused on climate-related perils. The one-day event – being held on November 30, 2023, at the Mayflower Hotel in Washington D.C ..read more
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Convective Storm Losses Hamper P&C Profitability; Rebound Expected by 2025
The Triple-I Blog
by Jeff Dunsavage
4M ago
By Max Dorfman, Research Writer, Triple-I Severe convective storm losses—the highest in decades—significantly affected the 2023 net combined ratio for the property/casualty industry, according to the latest underwriting projections by Triple-I and Milliman actuaries. The 2023 net combined ratio is now forecast to be 103.8, with hard markets continuing the net written premium growth, forecast at 8.3 percent. Combined ratio is a standard measure of underwriting profitability, in which a result below 100 represents a profit and one above 100 represents a loss. The quarterly report ..read more
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Uninsured Driving Dipped in 2022 After Pandemic Spurred a Multi-year Rise
The Triple-I Blog
by Jeff Dunsavage
4M ago
By Max Dorfman, Research Writer, Triple-I About one out of seven U.S. drivers (14.0 percent) operated a private-passenger vehicle without liability insurance in 2022, according to new research by the Insurance Research Council (IRC) – like Triple-I, an affiliate of The Institutes. The IRC report, Uninsured Motorists: 2017—2022, which used data from 10 insurers representing around 56 percent of the U.S. private passenger auto insurance market, found that the percentage of uninsured motorists been rising over the past few years. Indeed, the percentage of uninsured motorists was 1 ..read more
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HBCU Impact: Bridging the Insurance Talent Gap
The Triple-I Blog
by Jeff Dunsavage
4M ago
By Scott Holeman, Director, Media Relations,Triple-I To amplify the Insurance Information Institute’s (Triple-I) commitment to Diversity, Equity, and Inclusion (DEI) in the workplace, Triple-I partnered with HBCU IMPACT®, whose mission is to increase the number of Black professionals in the insurance, risk management, financial services, and legal industries. The first step in attracting new, diverse talent is to raise awareness about the sector’s viability and vast opportunities for rewarding careers. A logical place to engage new talent is on college campuses, where many students are ..read more
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Educate to Empower: Financial Literacy Keyto Helping Abuse Victims
The Triple-I Blog
by Jeff Dunsavage
4M ago
By Loretta Worters, Vice President – Media Relations, Triple-I Financial abuse occurs in 98 percent of abusive relationships and is the number one reason victims stay in or return to abusive relationships, according to the Center for Financial Security at the University of Wisconsin – Madison. Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship — yet 78 percent of Americans don’t recognize financial abuse as domestic violence. Insurance is an important part of financial planning that can help surviv ..read more
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Assess, Measure, Mitigate Your Lightning Risk
The Triple-I Blog
by Jeff Dunsavage
5M ago
By Kelley Collins, Director of Business Development and Communications, Lightning Protection Institute Our lives are filled with risk assessment and mitigation. From grabbing an umbrella for a rainy day to stocking up on supplies for an impending natural disaster, we assess and measure the potential risks before an event occurs to be prepared and protect ourselves from unwanted consequences. For many, however, assessing and mitigating lighting risk isn’t necessarily top of mind. We know lightning is going to strike – more than 31 million cloud-to-ground strikes occur annually. But being perso ..read more
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Predict & Prevent: From Data to Practical Insight
The Triple-I Blog
by Jeff Dunsavage
5M ago
By Bob Marshall, co-founder and CEO, Whisker Labs The insurance industry’s shift from assessing and pricing risks to predicting and preventing losses – thereby improving insurance availability and affordability – is well underway. Even a casual look at the trade press reveals insurers adopting technologies and data-driven strategies that help businesses, families, and communities improve their risk profiles. This data-driven movement does more than simply contain insurance costs – it’s driving improved customer engagement, affinity, and retention and creating opportunities beyond the transact ..read more
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Colorado’s Life Insurance Data Rules Offer Glimpse of Future for P&C Writers
The Triple-I Blog
by Jeff Dunsavage
5M ago
The Colorado Division of Insurance’s recent adoption of regulations to govern life insurers’ use of any external consumer data and information sources is the first step in implementing legislation approved in 2021 aimed at protecting consumers in the state from insurance practices that might result in unfair discrimination. Property/casualty insurers doing business in Colorado should be keeping an eye on how the legislation is implemented, as rules governing their use of third-party data will certainly follow. The implementation regulations, which have been characterized as a “scaling back” o ..read more
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