Insurance Information Institute Releases Its 2023 Annual Report

For Immediate Release
Contact: Michael Barry, 917-923-8245, michaelb@iii.org

NEW YORK, Jan. 31, 2024—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.

“Climate risks are being given additional media attention, yet insurance is increasingly entering into the discussion. 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. It is one of the reasons Triple-I contributed its flood mitigation insights in 2023 to a National Institute of Building Sciences report on resilience and another developed in consultation with Milwaukee, Wisconsin’s Metropolitan Sewerage District,” stated Sean Kevelighan, CEO, Triple-I, in his Annual Report letter.  “Looking ahead to 2024, Triple-I plans to leverage its continued communications success around legal system abuse, in particular, focusing on third-party litigation funding.”

“Triple-I successfully communicated in 2023 to consumers, the media, policymakers, and industry professionals about the primary issues impacting the cost of auto, home, and business insurance: legal system abuse, climate risks, and the regulatory environment in which insurers operate. To achieve these goals, Triple-I highlighted how excessive litigiousness results in higher insurance costs, how mitigation can reduce climate risks, and explained the role state and federal policymakers have on the cost of doing business for insurers,” said Jennifer Kyung, chairwoman, Triple-I’s Executive Leadership Committee, and Property & Casualty, Chief Underwriter, USAA, in her Annual Report letter.  

Triple-I created unique editorial content and data-driven economic analyses throughout 2023. In a joint project with the National Association of Realtors, Triple-I produced a Homebuyers Insurance Handbook. In addition, existing policyholders now have a knowledge hub to consult when renewing either a homeowners or auto insurance policy, as well as access to a comprehensive survey Triple-I conducted with Munich Re on Homeowners Perception of Weather Risks. Now in its fifth year, Triple-I’s quarterly economic forecasts in 2023 provided insights into the state of the industry’s financial performance.

The Triple-I’s 2023 digital Annual Report also discusses how its traditional media citations grew year-over-year by 10 percent; its total number of social media followers increased 7 percent as compared to 2022, and reports Triple-I’s website attracted 3.3 million unique visitors last year. To illustrate Triple-I’s reach and its credibility with major news outlets, the Annual Report links to dozens of high-profile media stories in which Triple-I was either interviewed or cited as a source.

The Triple-I’s diverse membership accounts for nearly 50 percent of all property/casualty (P/C) insurance premiums written in the U.S. Members include mutual and stock companies who sell both personal and commercial lines insurance coverage.  Reinsurers also are Triple-I members. These insurers and reinsurers have regional, national, and international customers. Brokers, agents, consultants, educators, and other insurance industry professionals are among Triple-I’s associate members.