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MIAMI, Nov. 20, 2024 – Cyber incidents, changes in climate, and business interruption are the chief risk concerns among key marketplace segments in the insurance industry, a new survey from Munich Reinsurance America Inc. (“Munich Re US”) and the Insurance Information Institute (Triple-I) reveals....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org MALVERN, Pa., Nov. 13, 2024— Inland areas are increasingly vulnerable to flooding from both tropical storms and severe convective storms, yet the number of homeowners who purchase flood insurance is dismal, reflecting consumer misunderstandings about the coverage, according to the Insurance Information Institute's (Triple-I) updated Issues Brief....
For immediate release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Oct. 24, 2024 – The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ATLANTA, Oct. 23, 2024 – To raise awareness of the impacts of legal system abuse on Georgia consumers, businesses and insurers, the Insurance Information Institute (Triple-I) has launched a multi-faceted campaign that includes an Interstate 20 billboard in Downtown Atlanta and digital billboards across the Metro Atlanta area on bus stops and other urban panels....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK, Oct. 10, 2024 – First-half economic and underwriting results for the U.S....
New York Press Office Loretta Worters 917-208-8842 lorettaw@iii.org NEW YORK, Oct. 7, 2024 – Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship. Insurance is an important component of financial planning that can help survivors move forward, according to the Insurance Information Institute (Triple-I)....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Oct. 7, 2024 — Florida residents should finalize preparations for significant impacts of Hurricane Milton, which is forecast to make landfall along Florida’s west-central Gulf Coast as a major hurricane on Wednesday, Oct. 9, according to the Insurance Information Institute (Triple-I)....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Sept. 24, 2024 — Residents of Florida, Georgia and the Carolinas should finalize preparations for significant impacts of Hurricane Helene, which is forecast to make landfall along Florida’s Gulf Coast as a major hurricane on Thursday, Sept. 26, according to the Insurance Information Institute (Triple-I)....
Media Contact: Triple-I: Loretta Worters lorettaw@iii.org NEW YORK, Sept. 23, 2024 – Excess and surplus lines (E&S) has seen a surge in growth for five consecutive years by double-digit percentage rates. Solid underwriting results continue to drive operating profitability due to emerging new risks and declining capacity in admitted markets, according to the Insurance Information Institute’s (Triple-I) latest issues brief, Excess and Surplus: State of the Risk....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Sept. 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....
MEDIA CONTACTS Insurance Information Institute (Triple-I): Loretta Worters, lorettaw@iii.org SAS: Julia Norton, Julia.norton@sas.com New report explores insurers’ cross-industry opportunity to influence the responsible development, use of AI, and help establish regulatory best practices NEW YORK, Sept....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Aug. 20, 2024 – Amica Mutual Insurance Company has joined the Insurance Information Institute (Triple-I) as its most recent member. Headquartered in Lincoln, Rhode Island, Amica is a nationally recognized company that offers auto, home and life insurance, and it earned the top spot in the J.D. Power 2024 U.S. Property Claims Satisfaction Study earlier this year....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Aug. 3, 2024 — Residents of Florida and the Southeast should be alert for the potential impacts of Tropical Cyclone 4, which is forecast to become Tropical Storm Debby later 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)....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, July 16, 2024 – The recent rise in U.S. homeowners insurance costs have been driven by a combination of increasing natural catastrophe losses and extraordinary inflation coming out of COVID, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief. Even more, Triple-I noted that legal system abuse is also proliferating the cost increases....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK, July 11, 2024 – Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to the latest forecasting report – Insurance Economics and Underwriting Projection…...
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org 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. In its 10 a.m....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., June 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 (41% less) and 2023 (80% less)....
For Immediate Release New York Press Office: (212) 346-5500; media@iii.org NEW YORK, June 17, 2024—More than $1.2 billion in lightning-caused U.S....
NEW YORK, June 10, 2024 – Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute (Triple-I). But while these gains show improvement, it will likely take time for them to be reflected in flattening premium rates, Triple-I noted. “Auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022....
NEW YORK, May 20, 2024 --The Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) are marking this week (May 20-24, 2024) as Contractor Fraud Awareness Week (CFAW) to highlight how homeowners can protect themselves from dishonest contractors. “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....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK, MAY 14, 2024 – The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023....
For immediate release New York Press Office, Loretta Worters 917-923-8245, lorettaw@iii.org NEW YORK, May 9, 2024 – U.S....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., May 8, 2024 – 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)....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., May 3, 2024 – The start of what is forecast to be a “very active” 2024 Atlantic hurricane season is just four weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now....
Media Contact: Loretta Worters, Insurance Information Institute (Triple-I), 917-208-8842; lorettaw@iii.org NEW YORK, April 29, 2024 – Fires resulting from lightning strikes cause 3% to 5% of all U.S. commercial property insurance claims, accounting for billions annually in covered payouts to small and medium-sized businesses (SMBs), according to the Insurance Information Institute (Triple-I) and the Lightning Protection Institute (LPI)....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, April 15, 2024— AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member....
For immediate release New York Press Office, Loretta Worters 917-923-8245, lorettaw@iii.org NEW YORK, April 11, 2024—The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook....
For immediate release California Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org 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. In addition to the potential for physical or emotional harm, dog bites can be financially costly....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., 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....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, March 20, 2024—The Insurance Information Institute (Triple-I) will hold its 2024 Joint Industry Forum (JIF) in Miami, Florida, on Tuesday, Nov. 19, and Wednesday, Nov. 20, offering its audience expert perspectives on the state of the insurance industry, it was announced today....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, March 14, 2024—California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, coupled with the need for more mitigation and resilience efforts in the state, are putting financial pressure on insurers and contributing to limited availability of property insurance in high-risk markets, according to the Insurance Information Institute’s (Trip…...
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Feb. 27, 2024—The Insurance Information Institute (Triple-I), the trusted source for data driven insights on risk and insurance, today released its latest issues brief highlighting how excessive litigation is compounding a years-long problem of rising auto insurance costs....
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org SAN FRANCISCO, Feb....
For Immediate Release Contact: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Feb. 7, 2024—Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief, published today. “Two primary factors may be at work,” stated Triple-I’s Cyber Insurance: State of the Risk, when explaining the trend....
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....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK, Jan. 30, 2024 –The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Jan....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Jan. 22, 2024—Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I)....