April is National Volunteer month, and in time with this event State Farm® has conducted an interesting survey which reveals key insights into what motivates people to volunteer.
The study found that that only 23 percent of younger millennials currently volunteer, compared to 46 percent of older millennials (those who are married, have kids, or own a home). State Farm research confirms what others have found, that younger people are looking to align their giving opportunities with their life goals.
Millennials have supplanted Baby Boomers as the largest population group in the United States, and as a result they have the biggest potential to influence volunteerism. With that in mind the study offers several useful tips for engaging young professionals in volunteer activities:
- Show the impact: People want to know their work was worth it. Forty-three percent of older millennials and 34% of younger millennials say seeing the impact of their time and talent reaffirms their commitment to give back.
- Career development: Forty percent of older millennials and 35% of younger millennials said offering opportunities to help their career or job search would boost their willingness to volunteer.
- Knowledge is power: The prospect of gaining expertise in a certain area or learning a new skill inspires more people to get involved. Forty percent of older millennials and 31% of younger millennials say this opportunity would make them more likely to volunteer.
- The more the merrier: Both groups agree, being able to participate with friends (44% older millennials, 35% younger millennials) or meet new people (28% older Millennials, 22% younger millennials) plays a large role in their decision to volunteer. In fact, one in five millennials reported finding a significant other through volunteering!
For more about how the insurance industry is committed to our communities read the latest issue of I.I.I.’s Impact magazine
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Dogs provide millions of people with companionship, happiness and health benefits. But even dogs that are normally docile may bite when they are frightened or when defending their puppies, owners or food.
To educate pet owners about how to prevent dog bites The American Veterinary Medical Association (AVMA), the United States Postal Service (USPS) and State Farm Insurance are joining together for National Dog Bite Prevention Week (April 8 -14).
Dog bites and other dog-related injuries accounted for more than one third of all homeowners liability claim dollars paid out in 2017, costing almost $700 million, according to the Insurance Information Institute (I.I.I.) and State Farm®, the largest writer of homeowners insurance in the United States.
California had the largest number of claims in 2017 followed by Florida. Florida also had the highest average cost per claim at $44,700.
For more details see our interactive map below.
On Thursday April 5th Philip J. Klotzbach and Michael M. Bell, scientists with the Colorado State University, issued their 2018 Atlantic Hurricane Forecast. The forecast anticipates slightly above-average activity for the 2018 Atlantic basin hurricane season.
There is slightly above-average probability of a major hurricanes making landfall along the continental United States coastline and in the Caribbean.
Klotzbach and Bell estimate that 2018 will have 7 hurricanes (median is 6.5), 14 named storms (median is 12.0), 70 named storm days (median is 60.1), 30 hurricane days (median is 21.3), 3 major (Category 3-4-5) hurricane (median is 2.0) and 7 major hurricane days (median is 3.9). The probability of U.S. major hurricane landfall is estimated to be about 120 percent of the long-period average.
Probabilities for at least one major hurricane landfall on each of the following coastal areas:
- Entire continental U.S. coastline – 63% (average for last century is 52%)
- U.S. East Coast Including Peninsula Florida – 39% (average for last century is 31%)
- Gulf Coast from the Florida Panhandle westward to Brownsville – 38% (average for last century is 30%)
As is the case with all hurricane seasons, coastal residents are reminded that it only takes one hurricane making landfall to make it an active season for them. They should prepare the same for every season, regardless of how much activity is predicted.
Click here for the full forecast.
Dr. Philip Klotzbach is a non-resident scholar for the Insurance Information Institute (I.I.I.)
By Brent Carris, Research Assistant, Insurance Information Institute
April is Distracted Driving Awareness Month, and according to a new AAA survey, more people than ever are aware of the danger distracted drivers pose on the road.
The AAA Traffic Safety Culture Index, found that most drivers (87.5 percent) believe that distracted driving has outpaced all other traffic related issues as a growing safety concern. It was followed by traffic congestion at 74.5 percent and aggressive drivers at 68.1 percent. Distracted driving has been amplified by the rapid increase of cellphone usage in the car. Most drivers (96.8 percent) view texting or emailing while driving as a serious threat – however, in the past 30 days, 44.9 percent of drivers read a text message or email while driving.
The AAA survey reveals that people in the United States value safe travel and perceive unsafe driving practices as a serious threat to personal safety. However, despite these strongly held concerns, many individuals admit engaging in unsafe driving practices, demonstrating a “do as I say, not as I do” attitude.
Risky/aggressive driving, drowsy driving, and impaired driving are also a growing concern. More than half of drivers (54.9 percent) believe that drugs pose a significantly bigger problem today than in the past three years; while about 43.4 percent believe that drunk driving is either a much bigger problem today or a somewhat bigger problem today than three years ago. Most respondents supported required alcohol-ignition interlocks for drivers convicted of a DWI.
More than one-in-five drivers or 21.4 percent report having been in a motor vehicle crash in which at least one party involved was hospitalized. Between 2006 and 2015, almost 58 million crashes occurred on U.S. highways, resulting in 355,562 fatalities and an estimated 23.5 million injuries.
The earthquake risk exposure for California’s workers comp market is huge, as nearly every worker in the state is covered. By contrast only about 10 percent of Californians have residential earthquake insurance.
The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has recently partnered with Risk Management Solutions, Inc. (RMS), on a report quantifying the earthquake risk faced by California workers’ compensation insurers.
The timing of an earthquake event emerged as one of the critical factors when assessing the risk to employees. Recent earthquakes such as the Loma Prieta and the Northridge happened during off-peak hours; had the timing been different, the human impact could have been much worse. As expected the highest concentration of employees coincides with the highest hazard regions.
By James Ballot, Senior Advisor, Strategic Messaging, Insurance Information Institute
Many of us are still trying to make sense of how our data were affected by a massive data-scraping operation by the research firm of Cambridge Analytica that allegedly misused personal information of 50 million Facebook users. One expert with a “big picture” view of this scandal is Yonatan Zunger, a former engineer/privacy expert at Google, who sees the Facebook/Cambridge Analytica affair as further evidence that computer science needs to have its “A-Bomb” moment.
What Zunger means by this is that the fields comprising computer science have to “come to terms with the responsibility that comes with building things which so profoundly affect people’s lives.” And, relatedly, when (or if) there is an “enlightenment” movement, will it empower programmers, data engineers, and others in the field to fight the “weaponization of their work,” or will hackers and other cybercrooks simply redouble efforts and build better mice to defeat better mousetraps?
At the heart of this moment of reckoning are topics of keen interest to insurers. Concerns about big data analytics in insurance are being raised on several fronts. The Geneva Association recently published a report highlighting the concerns regarding privacy, discrimination and competition that big data analytics present to the insurance industry. And this recent article by R.J. Lehmann warns that “The more complex predictive modeling grows and the more attenuated from the sorts of relatively straightforward risk factors that both consumers and regulators can easily understand, the greater the odds of a backlash.”
Over the past few years property/casualty insurance companies have been vigorously active as investors in technology startups and in partnerships with complementary technologies and ecosystems (drones, smart homes, car sharing, cyber risk management).
Established Insurers are also launching new brands and businesses. Munich Re’s Nexible, an online auto insurance portal, is one of many examples.
On Thursday March 23, CB Insights’ lead intelligence analyst Matthew Wong conducted a webinar on trends in P/C Insurance Tech. Here are some of the highlights from the webinar:
- Mentions of technology in earnings calls of major P/C carriers nearly quadrupled in the 3rd quarter of 2017 compared to the prior quarter.
- P/C insurance tech start-ups have raised over $3 billion since 2012.
- The U.S. leads the number of tech deals, with the fastest growing markets such as India, Saudi Arabia and Indonesia lagging. Europe is seeing an uptick in P/C startup activity.
- Many insurance tech startups are partnering with the real estate industry
- More startups are targeting small and medium sized businesses
- More startups are gearing to distribute cyber insurance
Slides from the Trends in P&C Insurance Tech webinar are available for download here.
The III’s Michael Barry briefs our membership every week on key insurance related stories. Here are some highlights.
Six people died when a pedestrian walkway collapsed at Florida International University on Thursday, March 15.
The 23-year-old man believed to have been behind the recent Austin, Texas-area bombings died on Wednesday, March 21. Two people were killed this month after separately opening packages which exploded.
A 49-year-old woman died after being struck by an Uber self-driving vehicle in Arizona on Sunday, March 18. The Wall Street Journal examined its insurance implications.