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Legal system abuse adding to increasing auto insurance costs, creating a new asset class of investors betting on litigation

The 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. See also: Triple-I Issues Brief.

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Business Insurance Cyber liability risks

The loss of personal data and operational obstacles caused by cybercrimes is a big concern to insurers. NAIC President Andrew Mais says cyber resilience should become part of the insurance industry’s matrix to protect consumers. See video: Cybercrimes & insurance protection; Articles: Cyber insurance can protect the future of your business or Cyber insurance: a key part of a robust business strategy.

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I.I.I. Glossary

CAPACITY- The supply of insurance available to meet demand. Capacity depends on the industry’s financial ability to accept risk. For an individual insurer, the maximum amount of risk it can underwrite based on its financial condition. The adequacy of an insurer’s capital relative to its exposure to loss is an important measure of solvency. A property/casualty insurer must maintain a certain level of capital and policyholder surplus to underwrite risks. This capital is known as capacity. When the industry is hit by high losses, such as after the World Trade Center terrorist attack, capacity is diminished. It can be restored by increases in net income, favorable investment returns, reinsuring more risk and or raising additional capital. When there is excess capacity, usually because of a high return on investments, premiums tend to decline as insurers compete for market share. As premiums decline, underwriting losses are likely to grow, reducing capacity and causing insurers to raise rates and tighten conditions and limits in an effort to increase profitability. Policyholder surplus is sometimes used as a measure of capacity.

SECURITIES AND EXCHANGE COMMISSION / SEC- The organization that oversees publicly-held insurance companies. Those companies make periodic financial disclosures to the SEC, including an annual financial statement (or 10K), and a quarterly financial statement (or 10-Q). Companies must also disclose any material events and other information about their stock.

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I.I.I. News Wire

Legal System Abuse Adding to Increasing Auto Insurance Costs, Creating A New Asset Class of Investors Betting on Litigation

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org     NEW YORK, Feb. Read More

Triple-I Offers Reminders on Insurance Claim Filings for Consumers Impacted by California Atmospheric River Damages

For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org    SAN FRANCISCO, Feb. Read More

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Events Calendar

Advanced Analytics: Walk in the Insurance Regulator’s Shoes
February
29
2024
Triple-I CEO Sean Kevelighan will be presenting at the Advanced Analytics: Walk in the Insurance Regulator’s Shoes, which is being held on Thursday, February 29 at 9am ET to examine the collaboration between insurers and regulators in the age of AI. Checkout event website.
2024 CAS RPM Seminar
March
18
2024
Triple-I Chief Insurance Officer Dale Porfilio will be presenting at the 2024 CAS RPM Seminar. Join CAS which is being held March 18-20 in New Orleans, LA. Checkout event website.
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