Severe cold weather such as ice and snow can inflict considerable damage on your home and create liability risks. To minimize your risks, take precautionary steps inside and outside your home. See also Video: Minimizing winter weather risks; Press release: Triple-I provides six ways to minimize winter weather risks; Facts + Statistics: Winter storms.
Soon after any disaster, homeowners need to shift their focus from ensuring their safety to picking up the pieces and rebuilding. Many have questions about next steps, and the insurance claims process is among the most important. See also Videos: Colorado recovery 1; Colorado recovery 2; Colorado recovery 3.
The risk landscape is always changing. Triple-I Issues Briefs are designed to provide timely snapshots of specific risk areas, as well as insurance-related issues and trends. As this library grows and individual briefs are updated to reflect recent developments, you’ll find a ready resource for your own research or to inform conversations with industry professionals, policymakers, media, and policyholders.
RATING BUREAU- The insurance business is based on the spread of risk. The more widely risk is spread, the more accurately loss can be estimated. An insurance company can more accurately estimate the probability of loss on 100,000 homes than on ten. Years ago, insurers were required to use standardized forms and rates developed by rating agencies. Today, large insurers use their own statistical loss data to develop rates. But small insurers, or insurers focusing on special lines of business, with insufficiently broad loss data to make them actuarially reliable depend on pooled industry data collected by such organizations as the Insurance Services Office (ISO) which provides information to help develop rates such as estimates of future losses and loss adjustment expenses like legal defense costs.
DERIVATIVES- Contracts that derive their value from an underlying financial asset, such as publicly traded securities and foreign currencies. Often used as a hedge against changes in value.See Full Glossary
For immediate release New York Press Office: Loretta Worters, 917-208-8842, email@example.com NEW YORK, Jan. 7, 2022—The 2022 Old Farmer’s Almanac envisioned a Season of Shivers for parts of the U.S. Read More
Contact: Michael Barry, Insurance Information Institute (Triple-I), 917-923-8245, firstname.lastname@example.org NEW YORK, Jan. 3, 2022—Reporters covering the aftermath of Colorado’s wildfires can contact the Insurance Information Institute (Triple-I) for interviews and analysis. Read More