As you strive to find the best rates for your homeowners and auto coverage, you might think shopping around is the way to manage affordability. However, costs are increasing for everything–groceries, gasoline, and other household expenses–and so are costs for insurers that impact your premiums. Before changing your policy or carrier, consider some factors that can affect your rates and learn how an annual insurance checkup can position you to get the coverage right for you.
The devastation wrought by Hurricane Helene across a 500-mile swath of the U.S. Southeast, including Florida, Georgia, the Carolinas, Virginia, and Tennessee, is just the latest example in recent years of the growing vulnerability of inland areas to flooding from both tropical storms and severe convective storms. These events also highlight the scale of the flood-protection gap in non-coastal areas.
Purchasing a home can be an exciting event that can also come with new responsibilities and questions, especially for first-time buyers. One primary challenge is having a sound financial plan to pay repair or rebuilding costs if the house becomes damaged by peril–fire, earthquake, storm, etc.
The workers compensation insurance industry experienced its second best underwriting result in the past twenty years in 2023 with a net combined ratio of 87. It was the ninth year in a row of net underwriting profit following eight years of a net combined ratio over 100, or ten of the previous eleven years. In comparison, workers comp has outperformed the combined property and casualty insurance industry in net combined ratio each year since 2015.
A distinguishing feature of the 2023 Atlantic hurricane season is a tug-of-war between a shift from cool- to warm-water conditions in the central Pacific Ocean and exceedingly warm tropical Atlantic waters. These warming conditions are part of a global pattern that is now outpacing anything seen in four decades of satellite observations.
Several forces – including construction costs that outpace inflation, growing natural catastrophe exposure, and more costly reinsurance – are converging to put upward pressure on property/casualty insurance premium rates across the United States.
Guiding Principles for Triple-I Insurance Economics
Triple-I Insurance Economics and Data Analytics is the go-to-destination for data-driven insight into the relationship between economics and insurance performance. Led by our Chief Economist and Data Scientist, Dr. Michel Léonard, CBE, the practice aims to provide Triple-I members, industry stakeholders, and the general public a one-stop resource for property/casualty (P/C) data-driven insight including:
Legal system abuse is a pervasive problem in the United States, with far—reaching implications for consumers and companies. It occurs when some people use the legal system in unscrupulous ways—for their own personal (often monetary) gain rather than for the fair resolution of disputes. Sometimes these activities involve using legal loopholes and sometimes they involve direct fraud. Nonetheless, this behavior can lead to higher costs for insurers and for policyholders in the form of increased insurance premiums and fewer coverage options.