Insured Losses

2016 Consumer Insurance Survey

The I.I.I. conducted this survey to collect and measure consumers and homeowners knowledge and sentiments about insurance, including: 

 

  • What they know about insurance—including the purchase of separate policies to cover flood and earthquake damage
  • Their attitudes toward the cost of their insurance coverage
  • How they comparison shop for homeowners insurance; among other topics. 

 

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download pulse-wp-020217-final.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Background on: Wildfires

Overview

Fire plays an important role in the life of a forest, clearing away dead wood and undergrowth to make way for younger trees, but the risk wildfires pose to people and property is growing as more people move into forested areas once largely uninhabited. These areas, known as the Wildland-Urban Interface (WUI), contain about 44 million houses in the lower 48 states, according to the U.S. Forest Service.

Spotlight on: Flood insurance

Overview

Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year.  According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding.

Spotlight on: Dog bite liability

Overview

Almost 90 million dogs are owned as pets in the United States according to a 2017-2018 survey by the American Pet Products Association.

According to the Centers for Disease Control and Prevention, about 4.5 million people are bitten by dogs each year. Among children, the rate of dog-bite–related injuries is highest for those 5 to 9 years old. Over half of dog-bite injuries occur at home with dogs that are familiar to us.

Facts + Statistics: Hurricanes

The official Atlantic hurricane season runs from June through November, but occasionally storms form outside those months. September is the most common month for hurricanes making landfall in the U.S., followed by August and October, according to an analysis of 1851 to 2015 data by the National Oceanic and Atmospheric Administration. No hurricanes made U.S. landfall before June and after November during the period studied.

Facts + Statistics: Flood insurance

National Flood Insurance Program

Flood damage is excluded under standard homeowners and renters insurance policies. However, flood coverage is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from some private insurers.                         

 

Facts + Statistics: Fire

Fire losses

Great strides have been made in constructing fire-resistant buildings and improving fire-suppression techniques, both of which have reduced the incidence of fire. However, in terms of property losses, these advances have been somewhat offset by increases in the number of and value of buildings.

Facts + Statistics: Homeowners and renters insurance

Homeowners insurance expenditures

Facts + Statistics: Hail

Hail causes about $1 billion in damage to crops and property each year, according to the National Oceanic Atmospheric Administration (NOAA). Events involving wind, hail or flood accounted for $29.7 billion in insured catastrophe losses in 2016 dollars from 1996 to 2016 (not including payouts from the National Flood Insurance Program), according to Property Claim Services (PCS®), a Verisk Analytics® business.

Facts + Statistics: Winter storms

Winter storms caused an estimated $1 billion in insured losses in 2016, down from $3.5 billion in 2015, according to Munich Re. From 1996 to 2015 winter storms resulted in about $30 billion in insured catastrophe losses (in 2015 dollars), or about $1.5 billion a year on average, according to Property Claim Services (PCS).

Pages