Research + Data

P/C Insurance Industry Overview & Outlook

James Lynch, FCAS MAAA, Chief Actuary, presented on May 24, 2018 to the Casualty Actuaries of Greater New York.

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How Insurance Drives Economic Growth

When asked what insurance does, most people are likely to say that it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. However, the industry’s contribution to the economy goes much further. One could point to the millions of people employed in insurance and related activities, to the billions of income taxes and premium taxes paid and to extensive charitable works.

 

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Inflation Watch - April 2018

By Steven Weisbart, Chief Economist

 

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2017 - Commentary on year-end financial results

U.S. economic activity rose somewhat in 2017 compared to 2016. Real GDP grew by 2.3 percent in 2017 vs. 1.5 percent in 2016—but, because of an unusually costly catastrophe year, the property/casualty (P/C) insurance industry’s $36.1 billion profit for 2017 was 15.8 percent lower than the $42.9 billion profit for the full year 2016.

The Marine Insurance Market

James Lynch, FCAS MAAA, Chief Actuary, presented on May 3, 2018 to the Board of Marine Underwriters of San Francisco in San Francisco, CA. This presentation discusses overall P/C market trends, with a focus on marine underwriting. It reviews economic results, losses, and factors that impact the industry such as the energy market and global risk. It concludes with an overview of how new tax regulations and tariffs might affect the industry.

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Inflation Watch - March 2018

By Steven Weisbart, Chief Economist

 

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Communication & Insurance: Before, During & After Disaster

This PowerPoint report, given at the National Hurricane Conference in orlando, Florida by I.I.I. Florida representative Lynne McChristian on March 29, 2018 details what consumers know about hurricane preparedness, communicating when a storm is imminent and what should be communicated. The report also addresses the property insurance protection gap, and what can be done.

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Driving while high: Facts and public attitudes

James Lynch, I.I.I. chief actuary, presented on March 24, 2018 to the New England Cannabis Convention in Boston, Massachusetts. This report begins with a comparison of public attitudes from 1969 to 2017 that asks whether or not marijuana use should be legalized, and demonstrates that over that period public sentiment has moved in favor of the use of cannabis. In 1969, only 12 percent of respondents approved legalization. By 2017, that number had increased to 64 percent.

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Rising auto costs

James Lynch, I.I.I. chief actuary, presented on March 21, 2018 to the Casualty Actuarial Society Ratemaking, Product and Modeling Seminar in Chicago, IL. This PowerPoint report discusses how the rising frequency and severity in auto losses is “pinching” the largest P/C line. The report explains that from 2015 to 2017, the cost of accidents has risen dramatically. While the frequency spike has lessened, severity is now the problem. People are driving more, which results in more collisions and repairs.

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Inflation Watch - February 2018

By Steven Weisbart, Chief Economist

 

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