Research + Data

Inflation Watch - January 2018

By Steven Weisbart, Chief Economist

 

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Rating Variables in Maryland Auto Insurance

James Lynch, I.I.I. chief actuary, provided testimony before the Maryland House of Delegates, Economic Matters Committee on February 08, 2018. "Actuaries continually test and refine their rating variables. Regulators review them and the statistical rigor behind them. Then they face the most rigorous test – the real world. These variables keep passing the tests. They have been used for more than a decade, and the insurers that use them show no sign of abandoning them."

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Download mdtestimony_020818.pdf

Download md_testimony_020818.pptx

Rising insurance costs in the District of Columbia

James Lynch, I.I.I. chief actuary, provided testimony before the District of Columbia Department of Insurance, Securities and Banking on January 30, 2018. Drivers in the District of Columbia pay some of the highest auto insurance rates in the nation. According to statistics from the National Association of Insurance Commissioners, the average expenditure in 2015 – the most recent year available – was the fifth highest in the nation, with the average policyholder paying $1,190. Only New Jersey, New York, Louisiana and Michigan drivers paid more.

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Download dctestimony_013018.pdf

Background on: Insurtech

The topic

The word “insurtech” is often used to describe the use of new technology to drive cost savings and efficiencies at various points of the insurance value chain. It is also used as a synonym for startups that offer new products or deliver traditional coverage with greater speed and efficiency than traditional carriers can provide.

2017 - Commentary on first nine months financial results

For the first three quarters of 2017, the property/casualty industry’s financial results were profitable, but bore the effects of sharply higher catastrophe claims, compared to the comparable period for 2016.

Inflation Watch - December 2017

By Steven Weisbart, Chief Economist

 

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Inflation watch - November 2017

By Steven Weisbart, Chief Economist

 

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Inflation watch - October 2017

By Steven Weisbart, Chief Economist

 

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Rising auto costs

James Lynch, I.I.I. chief actuary, presented on November 7, 2017 for Casualty Actuarial Society Annual Meeting in Anaheim, California. This presentation, given at the Casualty Actuarial Society Annual Meeting and available for download, discusses at length how rising frequency and severity is pinching the largest property/casualty line.

Please click on the file name below to view the presentations. Once open, you can choose "file" from your menu and then save the PowerPoint presentation to your disk. The presentation also is available in Adobe Acrobat format. The Adobe Acrobat file is smaller and faster to download. However, you do need the appropriate software to view.

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Download cas-11072017.pptx

Download cas-11072017.pdf

Protecting against #cyberfail: Small business and cyber insurance

While cyberattacks and data breaches at Fortune 500 companies tend to dominate the headlines, America’s more than 28 million small businesses and their 56 million employees are increasingly vulnerable. Their exposure is much the same as that of larger companies, experts say, but many may overlook or underestimate the threat and may not fully understand the risks. Small businesses (defined as firms with fewer than 250 employees) face a growing frequency of attacks and breaches which can result in potentially severe financial consequences.

 

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