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Research + Data

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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Download necc-03242018.pptx

Download necc-03242018.pdf

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.

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-03212018.pptx

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Inflation Watch - February 2018

By Steven Weisbart, Chief Economist

 

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Download inflationwatch_03-2018.xlsx

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Inflation Watch - January 2018

By Steven Weisbart, Chief Economist

 

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Download inflationwatch_02-2018.xlsx

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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

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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

 

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 inflationwatch_01-2018.xlsx

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Inflation watch - November 2017

By Steven Weisbart, Chief Economist

 

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 inflationwatch_12-2017.xlsx

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