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For immediate release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Dec. 7, 2023—The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I)....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Dec. 6, 2023 –The Milwaukee Metropolitan Sewerage District (MMSD) is mitigating the city’s flood risks using reforestation, wetlands restoration, and other nature-based solutions (NBS), according to the Insurance Information Institute (Triple-I). In a report released today, which included contributions from Triple-I Chief Economist and Data Scientist Dr....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org COLUMBUS, Ohio, Dec. 6, 2023—Ohio’s defendants should know whether a third-party litigation funding firm is financing a lawsuit against them, the Insurance Information Institute’s (Triple-I) chief insurance officer, Dale Porfilio said, in testimony today before the state Senate’s judiciary committee. Third-party litigation funders (TPLF) provide billions of dollars each year to U.S....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Nov. 29, 2023—Colorado State University’s (CSU) July and August 2023 Atlantic hurricane season forecasts, calling for “above-average” activity, proved to be accurate as the season concluding tomorrow was above-normal, according to the Insurance Information Institute (Triple-I) based on data from the National Hurricane Center....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Nov. 28, 2023—Sean Kevelighan, CEO, Insurance Information Institute (Triple-I) is testifying on Wednesday, Nov. 29, in New York City before a joint session of two New York State Assembly committees. The public hearing begins at 10 a.m., EST....
For Immediate Release Contact: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Nov. 9, 2023—The Insurance Information Institute (Triple-I) today released the names of the panels and moderators for its first-ever Town Hall: Attacking the Risk Crisis on Thursday, Nov. 30, in Washington, D.C. “Climate risk alone is a formidable adversary,” said Sean Kevelighan, CEO, Triple-I, noting insured losses related to natural disasters have increased tenfold since the 1980s....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK, Nov. 2, 2023 --The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades....
For immediate release New York Press Office, Loretta Worters, 917-208-8842, lorettaw@iii.org. NEW YORK, Oct. 27, 2023—Halloween brings trick-or-treaters to nearly everyone’s doorstep, but the otherwise festive day poses risks and can be a safer one if homeowners and renters take a few proactive steps, according to the Insurance Information Institute (Triple-I)....
For immediate release New York Press Office, Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Oct. 25, 2023—The U.S....
For immediate release New York Press Office, Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Oct. 18, 2023—The economic drivers of the U.S. property/casualty (P/C) insurance industry could cumulatively expand faster than the nation’s gross domestic product (GDP) in 2024 and may outperform the overall U.S. economy by 2025, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Oct. 11, 2023—The two Insurance Information Institute (Triple-I) contributors to Resilience Incentivization Roadmap 2.0, a new National Institute of Building Sciences (NIBS) study, will participate in the NIBS webinar on it on Wednesday, Oct. 18, at noon, EDT....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Sept. 28, 2023—U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., Sept....
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org SAN FRANCISCO, Sept. 21, 2023—California’s homeowners insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums in both 2017 and 2018, a legacy impacting 2023’s market conditions, according to the Insurance Information Institute (Triple-I)....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Sept....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Sept. 14, 2023—Before changing your auto or homeowners insurance policy terms, or your current insurer, consumers should proactively take six steps, according to a newly-published Insurance Information Institute (Triple-I) shopping guide....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Sept....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Aug. 29, 2023—Reporters covering Hurricane Idalia are encouraged to contact the Insurance Information Institute (Triple-I) for interviews and analysis....
Contact: Nicole Ganley APCIA 916-616-5855 Nicole.ganley@apci.org Janet Ruiz Triple-I 707-490-9365 janetr@iii.org Brandon Vick NAMIC 360- 609-4363 bvick@namic.org Kenton Brine NWIC 360-481-6539 kenton.brine@nwinsurance.org Olympia, WA - As residents move forward with the clean-up and rebuilding process following the Gray and Oregon Road wildfires, four insurance trade associations urge caution when hiring a contractor or…...
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Florida, Aug. 28, 2023 — Floridians should be on high alert for the impacts of Tropical Storm Idalia, which is expected to strengthen to a Category 1 hurricane later Monday and intensify to a Category 3 major hurricane in the eastern Gulf of Mexico, before making landfall along Florida’s western Gulf Coast on Wednesday, Aug....
For immediate release Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Aug. 24, 2023—If someone depends on you financially, you should consider purchasing a life insurance policy, according to the Insurance Information Institute (Triple-I)....
For Immediate Release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org NEW YORK, Aug....
For Immediate Release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org NEW YORK, Aug. 15, 2023 – In the midst of what’s expected to be an “above-average” 2023 Atlantic hurricane season, the Insurance Information Institute (Triple-I) is participating in a live LinkedIn Audio event on disaster preparedness on Thursday, Aug. 24, at 11:30 a.m., EDT....
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org SAN FRANCISCO, Aug. 9, 2023—Reporters covering Hawaii’s wildfires can contact the Insurance Information Institute (Triple-I) for interviews and analysis. Maui and Big Island residents were among those impacted this week by wildfires which accelerated because of the strong winds associated with Hurricane Dora....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Aug....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman NEW YORK – August 3, 2023–The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, July 27, 2023—U.S. workers compensation insurers were able to underwrite profitably between 2019 and 2022 even as significant changes occurred in the nation’s workforce due to the pandemic, according to the Insurance Information Institute (Triple-I)....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, July 19, 2023—U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I)....
For immediate release Midwest Press Office: Scott Holeman, 785-760-3777, scotth@iii.org KANSAS CITY, Mo., July 17, 2023—Homeowners, renters, businesses, and vehicle owners who incurred property damage last weekend in Kansas and Missouri need to know how the insurance claim filing process works, according to the Insurance Information Institute (Triple-I). A line of convective storms swept through those two states starting on Friday, July 14 and continued into the weeken…...
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, July 12, 2023—Homeowners, renters, businesses, and vehicle owners impacted by this week’s severe weather on the East Coast need to know what’s covered under standard insurance policies and how the insurance claim filing process works, according to the Insurance Information Institute (Triple-I). There are four keys to economic recovery after severe weather events, the Tr…...
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., July 6, 2023— An updated 2023 Atlantic hurricane season forecast from Colorado State University (CSU) released today projects more tropical cyclone activity than CSU previously anticipated....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, June 29, 2023—Michel Léonard, PhD, CBE, Chief Economist and Data Scientist, Insurance Information Institute (Triple-I) is participating in a free-to-view webinar on Thursday, July 6, at 9 a.m., ET, on current trends in insurer investment strategies, Triple-I announced today. “Uncertainty seems to be the only constant for insurance company chief investment officers these days....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, June 27, 2023—Fireworks displays, outdoor cooking, and pool parties are traditional ways to mark Independence Day yet these activities must be conducted in a safe manner, according to the Insurance Information Institute (Triple-I). To make sure everyone celebrates safely, Triple-I notes there are risks, as well as insurance implications, to consider as Tuesday, July 4, nears: FIRE…...
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, June 15, 2023—More than $950 million in lightning-caused U.S. homeowners insurance claims were paid out in 2022 to 62,000-plus policyholders, with $125 million of the total attributable to California alone, according to the Insurance Information Institute (Triple-I.)....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, June 13, 2023—U.S. insurers have paid more than their counterparts worldwide to repair and rebuild damaged properties and vehicles due to inflation since 2018, according to an executive briefing conducted on behalf of the International Insurance Society (IIS)....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, June 6, 2023—The official start of the 2023 Atlantic hurricane season kicked off June 1, and is forecast to be a busy one, which is why homeowners need to prepare....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., June 1, 2023—An updated 2023 Atlantic hurricane season forecast released today by Colorado State University (CSU) envisions a “near-average” level of tropical cyclone activity in the Atlantic basin between June and November....
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org HIDDEN VALLEY LAKE, Calif., May 30, 2023—The 2023 California wildfire season’s peak is expected to occur between August and November because the state’s exceptionally wet winter has likely delayed its start, according to the Insurance Information Institute (Triple-I)....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, May 24, 2023 —The Institutes’ premiere Predict & Prevent podcast is now live and features a 30-minute interview with Sean Kevelighan, CEO, Insurance Information Institute (Triple-I). Launched this spring, The Institutes Predict & Prevent initiative offers insights and analysis on the biggest risk challenges facing society today, from natural disasters to cyberattacks....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, May 19, 2023 —To highlight how homeowners can protect themselves from dishonest contractors, the Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) are marking Contractor Fraud Awareness Week (May 22-26, 2023)....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com NEW YORK – May 15, 2023 --The 2022 net combined ratio for the property/casualty insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines. The divergence in performance was particularly stark, with personal lines logging a combined ratio of 109.9 vs....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., April 27, 2023—The start of what is forecast to be a “slightly below-average” Atlantic hurricane season is weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now....
For immediate release New York Press Office: Loretta Worters, 917-208-8842; lorettaw@iii.org NEW YORK, April 24, 2023—Fires resulting from lightning strikes cause 3 to 5 percent of all U.S. commercial property insurance claims, accounting cumulatively for more than $2 billion annually in covered payouts to small and medium-sized businesses (SMBs), according to the Insurance Information Institute (Triple-I) and the Lightning Protection Institute (LPI)....
For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., April 13, 2023—A slightly below-average level of tropical cyclone activity is projected for 2023 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science....
For immediate release California Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org NEW YORK, April 6, 2023—U.S. insurers paid out more than $1 billion in dog-related injury claims in 2022, a double-digit percentage increase over 2021 even though the number of claims decreased within that timeframe, according to the Insurance Information Institute (Triple-I) and State Farm....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, April 4, 2023—Michigan’s personal auto insurers are paying out less in claims and drivers are paying less in premiums since changes were made to the state’s no-fault system in 2020 and policyholders are benefiting, two non-resident scholars at the Insurance Information Institute (Triple-I) have found....
For immediate release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, April 3, 2023—U.S....
For Immediate Release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org TAMPA, Fla., March 30, 2023—Sean Kevelighan, CEO, Insurance Information Institute (Triple-I) is one of three panelists on tomorrow’s (March 31) Premier Panel at the Claims and Litigation Management (CLM) Alliance’s annual conference....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 30, 2023—Slow underlying growth and inflation are among the biggest challenges facing U.S. auto, home, and business insurers, according to the Insurance Information Institute’s (Triple-I’s) Q1 2023 Economic Outlook. The Outlook’s key takeaways are below: Property/casualty (P/C) insurance, a category which includes U.S....
For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 29, 2023—Laura Favinger, chief of staff at the Insurance Information Institute (Triple-I), is retiring this week after a distinguished 30-plus year career in the insurance industry, the Triple-I announced today....
For immediate release Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 28, 2023—Louisiana’s insurers paid out more than $23 billion after the 2020 and 2021 hurricane seasons, driving a number of them into insolvency, according to an Issues Brief released today by the Insurance Information Institute (Triple-I)....
For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 22, 2023—Reporters covering today’s U.S. Senate hearing, Risky Business: How Climate Change is Changing Insurance Markets, are encouraged to contact the Insurance Information Institute (Triple-I) for interviews and analysis. “Insurers are taking a responsible approach toward promoting a more sustainable and resilient environment and economy....
For Immediate Release Contact: Loretta Worters, Insurance Information Institute (Triple-I), 917-208-8842; lorettaw@iii.org NEW YORK, March 21, 2023—Group captive insurance can be a source of value for certain companies in these inflationary times. A form of self-insurance for organizations with specific attributes, a group captive can help lower the costs and improve cash flow for certain risks, with the added benefit of returning unused loss funds and income to members…...
For immediate release Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 16, 2023—Spring is the right time to review a residence’s homeowners insurance policy given the unpredictable weather the season usually brings, according to the Insurance Information Institute (Triple-I)....
For Immediate Release Contact: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, March 6, 2023—U.S. commercial auto insurance liability claim payouts increased $30 billion more than would otherwise have been expected between 2012 and 2021 due in part to social inflation, according to an updated paper published today by the Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS)....
For Immediate Release Contact: Mark Friedlander, 904-806-7813, markf@iii.org ST. JOHNS, Fla., Feb. 16, 2023—A new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state, according to a just-released Issues Brief from the Insurance Information Institute (Triple-I)....
Contact: Loretta Worters, Insurance Information Institute (Triple-I), 917-208-8842; lorettaw@iii.org NEW YORK, Feb. 9, 2023—U.S. auto and homeowners insurance premium rates lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Triple-I)....
For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman NEW YORK – Feb. 7, 2023 – The 2022 combined ratio for the property/casualty insurance industry is forecast to be 105.8, a worsening of 6.3 points from 2021....
For Immediate Release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org SAN DIEGO, Feb. 6, 2023—The Insurance Information Institute’s (Triple-I) California market expert is moderating a keynote session at the Wildfire Resilient Structures (WiRes) Conference and Tradeshow on Thursday, Feb. 9, in San Diego, Triple-I announced today....
For Immediate Release Contact: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Feb. 2, 2023—The Insurance Information Institute (Triple-I) illustrates in its just-published 2022 Annual Report the organization’s accomplishments during its second full year as an affiliate of The Institutes....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Jan. 30, 2023—The federal government reports 2.8 million people in the U.S....
For immediate release Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Jan. 23, 2023—With boat shows being held this week in Louisville, Houston and New York, the Insurance Information Institute (Triple-I) reminds prospective boat owners to secure the right type and amount of coverage when buying a recreational vessel....
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org NEW YORK, Jan. 19, 2022—The underlying economic growth of U.S. auto, home, and business insurers is likely to increase faster than the rest of the U.S. economy in 2023, according to the Insurance Information Institute’s (Triple-I) just-released Insurance Economic Outlook....
For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org SAN FRANCISCO, Jan....