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Lightning Caused $1.2 Billion in US Homeowners Claim Payouts in 2023; Severity Trends Upward for the Year
June 18, 2024

For Immediate Release New York Press Office: (212) 346-5500; media@iii.org   NEW YORK, June 17, 2024—More than $1.2 billion in lightning-caused U.S....

Triple-I: Personal Auto Profitability is Steering in the Right Direction
June 10, 2024

NEW YORK, June 10, 2024 – Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute (Triple-I). But while these gains show improvement, it will likely take time for them to be reflected in flattening premium rates, Triple-I noted. “Auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022....

Triple-I and NICB Join Up to Help Consumers Fight Contractor Fraud
May 20, 2024

NEW YORK, May 20, 2024 --The Insurance Information Institute (Triple-I) and the National Insurance Crime Bureau (NICB) are marking this week (May 20-24, 2024) as Contractor Fraud Awareness Week (CFAW) to highlight how homeowners can protect themselves from dishonest contractors.   “For many homeowners who are victims of contractor fraud, it has either forced delays in rebuilding or has completely halted the rebuilding process after a disaster,” said Sean Kevelighan, CEO of the Triple-I....

US P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continue to Drag, New Triple-I/Milliman Report Shows
May 14, 2024

For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com   NEW YORK, MAY 14, 2024 – The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023....

Triple-I: Current Slowdown in US P/C Replacement Costs Likely Short-Lived; May Grow Faster Than Overall Inflation by 2026
May 09, 2024

For immediate release  New York Press Office, Loretta Worters 917-923-8245, lorettaw@iii.org      NEW YORK, May 9, 2024 –  U.S....

Triple-I: Florida’s Property Insurance Market Improving Due to Legislative Reforms Curbing Legal System Abuse, Fraud
May 08, 2024

For immediate release  Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org    ST. JOHNS, Fla., May 8, 2024 – After years of enduring rampant legal system abuse and claim fraud, Florida’s property insurance market is showing signs of improvement as the 2024 Atlantic hurricane season nears, according to a new Issues Brief published today by the Insurance Information Institute (Triple-I)....

Triple-I Stresses Preparedness for ‘Very Active’ 2024 Atlantic Hurricane Season
May 03, 2024

For immediate release  Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org       ST. JOHNS, Fla., May 3, 2024 – The start of what is forecast to be a “very active” 2024 Atlantic hurricane season is just four weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now....

Struck by Lightning: How Businesses Can Become More Resilient – Triple-I and LPI
April 29, 2024

Media Contact: Loretta Worters, Insurance Information Institute (Triple-I), 917-208-8842; lorettaw@iii.org    NEW YORK, April  29, 2024 – Fires resulting from lightning strikes cause 3% to 5% of all U.S. commercial property insurance claims, accounting for billions 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)....

AF Group Joins Triple-I as Its Latest Member
April 15, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org   NEW YORK, April 15, 2024— AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member....

Triple-I: Insurance Economic Drivers Outperforming Overall US GDP, and Likely to Gain Further Momentum on Federal Reserve Cuts
April 11, 2024

For immediate release New York Press Office, Loretta Worters 917-923-8245, lorettaw@iii.org     NEW YORK, April 11, 2024—The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook....

Triple-I: Dog-Related Injury Claim Payouts Hit $1.12 Billion in 2023
April 08, 2024

For immediate release California Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org NEW YORK, April 8, 2024—U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023 according to the Insurance Information Institute (Triple-I) and State Farm. In addition to the potential for physical or emotional harm, dog bites can be financially costly....

Triple-I: 2024 Atlantic Hurricane Season Forecast to be ‘Very Active’
April 04, 2024

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org        ST. JOHNS, Fla., April 4, 2024 -- A very active tropical cyclone season is projected for 2024 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science....

Save the Date: Triple-I and International Insurance Society Team Up for Week of Transformative Discussions in Miami in November
March 20, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org     NEW YORK, March 20, 2024—The Insurance Information Institute (Triple-I) will hold its 2024 Joint Industry Forum (JIF) in Miami, Florida, on Tuesday, Nov. 19, and Wednesday, Nov. 20, offering its audience expert perspectives on the state of the insurance industry, it was announced today....

California’s Regulatory Restrictions Contribute to Risk Crisis
March 14, 2024

For Immediate Release  New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org    NEW YORK, March 14, 2024—California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, coupled with the need for more mitigation and resilience efforts in the state, are putting financial pressure on insurers and contributing to limited availability of property insurance in high-risk markets, according to the Insurance Information Institute’s (Trip…...

Legal System Abuse Adding to Increasing Auto Insurance Costs, Creating A New Asset Class of Investors Betting on Litigation
February 27, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org     NEW YORK, Feb. 27, 2024—The Insurance Information Institute (Triple-I), the trusted source for data driven insights on risk and insurance, today released its latest issues brief highlighting how excessive litigation is compounding a years-long problem of rising auto insurance costs....

Triple-I Offers Reminders on Insurance Claim Filings for Consumers Impacted by California Atmospheric River Damages
February 09, 2024

For immediate release West Coast Press Office: Janet Ruiz, 707-490-9365, janetr@iii.org    SAN FRANCISCO, Feb....

Cyber Insurance Market Growing Dramatically, Triple-I Finds
February 07, 2024

For Immediate Release  Contact: Michael Barry, 917-923-8245, michaelb@iii.org    NEW YORK, Feb. 7, 2024—Direct written premiums for cyber insurance worldwide could rise to $23 billion by 2025, with U.S. businesses paying about 56% of the total, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief, published today.   “Two primary factors may be at work,” stated Triple-I’s Cyber Insurance: State of the Risk, when explaining the trend....

Insurance Information Institute Releases Its 2023 Annual Report
January 31, 2024

For Immediate Release Contact: Michael Barry, 917-923-8245, michaelb@iii.org   NEW YORK, Jan. 31, 2024—The Insurance Information Institute (Triple-I) released today its 2023 Annual Report, highlighting the organization’s accomplishments in a year when the U.S. saw a record number of weather and climate disasters causing at least $1 billion in damages.   “Climate risks are being given additional media attention, yet insurance is increasingly entering into the discussion....

Commercial Lines Continue to Perform Better Than Personal, Though Overall Underwriting Loss Persists, New Triple-I/Milliman Report Shows
January 30, 2024

For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com     NEW YORK, Jan. 30, 2024 –The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results....

Triple-I Joins Industry in Marking February’s Insurance Careers Month
January 25, 2024

For Immediate Release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org     NEW YORK, Jan....

Cellphone Use Is Biggest Cause of Distracted Driving, Triple-I Report Finds
January 22, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org      NEW YORK, Jan. 22, 2024—Cellphone use by individuals operating a motor vehicle continues to be the largest contributor to distracted driving in the U.S., according to the latest Issues Brief from the Insurance Information Institute (Triple-I)....