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Triple-I Offers Preparedness Tips for Impacts of Hurricane Helene
September 24, 2024

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org    ST. JOHNS, Fla., Sept. 24, 2024 — Residents of Florida, Georgia and the Carolinas should finalize preparations for significant impacts of Hurricane Helene, which is forecast to make landfall along Florida’s Gulf Coast as a major hurricane on Thursday, Sept. 26, according to the Insurance Information Institute (Triple-I)....

Excess and Surplus Lines See Growth in Recent Years Due to Admitted Markets Pulling Back or Exiting Markets: Triple-I
September 23, 2024

Media Contact: Triple-I: Loretta Worters lorettaw@iii.org     NEW YORK, Sept. 23, 2024 – Excess and surplus lines (E&S) has seen a surge in growth for five consecutive years by double-digit percentage rates. Solid underwriting results continue to drive operating profitability due to emerging new risks and declining capacity in admitted markets, according to the Insurance Information Institute’s (Triple-I) latest issues brief, Excess and Surplus: State of the Risk....

Triple-I Offers Preparedness Tips for Impacts of Francine
September 09, 2024

For immediate release  Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org     ST. JOHNS, Fla., Sept. 9, 2024 — Residents from Texas to the Florida Panhandle should prepare for the potential impacts of Tropical Storm Francine, which is forecast to make landfall along the Northern Gulf Coast on Wednesday, Sept....

Pioneering Ethical AI: P&C Insurers to Play a Critical Role, Say Triple-I and SAS
September 03, 2024

MEDIA CONTACTS Insurance Information Institute (Triple-I): Loretta Worters, lorettaw@iii.org  SAS: Julia Norton, Julia.norton@sas.com New report explores insurers’ cross-industry opportunity to influence the responsible development, use of AI, and help establish regulatory best practices NEW YORK, Sept....

Amica Mutual Insurance Company Joins Triple-I as Its Latest Member
August 20, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org   NEW YORK, Aug. 20, 2024 – Amica Mutual Insurance Company has joined the Insurance Information Institute (Triple-I) as its most recent member. Headquartered in Lincoln, Rhode Island, Amica is a nationally recognized company that offers auto, home and life insurance, and it earned the top spot in the J.D. Power 2024 U.S. Property Claims Satisfaction Study earlier this year....

Triple-I Offers Floridians, Southeast U.S. Residents Preparedness Tips for Impacts of Tropical Storm Debby
August 03, 2024

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org ST. JOHNS, Fla., Aug. 3, 2024 — Residents of Florida and the Southeast should be alert for the potential impacts of Tropical Cyclone 4, which is forecast to become Tropical Storm Debby later Saturday and potentially a hurricane before making landfall along Florida’s Gulf Coast on Monday, Aug. 5, according to the Insurance Information Institute (Triple-I)....

Rising Homeowners Insurance Costs Since Pandemic Driven by Persistent Inflation, Replacement Cost Increases, Prolonged Supply Chain Issues, and Legal System Abuse
July 16, 2024

For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, lorettaw@iii.org   NEW YORK, July 16, 2024 – The recent rise in U.S. homeowners insurance costs have been driven by a combination of increasing natural catastrophe losses and extraordinary inflation coming out of COVID, according to the Insurance Information Institute’s (Triple-I) latest Issues Brief. Even more, Triple-I noted that legal system abuse is also proliferating the cost increases....

P/C Premium Growth Shows Promise, But Profitability at Least a Year Away, Triple-I/ Milliman Report Shows
July 11, 2024

For Immediate Release Triple-I: Loretta Worters, lorettaw@iii.org Milliman: Jeremy Engdahl-Johnson, jeremy.engdahl-johnson@milliman.com       NEW YORK, July 11, 2024 – Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025, according to the latest forecasting report – Insurance Economics and Underwriting Projection…...

Triple-I Offers Texans Preparedness Tips as Beryl Nears Landfall
July 06, 2024

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, MarkF@iii.org HOUSTON, July 6, 2024 — Texans should be alert for the potential impacts of Tropical Storm Beryl, which is forecast to intensify back to hurricane strength before making landfall along the Texas Gulf Coast on Monday, July 8, according to the Insurance Information Institute (Triple-I). It would be the first U.S. landfall of the 2024 Atlantic hurricane season. In its 10 a.m....

Triple-I: Home Insurance Premiums in Florida Increased 80% Less in 2023 Than Initial Projections Due in Large Part to Legislative Legal System Abuse Reforms
June 26, 2024

For immediate release Florida Press Office: Mark Friedlander, 904-806-7813, markf@iii.org   ST. JOHNS, Fla., June 26, 2024 – Researchers at the Insurance Information Institute (Triple-I) have determined that home insurance premiums in Florida rose at a much lower rate than originally projected in 2022 (41% less) and 2023 (80% less)....

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)....