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By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of October 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of September 2018 on detailed insurance industry employment and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
James Lynch, FCAS MAAA, Chief Actuary, presented on November 1, 2018 to Utica E&O agents in Colorado Springs, CO....
The Economic Snapshot is I.I.I.’s regular look at important trends that shape the property/casualty industry updated quarterly. This report gives an overview of the property/casualty (P/C) insurance industry and the economy, with sections on commercial lines trends, personal lines trends, financial and economic trends and a special section that focuses on small business. Real GDP growth has shown unexpected strength in recent calendar quarters....
James Lynch, FCAS MAAA, Chief Actuary, presented on October 19, 2018 to Buckeye Actuarial Continuing Education....
Steven Weisbart, chief economist and James Lynch, FCAS MAAA, chief actuary for the I.I.I., presented in a webinar on October 11, 2018....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of August 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
James Lynch, FCAS MAAA, Chief Actuary, presented on October 2, 2018 for Lloyd’s Day in Fullerton, California. This PowerPoint presentation details the importance of insurance and risk mitigation in the future of cities and towns, providing a case study of flood risk, a discussion of the consequences of coverage gaps and an overview of how insurance can help build resilience in the future....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of July 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form. (The insurance industry/sector-specific data in our charts are not seasonally adjusted and are one month behind the national data....
Sean Kevelighan, CEO of the Insurance Information Institute, presented to PrepTalk Symposium in Washington, DC. on September 6, 2018....
Sean Kevelighan, CEO of the Insurance Information Institute, presented to Entrepreneurial Insurance Symposium in Dallas, TX on September 5, 2018. This presentation, delivered by I.I.I. CEO Sean Kevelighan, focuses on property/casualty market trends in personal and commercial lines in 2018, and as well discusses four areas of disruption: Natural catastrophes; economic risk; geopolitical risk; and cyberrisk. Finally, it provides an overview of the insurance industry and innovation....
Janet Ruiz, Communications Consultant for the I.I.I., presented in a webinar on August 13, 2018....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of June 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
Sean Kevelighan, CEO of the Insurance Information Institute, presented to AEGIS in Chicago, IL on July 18, 2018....
The Economic Snapshot is I.I.I.’s regular look at important trends that shape the property/casualty industry updated quarterly. This forward-looking report provides an overview of the P/C industry at the end of the first quarter in context to the overall economy, with a focus on personal and commercial lines financial trends. Real GDP growth has shown unexpected strength in recent calendar quarters....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of May 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form. (The insurance industry/sector-specific data in I.I.I....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of April 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
James Lynch, FCAS MAAA, Chief Actuary, presented on May 24, 2018 to the Casualty Actuaries of Greater New York....
Steven N. Weisbart, Ph.D., CLU, Senior Vice President & Chief Economist, presented on May 24, 2018 at the CAMAR Spring Meeting Great Valley, PA. This Insurance Information Institute presentation prepared by Dr. Steven Weisbart explores how the strength of the economy will influence the insurance environment, and discusses GDP growth, manufacturing and non-manufacturing indices, business cycles, labor trends, and presents and state-by-state indicators....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of March 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
James Lynch, FCAS MAAA, Chief Actuary, presented on May 3, 2018 to the Board of Marine Underwriters of San Francisco in San Francisco, CA. This presentation discusses overall P/C market trends, with a focus on marine underwriting. It reviews economic results, losses, and factors that impact the industry such as the energy market and global risk. It concludes with an overview of how new tax regulations and tariffs might affect the industry....
The Economic Snapshot is I.I.I.’s regular look at important trends that shape the property/casualty industry updated quarterly. Various factors will make 2018 a challenging year for economic policymakers and forecasters, with the possibility of a tariff-driven trade “war,” and with the labor market closing in on full employment, implying higher levels of wages and of general inflation....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of February 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
This PowerPoint report, given at the National Hurricane Conference in orlando, Florida by I.I.I. Florida representative Lynne McChristian on March 29, 2018 details what consumers know about hurricane preparedness, communicating when a storm is imminent and what should be communicated. The report also addresses the property insurance protection gap, and what can be done....
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....
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....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of January 2018 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
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."...
By Steven Weisbart, Chief Economist Employment in the general U.S. economy continues to be surprisingly strong; employment in December 2017 rose by 2.3 million, up 1.6 percent, (not seasonally adjusted) over the prior December. The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of December 2017 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
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....
By Steven Weisbart, Chief Economist The U.S. Labor Department’s Bureau of Labor Statistics (BLS) just published data as of November 2017 on detailed insurance industry employment, and the Insurance Information Institute (I.I.I.) website contains updated multi-decade trend data in chart form....
The Economic Snapshot is I.I.I.’s regular look at important trends that shape the property/casualty industry updated quarterly. Is a hard market coming? Various factors will make 2018 a challenging year for economic policymakers, with major changes in tax policy, new leadership at the Federal Reserve Board, and the labor market closing in on full employment, implying higher levels of wages and of general inflation....