Research + Data

Facts + Statistics: Auto theft

Key Facts

  • The National Insurance Crime Bureau (NICB) reported that over 1 million vehicles were stolen in 2022, a 7 percent increase over 2021 and surpassing 1 million for the first time since 2008. California and Texas had the most reported stolen vehicles, and Illinois had the largest increase, estimated at 35 percent between 2021 and 2022.

Facts + Statistics: Homeowners and renters insurance

Homeowners insurance premiums

The average homeowners insurance premium rose by 7.6 percent in 2021 from 2020, according to a December 2023 study by the National Association of Insurance Commissioners, the latest data available. The average renters insurance premium fell by 1.7 percent in 2021 marking the seventh consecutive annual decline.

Facts + Statistics: Marine Accidents

There were 38 large ships totally lost in 2022, a decline from 59 in 2021, according to latest data from Allianz. Safety & Shipping Review 2023 reports improvements in maritime safety have been significant over the past 10 years.

The region encompassing South China, Indochina, Indonesia and the Philippines had the largest number of shipping losses in 2022 with a total of 10. The region has ranked first in shipping losses over the past decade.

Facts + Statistics: Wildfires

Key Facts

  • According to federal data cited by the National Park Service, humans cause about 85 percent of all wildfires yearly in the United States.

Background on: Risk-financing

Risk financing helps organizations achieve the strategic balance of risk management—aligning the willingness and ability to take risk with business goals. Generally, the objective of financing risk is to ensure liabilities are either paid or cost-effectively financed while maintaining an adequate level of internal liquidity. Sometimes, this strategy includes planning to meet legal or regulatory requirements.

Background on: Captive Insurance

Organizations looking for a flexible risk financing option may use a captive insurer or captive – a special type of insurance company set up by a parent company, trade association, or group of companies to insure the risks of its owner or owners.  Often liability coverage for insuring certain risks with commercial carriers might not be cost effective, customizable, or even available at all. Forming a captive can provide tax benefits. Additionally, captives can provide access to the reinsurance market, using a variety of reinsurance mechanisms to provide coverage.

Insurance Economics for Property Casualty

Guiding Principles for Triple-I Insurance Economics

Triple-I Insurance Economics and Data Analytics is the go-to-destination for data-driven insight into the relationship between economics and insurance performance. Led by our Chief Economist and Data Scientist, Dr. Michel Leonard, CBE, the practice aims to provide Triple-I members, industry stakeholders, and the general public a one-stop resource for property/casualty (P/C) data-driven insight including:

Safe road users, Safe vehicles and Safe roads

 

 

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Download sita_02232023.pptx

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Global Macro And Insurance Outlook

The pace of COVID-19 infection and casualties is accelerating. As of publication, the virus has claimed 1,267,780 lives and infected 51,211,972 people worldwide. Far from losing speed, this is an increase of 50% in casualties and more than 100% in infections in the last 3 months alone. The U.S. continues to top the list of most impacted countries, followed by India, Russia, Brazil, France, Spain, Argentina and the U.K.

 

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 global_macro_industry_outlook_q4_2020.pdf

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2020 - Commentary on first half financial results

Highlights

The second quarter of 2020—which delivered the fastest descent into the steepest U.S. economic contraction since the Great Depression—was not nearly as tough for the financial performance of the property/casualty (P/C) insurance industry as we had expected, so the first half overall remains an attractive one.

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