Despite Improvements, Louisiana Is Still Least Affordable State for Auto Insurance Max Dorfman, Research Writer, Triple-I Louisiana’s personal auto insurance affordability improved to 2.67 percent of median household income in 2022 – down from 2.93 percent in 2020 – but it retains the dubious distinction of being the least affordable state, Triple-I’s chief insurance officer […]
Georgia Is Among the Least Affordable States for Auto Insurance
Georgia Is Among the Least Affordable States for Auto Insurance By Max Dorfman, Research Writer, Triple-I Georgia’s personal auto insurance affordability has significantly worsened over the past decade and a half, making it one of the least affordable states, according to a new report by the Insurance Research Council (IRC) – a division of The […]
Report: No-Fault Reforms Improved Michigan’s Personal Auto Insurance Affordability
Report: No-Fault Reforms Improved Michigan’s Personal Auto Insurance AffordabilityBy Max Dorfman, Research Writer, Triple-I Michigan personal auto insurance affordability improved markedly after enacting substantial auto insurance reform in 2019, according to a new report by the Insurance Research Council (IRC) – like the Triple-I, a division of The Institutes The study, Personal Auto Insurance Affordability […]
NCIGF Moves Aheadto Support Insurers
NCIGF Moves Aheadto Support InsurersBy Max Dorfman, Research Writer, Triple-I For the last 35 years, the National Conference of Insurance Guaranty Funds (NCIGF) – an organization dedicated to serving 55 property/casualty state guaranty funds – has provided operational support; communications, education, and outreach; as well as public policy management for these organizations. State guaranty funds […]
Insurance Underwritingand Economic Analysis: “Art and Science”
Insurance Underwritingand Economic Analysis: “Art and Science” By Lewis Nibbelin, Guest Blogger for Triple-I Home and auto insurance premium rates have been a topic of considerable public discussion as rising replacement costs and other factors – from climate-related losses to fraud and legal system abuse – have driven rates up and, in some states, crimped […]
Auto Insurers’ Performance Improves, But Don’t Expect Rates to Flatten Soon
Auto Insurers’ Performance Improves, But Don’t Expect Rates to Flatten Soon Several metrics that influence auto insurance premium rates are starting to improve, but it will take time for these improvements to be reflected in flattening rates, according to a recent Triple-I Issues Brief. Direct premiums written and underwriting profitability improved dramatically in 2023. Additionally, […]
Personal Auto Line Propels Strong 1QP&C Insurance Results
Personal Auto Line Propels Strong 1QP&C Insurance Results Strong improvements in personal auto insurance results helped drive the U.S. property and casualty insurance industry to its second-highest net underwriting gain in any quarter since at least 2000, according to an S&P Global Market Intelligence analysis. Just 12 months from its worst-on-record start to a calendar […]
IRC: Insufficient Auto Insurance Coverage Is a National Problem
IRC: Insufficient Auto Insurance Coverage Is a National Problem By Max Dorfman, Research Writer, Triple-I Nearly 16 percent (15.7) of U.S. drivers in 2022 had auto liability insurance limits that were too low to pay for damages or injuries they caused, according to new research from the Insurance Research Council (IRC), a division of The […]
Auto Insurers Contend With Rising Costs
Auto Insurers Contend With Rising Costs By Max Dorfman, Research Writer, Triple-I Auto premiums continue to increase as rising labor and material prices, alongside natural disasters, are forcing insurers to contend with significant losses. As Triple-I previously found in its January report, Insurance Economics and Underwriting Projections: A Forward View, “commercial auto underwriting losses continue, […]
Calif. Risk/Regulatory Environment Highlights Role of Risk-Based Pricing
Calif. Risk/Regulatory Environment Highlights Role of Risk-Based Pricing Even as California moves to address regulatory obstacles to fair, actuarially sound insurance underwriting and pricing, the state’s risk profile continues to evolve in ways that underscore the importance of risk-based insurance pricing and investment in mitigation and resilience. Triple-I’s latest “State of the Risk” Issues Brief […]
New Illinois BillsWould Harm — Not Help — Auto Policyholders
New Illinois BillsWould Harm — Not Help — Auto Policyholders Two bills proposed in Illinois this year illustrate yet again the need for lawmakers to better understand how insurance works. Illinois HB 4767 and HB 4611 – like their 2023 predecessor, HB 2203 – would harm the very policyholders the measures aim to help by […]
New Triple-I Issue Brief Takes a Deep Dive into Legal System Abuse
New Triple-I Issue Brief Takes a Deep Dive into Legal System AbuseThe increasing frequency and severity of claims costs beyond insurer expectations continue to threaten insurance coverage and affordability. Triple-I’s latest Issue Brief, Legal System Abuse – State of the Risk describes how trends in claims litigation can drive social inflation, leading to higher insurance […]