Inflation Continuesto Drive Up Consumers’ Insurance Costs By William Nibbelin, Senior Research Actuary, Triple-I Insurance is priced to reflect the underlying risk of every policy. When more claims are filed and the average amount paid of those claims increases, insurance becomes more expensive. A measure of underwriting profitability for insurance carriers is the combined ratio […]
Improved Commercial Auto Underwriting Profitability Expected After Years of Struggle
Improved Commercial Auto Underwriting Profitability Expected After Years of Struggle The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums (NWP). This weakness in underwriting profitability has […]
Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S.
Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S. Despite strong income growth that has helped improve personal auto insurance affordability in Louisiana, the state remains the least affordable among its Southern neighbors and the rest of the United States, according to the Insurance Research Council (IRC). In 2022, the […]
Personal Lines Underwriting Results Improve, Reducing Gap With Commercial Lines
Personal Lines Underwriting Results Improve, Reducing Gap With Commercial LinesThe U.S. property and casualty insurance industry experienced better-than-expected economic and underwriting results in the first half of 2024, according to the latest forecasting report by Triple-I and Milliman. The report was released during a members-only webinar on Oct. 10. The industry’s estimated net combined ratio of […]
Actuarial Studies Advance Discussionon Bias, Modeling, and A.I.
Actuarial Studies Advance Discussionon Bias, Modeling, and A.I. The Casualty Actuarial Society (CAS) has added to its growing body of research to help actuaries detect and address potential bias in property/casualty insurance pricing with four new reports. The latest reports explore different aspects of unintentional bias and offer forward-looking solutions. The first – “A Practical […]
Despite Improvements, Louisiana Is Still Least Affordable State for Auto Insurance
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 […]