Category: Disaster Resilience

Legal Reforms Boost Florida Insurance Market; Premium Relief Will Require More Time

Legal Reforms Boost Florida Insurance Market; Premium Relief Will Require More Time Legislative reforms put in place in 2022 and early 2023 to address legal system abuse and assignment-of-benefits claim fraud in Florida are beginning to help the state’s property/casualty insurance market recover from its crisis of recent years, according to a new Triple-I Issues […]

CSU Researchers Project “Extremely Active”2024 Hurricane Season

CSU Researchers Project “Extremely Active”2024 Hurricane Season Colorado State University hurricane researchers predict an “extremely active” Atlantic hurricane season in their initial 2024 forecast. The team cites record-warm tropical and eastern subtropical Atlantic sea surface temperatures as a primary factor for their prediction of 11 hurricanes this year. Led by senior research scientist and Triple-I […]

N.J. Quake a Wake-Up Call for Seismic Mitigation, Resilience Investment

N.J. Quake a Wake-Up Call for Seismic Mitigation, Resilience InvestmentResidents and police gather outside of homes in Newark, N.J., that were damaged by a 4.8 magnitude earthquake on April 5. (Photo by Spencer Platt/Getty Images) Last week’s earthquake in Lebanon, N.J.  –  the strongest to hit the state in more than 200 years and which […]

Lee County, Fla., Towns Could Lose NFIP Flood Insurance Discounts

Lee County, Fla., Towns Could Lose NFIP Flood Insurance Discounts Property owners in Lee County, Fla., could lose their flood insurance premium discounts under the National Flood Insurance Program (NFIP) Community Rating System (CRS), according to a recent announcement by FEMA. CRS is a voluntary program that recognizes and encourages community floodplain management practices that […]

Coastal New Jersey Town Regains Class 3 NFIP Rating

Coastal New Jersey Town Regains Class 3 NFIP Rating Sea Isle City, N.J., has regained its Class 3 rating under FEMA’s National Flood Insurance Program (NFIP) Community Rating System (CRS) after a brief demotion last year. Being rated Class 3 enables the coastal town’s property owners to receive a 35 percent discount on their federal […]

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, […]

Evolving Risks Demand Integrated Approaches

Evolving Risks Demand Integrated Approaches Even as the Smokehouse Creek Fire – the largest wildfire ever to burn across Texas – was declared “nearly contained” this week, the Texas A&M Service warned that conditions are such that the remaining blazes could spread and even more might break out. “Today, the fire environment will support the potential for multiple, […]

NAIC, FIO to Collaborate on Data Collection Around Climate Risk

NAIC, FIO to Collaborate on Data Collection Around Climate Risk When the U.S. Treasury Department’s Federal Insurance Office (FIO) announced in December 2022 that it was considering a new data-reporting mandate for certain property/casualty insurers, it raised red flags for insurers and policyholders. In response to a request for comments on the proposed data call, Triple-I told FIO the […]

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 […]

Insurers Engageas Climate Perils Drive Up Costs

Insurers Engageas Climate Perils Drive Up Costs By Max Dorfman, Research Writer, Triple-I 2023 was another year with high-risk climate and weather-related challenges, with 2024 positioned to pose its own challenges. Indeed, 2023 was the warmest year for the globe since 1850 — when these records were first made. The temperature in 2023 was over […]

FEMA Reauthorization Session Highlights Importance of Risk Transfer and Reduction

FEMA Reauthorization Session Highlights Importance of Risk Transfer and Reduction If there was a recurring theme in last week’s Senate Banking Committee hearing on reauthorization of FEMA’s National Flood Insurance Program (NFIP), it was the need for: Congress to reauthorize NFIP, and Communities, businesses, and government at all levels to invest in mitigating flood risk […]

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