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 […]
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 […]
Triple-I Brief Discusses Homeowners Insurance Market Challenges
Triple-I Brief Discusses Homeowners Insurance Market Challenges By Max Dorfman, Research Writer, Triple-I Homeowners insurance costs have continued to consistently rise in the wake of the pandemic, alongside several other challenges, according to a new Triple-I Issues Brief. The COVID-19 pandemic and Russian invasion of Ukraine sparked inflation – particularly with regard to replacement costs […]
Triple-I Experts Speakon Climate Risk, Resilience
Triple-I Experts Speakon Climate Risk, Resilience Hurricane Beryl’s rapid escalation from a tropical storm to a Category 5 hurricane does not bode well for the 2024 Atlantic Hurricane season, which is already projected to be of above-average intensity, warns Triple-I non-resident scholar Dr. Philip Klotzbach. “This early-season storm activity is breaking records that were set […]
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 […]
Florida Homeowners Premium Growth Slowsas Reforms Take Hold, Inflation Cools
Florida Homeowners Premium Growth Slowsas Reforms Take Hold, Inflation CoolsHomeowners insurance premium growth in Florida has slowed since the state implemented legal system abuse reforms in 2022, according to a Triple-I analysis. As shown in the chart below, average annual premiums climbed sharply after 2020. This was due in part to inflation spurred by the […]
Lightning-Related Claims Up Sharply in 2023
Lightning-Related Claims Up Sharply in 2023 By Max Dorfman, Research Writer, Triple-I The total value of lightning-caused homeowners insurance claims rose more than 30 percent in 2023, to $1.27 billion from $950 million in 2022, Triple-I estimates based on national claims data provided by State Farm. The number of claims rose 13.8 percent during the […]
IRC: Homeowners Insurance Affordability Worsens Nationally, Varies Widely by State
IRC: Homeowners Insurance Affordability Worsens Nationally, Varies Widely by State By Max Dorfman, Research Writer, Triple-I Average U.S. homeowners insurance premiums have increased at a rate that has outpaced household income from 2001 to 2021, according to a new report by the Insurance Research Council (IRC). In 2021 – the latest year for which data […]
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 […]
Dog-Related Injury Claims Continue to Increase; Average Payout Declines
Dog-Related Injury Claims Continue to Increase; Average Payout Declines By Max Dorfman, Research Writer, Triple-I Insurers paid $1.12 billion in dog-related injury claims in 2023, according to research by Triple-I and State Farm. The total number of dog-bite and related claims was 19,062 in 2023 – an increase of more than 8 percent from […]
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 […]
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, […]