Insurers Need to Leadon Ethical Use of AI Every major technological advancement prompts new ethical concerns or shines a fresh light on existing ones. Artificial intelligence is no different in that regard. As the property/casualty insurance industry taps the speed and efficiency generative AI offers and navigates the practical complexities of the AI toolset, […]
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 […]
Agents Play Critical Role in Navigating Impacts of Legal System Abuse on Customers
Agents Play Critical Role in Navigating Impacts of Legal System Abuse on CustomersLegal system abuse, including frivolous lawsuits and inflated claims, is driving insurance claims costs to record highs, particularly in liability lines, disrupting the industry and impacting policyholders, insurers and independent agents, according to Triple-I. Defining and Understanding Legal System Abuse Legal system abuse […]
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 […]
Economic Climate Makes Understanding Insurance Increasingly Important
Economic Climate Makes Understanding Insurance Increasingly Important By Lewis Nibbelin, Guest Blogger for Triple-I Insurance coverage has long been “a grudge purchase – a once-or-twice-a-year transaction that many consumers didn’t want to think about,” Triple-I CEO Sean Kevelighan said in a recent episode of the “All Eyes on Economics” podcast. But in today’s dynamic economic […]
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 […]
Operating from the shadows, TPLF can create problems for judges and courts.
Operating from the shadows, TPLF can create problems for judges and courts. A recently published article, The Fifth Dimension: TPLF and Its Effect on the Judiciary, highlights the ways the rising specter of third-party litigation funding (TPLF) can create unnecessary challenges for the judiciary. Triple-I has published a great deal regarding the potential impact of […]
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 […]
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, […]
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 […]
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, […]