Associated tags: Knowledge, Insurance, Social media, Insurance Information Institute, Blog, Professional Services, Policy
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“For many homeowners who are victims of contractor fraud, it has either forced delays in rebuilding or has completely halted the rebuilding process after a disaster,” said Sean Kevelighan, CEO of the Triple-I.
Key Points:
- “For many homeowners who are victims of contractor fraud, it has either forced delays in rebuilding or has completely halted the rebuilding process after a disaster,” said Sean Kevelighan, CEO of the Triple-I.
- “Contractor fraud costs hardworking Americans billions of dollars every year,” said David J. Glawe, president and CEO of NICB.
- If you pay a contractor a large sum for a temporary repair job, you may not have enough money for permanent repairs.
- You may also text your information to TIP411, keyword “FRAUD” and remain anonymous if you so desire.
Consulting,
Professional Services,
Insurance,
CPI,
COVID-19,
Acceleration,
Building material,
Milliman,
Overalls,
National Council,
MAAA,
Growth,
CBE,
FCAS,
Economics,
Insurance Information Institute,
NCCI,
P&C While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
Key Points:
- While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
- Dale Porfilio, FCAS, MAAA, chief insurance officer at Triple-I, discussed the overall P&C industry underwriting projections and premium growth.
- For 2023, the personal lines expense ratio improved by almost 2 points over 2022, most dramatically in personal auto.
- The net written premium growth rate for personal lines surpassed commercial lines by over seven points in 2023.
P/C replacement costs have grown 1.5% year-to-date in 2024, below overall inflation of 3.5%.
Key Points:
- P/C replacement costs have grown 1.5% year-to-date in 2024, below overall inflation of 3.5%.
- “We expect P/C replacement costs to increase by 1.5% in 2024 and 2.5% in 2025, below overall inflation in both years, and increase by 3.2% in 2026,” Léonard said.
- Using Triple-I’s own CPI forecast as the basis for comparison, U.S. P/C replacement costs are expected to grow below overall inflation by an average of 1.75% over the next two years.
- This is after P/C replacement costs grew at a multiple of overall inflation during and after the pandemic.
Professional Services,
Public Policy,
Government,
State,
Local,
Environment,
Other Policy Issues,
Natural Disasters,
Insurance,
Insurance Information Institute,
S&P Global,
Atlantic hurricane season After years of enduring rampant legal system abuse and claim fraud, Florida’s property insurance market is showing signs of improvement as the 2024 Atlantic hurricane season nears, according to a new Issues Brief published today by the Insurance Information Institute (Triple-I).
Key Points:
- After years of enduring rampant legal system abuse and claim fraud, Florida’s property insurance market is showing signs of improvement as the 2024 Atlantic hurricane season nears, according to a new Issues Brief published today by the Insurance Information Institute (Triple-I).
- Legislative reforms passed in 2022 and 2023 have created a pathway to a stable Florida market, according to Triple-I’s Issues Brief.
- In dollar terms, 2023 saw $739 million in direct incurred legal defense expenses – a major decline from 2022’s $1.6 billion.
- For perspective, incurred defense costs in the two largest U.S. insurance markets in 2023 were $401.6 million in California, followed by $284.7 million in Texas.
Natural Disasters,
Environment,
Professional Services,
Climate Change,
Insurance,
Clothing,
Small business,
Element,
NOAA,
Policy,
Cyclone,
Insurance Information Institute,
Theft,
Research,
Water,
Disaster,
Colorado State University,
Building material,
Wind,
Tree,
Condo,
Electronics,
Loss,
National Hurricane Preparedness Week,
CSU,
NFIP A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.
Key Points:
- A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.
- With more Americans living in harm’s way than ever before, it is critical for everyone residing in a hurricane-prone community to make preparedness a priority for the upcoming season,” Kevelighan added.
- National Hurricane Preparedness Week , spearheaded by the National Oceanic and Atmospheric Administration (NOAA), starts on Sunday, May 5, and continues through Saturday, May 11.
- The Triple-I’s four key hurricane preparedness tips for the 2024 season include:
Review Your Insurance Coverage.
Professional Services,
Insurance,
Natural Disasters,
Environment,
Small business,
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Risk,
Insurance Information Institute,
SBA,
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National Small Business Week,
Structural Damage,
Luigi,
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Lightning,
Fire “A lightning strike can have a significant impact on a business - especially a small business,” said Tim Harger, executive director, LPI.
Key Points:
- “A lightning strike can have a significant impact on a business - especially a small business,” said Tim Harger, executive director, LPI.
- By taking proactive measures to protect their operations, small businesses can safeguard their livelihoods and ensure long-term success."
- Harger noted that while lightning fires cause structural damage, what’s even more costly is damaged inventory, production downtime, and loss of revenue during repairs.
- The system’s installation should be accompanied by the business’ purchase of the right types and amounts of insurance, Triple-I and LPI agree.
Insurance,
Professional Services,
Climate change,
Triple,
Woman,
AF Group,
Insurance Information Institute,
National Council,
Information International, Inc.,
Corless AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member.
Key Points:
- AF Group has joined the Insurance Information Institute (Triple-I) as its most recent member.
- “AF Group is a driving force in the specialty solutions market, and the Triple-I is honored to have the support of such an important organization,” said Sean Kevelighan, CEO, Triple-I.
- “Among the biggest concerns for insurers today are rate adequacy, inflation, climate change and economic uncertainty,” said Lisa Corless, President and CEO, AF Group.
- “We are excited to work with the Triple-I in support of their mission to inform important discussions on the vital role of insurance.”
Insurance,
Professional Services,
P&C,
Fed,
Unemployment,
Federal Reserve,
Overalls,
Growth,
GDP,
CBE,
Housing “Triple-I forecasts P&C underlying growth to increase to 3.4% in 2024, 1.2% above the Fed’s GDP forecast of 2.2%.
Key Points:
- “Triple-I forecasts P&C underlying growth to increase to 3.4% in 2024, 1.2% above the Fed’s GDP forecast of 2.2%.
- It will likely take at least another year for this economic rising tide to lift the P/C industry’s overall growth and performance.”
“Triple-I expects P&C underlying growth to continue outperforming overall GDP growth into 2025 and 2026,” Léonard said.
- “Different economic stress scenarios may reduce or widen the spread between P&C underlying growth and overall GDP growth, or even reverse the overall trend of P&C underlying growth outperforming overall GDP growth,” said Léonard.
- For 2024, Triple-I’s forecast for overall GDP growth is 2.6%, compared to the Fed’s 2.2%.
Veterinary,
Insurance,
Pets,
General Health,
Health,
Family,
Professional Services,
Consumer,
Eating,
Socialization,
Personality,
American Veterinary Medical Association,
Walking,
Biting,
Education,
Knowledge,
Veterinarian,
Dog,
Safety,
AVMA,
Injury,
Pain,
Pet,
Animal,
State,
Hunting On a positive note, the average cost per claim decreased from $64,555 in 2022 to $58,545 in 2023.
Key Points:
- On a positive note, the average cost per claim decreased from $64,555 in 2022 to $58,545 in 2023.
- “Education and training for owners and pets is key to keep everyone safe and healthy,” said Ruiz.
- “It is important to recognize that any dog, including ones that are in the home, can bite or cause injury.
- As we mark National Dog Bite Prevention Week, let's commit to increasing our understanding of the issue and taking proactive steps towards prevention.
Professional Services,
Insurance,
Natural Disasters,
Environment,
Storm,
Emerald,
Season,
Drainage,
Tropical Storm Ophelia,
Florida Panhandle,
Atmospheric science,
Insurance Information Institute,
Policy,
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CSU,
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Klotzbach,
Family,
Probability,
NFIP,
Drinking water,
Property insurance A very active tropical cyclone season is projected for 2024 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science.
Key Points:
- A very active tropical cyclone season is projected for 2024 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science.
- Major hurricanes are defined as those with wind speeds reaching Category 3, 4 or 5 on the Saffir-Simpson Hurricane Wind Scale .
- It was the third hurricane, and second major hurricane, to make a Florida landfall over the past two seasons.
- A warmer-than-normal tropical Atlantic provides a more conducive dynamic and thermodynamic environment for hurricane formation and intensification.
