The economic drivers of the U.S. property/casualty (P/C) insurance industry could cumulatively expand faster than the nation’s gross domestic product (GDP) in 2024 and may outperform the overall U.S. economy by 2025, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook. “Growth drivers specific to P/C performance have been improving faster in 2023 […]
Inflation and High Catastrophe Losses Projected to Lead to Underwriting Loss for P&C Insurance
The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the […]
Atlantic Hurricane Season Forecast Slightly Below-Average
A slightly below-average level of tropical cyclone activity is projected for 2023 in the Atlantic basin, according to a forecast released today by Colorado State University’s (CSU) Department of Atmospheric Science. Led by senior research scientist Phil Klotzbach, Ph.D., also a non-resident scholar at the Insurance Information Institute (Triple-I), the CSU Tropical Meteorology Project anticipates […]
Insurance Information Institute Says U.S. Insurers Remain Resilient Despite Economic Challenges
Slow underlying growth and inflation are among the biggest challenges facing U.S. auto, home, and business insurers, according to the Insurance Information Institute (Triple-I) Q1 2023 Economic Outlook. The Outlook’s key takeaways include: Property/casualty (P/C) insurance, a category which includes U.S. carriers who underwrite auto, home, and business coverage, saw its cyclical underlying growth rebound […]
February is Insurance Careers Month
The federal government reports 2.8 million people in the U.S. are employed by the insurance industry and February’s annual celebration of Insurance Careers Month is a reminder of the opportunities it offers, according to the Insurance Information Institute (Triple-I). “Insurance is the backbone of the global economy, providing security, recovery, and sustainability. Whether just starting […]
Insurance Information Institute Tells SEC that U.S. Insurers Already Lead Way on Climate-Related Disclosures
Creating a new layer of federal oversight would neither enhance nor standardize the climate-related disclosures U.S. insurers make to investors, the Insurance Information Institute (Triple-I) said in a letter sent to the U.S. Securities and Exchange Commission (SEC). Triple-I’s letter came in response to the SEC’s request for public comment on its proposed rulemaking, “The […]
Insurance Associations Defend Auto Insurer Pricing Factors
Following calls by consumer groups for the U.S. Treasury Department’s Federal Insurance Office (FIO) to update its 2017 auto insurance affordability study, two insurance groups commented on the proposals. David Snyder, vice president of the American Property Casualty Insurance Association’s Policy, Research and International Division (APCIA) said, “We support the Department of Treasury’s Federal Insurance […]
Property/Casualty Underwriting Profits Projected to Continue in 2021
Insurance Information Institute and Milliman project industry combined ratio of 99, virtually the same as 2020. Property/casualty insurers are projected to continue to post slight underwriting profits in 2021, according to a forecast by the Insurance Information Institute (Triple-I) and Milliman. The forecast projects a 2021 combined ratio of 99, virtually the same as last […]
III Study Shows Collision Claim Frequency Increased Where Marijuana Sales Are Legal
Insurance Information Institute reports 6 percent increase in collision claims in states where recreational marijuana is legalized. Given that 10 states allow the sale of recreational marijuana, U.S. auto insurers are examining how the drug is impacting motorist behavior and claims-filing patterns, according to a new Insurance Information Institute (I.I.I.) white paper. A Rocky Road […]
Rising Automobile Claims Costs Put Upward Pressure on Price Of Insurance
I.I.I. White Paper Details Increase In Frequency and Severity of auto crashes. Over the past two years, U.S. auto insurance companies have seen private-passenger loss costs rise sharply as insurers receive more, and costlier, claims, according to the Insurance Information Institute (I.I.I.). “There has been an alarming increase in crashes and claims reported. This, combined […]