III News

Florida HO Premiums Highest in Nation at $4,200 Average, Triple I Report Shows

A report from the Insurance Information Institute confirms what many Florida homeowners have suspected: Their insurance premiums are some of the highest in the nation. The annual cost of a Florida homeowners policy this year will jump to $4,231 – …

Tornadoes That Ripped Across Central U.S. Could Be Costliest Outbreak on Record

A group of tornadoes that tore across the central U.S. on December 10 and 11 resulted in widespread damage in several states and could serve as the nation’s costliest tornado outbreak on record. “Based on preliminary assessments of the extensive …

Kevelighan: Talks with Institutes on Creating 21st Century Triple III Began Years Ago

Affiliating with The Institutes provides an opportunity for the industry’s Insurance Information Institute (III) to become more of a 21st Century trade association, rather than one suited for the 1950s, according to the III executive behind the move. III CEO …

Workers’ Compensation Rates Won’t Be Adjusted for Coronavirus Experience This Year

The workers’ compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice president and chief economist for the Insurance Information …

Schwarzenegger Discusses Risk at California Insurance Forum

It turns out characters like Conan the Barbarian, the cyborg from Terminator and Dutch the protagonist in the original “Predator” movie, know a thing or two about risk. Definitely the actor who portrayed them does. Actor Arnold Schwarzenegger on Monday …

Big Brains at Big ‘I’, Insurance Information Institute Give Their Take on 2014

Most economists are upbeat about next year, but just what does that mean for insurance agents in 2014? For independent agents 2013 was a year in which one entity forecasted their eventual demise, and for the rest of the business …

On a Leash: Dog Bite Insurance Claim Trends

Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing more than $489 million, according to the industry’s Insurance Information Institute (III) and insurer State Farm. While the number of claims …

TRIA Debate Heats Up with Charge ‘Nervous Nelly’ P/C Insurers Enjoy $7B ‘Subsidy’

A consumer advocacy group says the property/casualty insurance industry has been getting a sweet deal worth about $7 billion as a result of the federal government’s program to help pay terrorism insurance claims after private insurance is exhausted. An industry …

Texas Mutual: 3rd Provider Sentenced in Fraud Scheme

Texas Mutual Insurance Co. announced that Michael T. Douglas of Denton, Texas, pleaded guilty to charges of perjury in a workers’ compensation fraud-related case. A Travis County district court sentenced Douglas to one year of deferred adjudication and ordered him …

Utica National’s Robinson Elected Chairman of I.I.I.

J. Douglas Robinson, chairman of the board and chief executive officer of the Utica National Insurance Group, has been elected 2013 chairman of the Insurance Information Institute (I.I.I.). He succeeds Gregory Ator, president, CEO and chairman, Bituminous Insurance Companies.The I.I.I. …