Insurance Information Institute News

Industry Trades Respond to FIO’s Proposal to Collect Climate Change Data

Shortly after Treasury’s Federal Insurance Office (FIO) proposed to have P/C insurers submit homeowners insurance underwriting data to assess climate risk, the response from industry trade associations was, at best, tepid. “You don’t need a massive data collection to know …

P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist: Triple-I, Milliman

The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a hard P/C market are expected …

New Layer of Federal Oversight for Climate Disclosures Not Needed: Triple-I

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 today to the U.S. Securities and Exchange Commission (SEC). Triple-I’s …

Dog-Related Claims Cost U.S. Home Insurers Nearly $900M in 2021

Dog bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2021, costing $881 million, according to an analysis by the Insurance Information Institute (Triple-I) and State Farm. The number of …

Report: Wildfires Have California in ‘Heightened State of Alert’

California, which has seen its eight largest recorded wildfires since 2017, is in a “heightened state of alert,” according to a new report that calls for urgent policy actions. The report was released on Wednesday and also discussed in a …

Lloyd’s U.S. Chief Says They’re Ready to Get into Canadian Cannabis Market

Lloyd’s is set to get into Canada’s cannabis market when recreational marijuana becomes legal there on Oct. 17, according to Hank Watkins, president of Lloyd’s America Inc. Watkins was speaking today at the 2018 Insurance Forum, an annual event in …

IIAV ‘Redoubling’ Hurricane Preparedness Efforts Since Following Harvey’s Texas Impact

The Independent Insurance Agents of Virginia (IIAV) is motivated to “redouble its efforts” around hurricane preparedness, particularly as it relates to flood damage, since following Hurricane Harvey’s impact in Texas, according to President and CEO Robert Bradshaw in an emailed …

Hurricane Harvey’s Flood Insurance Losses Could Match Katrina’s

Flood damage in Texas from Hurricane Harvey may equal that from 2005’s Hurricane Katrina, the costliest natural disaster in U.S. history, said an insurance research group on Sunday. As heavy rain pounded Houston and Texas’s coastal counties, the Insurance Information …

Watchdog Group Wants California to Look into Claims in ProPublica Report

Consumer Watchdog, a California-based advocacy group, is asking the state’s insurance commissioner to open an investigation into the alleged redlining uncovered by a ProPublica report that claims that four auto insurance companies in California mark up prices by as much …

P/C Insurance Executives Express Cautious Optimism for 2017

A panel of financial experts discussed the opportunities and challenges they see ahead in 2017 at the Insurance Information Institute’s (III) 21st Annual Property and Casualty Insurance Joint Industry Forum, held last week at the Waldorf-Astoria in New York. The …