Insurance Research Council News

Updated: Federal Insurance Office Seeks Comments on Auto Insurance Affordability

The insurance office within the U.S. Treasury is looking into whether minorities and low and moderate income Americans have access to affordable auto insurance. On April 10, the Federal Insurance Office, citing its authority under the Dodd-Frank act to monitor …

Rise in Auto Injury Medical Costs Tops Inflation While Severity Declines

Medical expenses reported by auto injury claimants continue to rise faster than the rate of inflation, in spite of the fact that the severity of the injuries themselves remains on a downward trend. A new study by the Insurance Research …

Wildfires, Hail Take Toll on Colorado Homeowners Insurance

It’s safe to say there’s a lot going on in the homeowners insurance scene in Colorado, where homeowners insurance rates are likely to be on the rise for some time. Insured losses from the recently doused Black Forest fire should …

Insurance Claim-Padding OK with 24% of Americans: Survey

Twenty-four percent of Americans believe it is acceptable to increase an insurance claim by a small amount to make up for deductibles they are required to pay. That is lower than the 33 percent found in 2002, according to new …

States With ‘No Pay, No Play’ Laws Lower Uninsured Motorists Rate

A state’s percentage of uninsured motorists is affected by a no pay, no play law, albeit modestly. A new study from the Insurance Research Council (IRC) estimates that the uninsured motorist (UM) rate can fall by as much as 1.6 …

Homeowners Insurance Claims Cost Rising Rapidly: Study

The cost of homeowners insurance claims has been rising rapidly because of the combined effects of rising claim severity and increases in claim frequency, according to an insurance industry report. A new Insurance Research Council (IRC) study of homeowners insurance …

Auto Insurance Claim Costs Rising Again

Auto insurance claim costs countrywide have recently increased, reversing previous trends of declining or relatively stable costs. A new report from the Insurance Research Council (IRC), “Trends in Auto Injury Claims, 2011 Edition,” documents auto injury claim trends, both countrywide …

Claimed Auto Injury Losses in N.Y. Metro Area Rose 70% in 10 Years

Personal injury protection (PIP) claims closed in 2010 show that claimed losses for medical expenses, lost wages, and other expenses from auto accident injuries in the New York City area rose 70 percent over the past decade. This surpasses the …

Americans Oppose Accident Response Fees: Insurance Industry Survey

Sixty-eight percent of adults oppose local governments charging accident response fees to individuals involved in traffic accidents, according to a new insurance industry survey. The Insurance Research Council (IRC) survey found that requiring insurance companies, rather than the individuals involved …

Across Country, 1 in 7 Drivers Uninsured; In Some States, 1 in 4

Across the United States, chances are roughly one in seven that a driver is uninsured. The estimated percentage of uninsured motorists stood at 13.8 percent in 2009, according to a new study from the Insurance Research Council (IRC). The group …