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Blogs Archives - Insurance Journal

The Startling Cost of Technical Debt in Insurance Concerns over cost are a common culprit when it comes to choosing business as usual over making changes or improvements to outdated technology and processes. Thinking the cost of implementing modern solutions will be far greater than the cost of … POSTED MAY 24, 2023 5:24 AM

2 Firearm Situations. Maybe They’re Covered. NOTE: This is an excerpt from a longer article on IJ. Here’s the full article. When it comes to firearms and insurance, we can look at them in two ways. First, as items of personal property, in which case, in … POSTED MAY 17, 2023 4:32 PM

How the Unfair Trade Practices Act Could Impact Your Insurance Business If an insurer or licensed insurance agent uses unfair or deceptive business practices to sell to their clients not only is it unethical but it’s also against the law. When individuals or insurance businesses profit unfairly off of their clients, … POSTED MAY 17, 2023 5:17 AM

Cleaning Up Financial Reporting This post is part of a series sponsored by InsurBanc. Applying for an agency loan can be stalled by poor financial reporting practices. Here’s what lenders expect. I was recently reviewing a loan application from an independent insurance agency when … POSTED MAY 16, 2023 5:07 AM

Surprising Truths About Mergers and Acquisitions in Insurance This post is part of a series sponsored by AgentSync. Mergers and acquisitions (M&A) are always a hot topic in insurance. From small agencies hoping to get acquired, large agencies hoping to get larger, or carriers looking to expand into … POSTED MAY 10, 2023 5:30 AM

3 Ways to Reduce Management Liability Risk This post is part of a series sponsored by IAT Insurance Group. It’s a difficult time for businesses. Between a fluctuating insurance market and skyrocketing inflation, business leaders are under pressure to make the right financial and employment decisions. In … POSTED MAY 09, 2023 8:00 AM

Please, Fake News, Don’t Give Insurance Regulators Any Bright Ideas A relatively minor bureaucratic change proposed by the Federal Housing Finance Agency stirred up a viral storm in right-leaning news media recently, with outlets like the Washington Times, New York Post, National Review and Fox News all reporting some variant … POSTED MAY 08, 2023 10:47 PM

The Impacts of Inflation: Uncertainty and Non-Modelled Loss This post is part of a series sponsored by CoreLogic. Insurers affected by Hurricane Ian’s damaging path across Florida at the end of September 2022 faced operational, regulatory and statutory requirements for accurate projections of the ultimate financial cost of … POSTED MAY 04, 2023 9:48 PM

What Contractors Should Know About the Build America, Buy America Act This post is part of a series sponsored by IAT Insurance Group. Battling back from the Great Depression, the Hoover administration passed the “Buy American Act” in 1933. The basic premise of the law was self-evident — to revive and … POSTED MAY 04, 2023 9:00 AM

5 Best Practices for Executing Pre- and Post-Trip Inspections This post is part of a series sponsored by IAT Insurance Group. When commercial drivers are pulled over for DOT roadside inspections, an under-inflated tire, a malfunctioning brake light or any other number of equipment failures can result in assessed … POSTED MAY 02, 2023 9:00 AM

Insurance Business America

Ex-Lloyd’s CEO: "We've got to do something about" NZIA exit Insurance sector cannot "back away" from responsibilities, she warns POSTED JANUARY 01, 0001

Lloyd's, QBE latest to exit NZIA Other big names have bid alliance goodbye POSTED JANUARY 01, 0001

'We're not that relevant' – Aon president on industry challenges "Our industry has got itself in a box", Andersen warns POSTED JANUARY 01, 0001

Three technologies that could drive insurance's 'Blockbuster moment' Could monkey pong, Cronenbergian pizza, and glowing mice be a stark portent? POSTED JANUARY 01, 0001

Talanx acquires Liberty Mutual businesses Deal makes group one of the top insurers in Latin America POSTED JANUARY 01, 0001

State Farm ceases accepting California homeowners insurance applications It is the largest homeowners insurer in the state POSTED JANUARY 01, 0001

Munich Re announces next-gen AI-powered underwriting solution New proposition is set to grow customer experience and insurer profitability POSTED JANUARY 01, 0001

Workers' comp – Why agents need to pay attention to small construction firms The economic downturn makes these companies more vulnerable POSTED JANUARY 01, 0001

How CFC is looking to tackle a small business insurance gap Using tech to crack a 33 million strong market POSTED JANUARY 01, 0001

Leading cyber summit unites world’s leaders in risk, insurance, and innovation The NetDiligence Cyber Risk Summit 2023 comes to Philadelphia May 30 to June 2 POSTED JANUARY 01, 0001

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Debt Ceiling Debate Adds Heat to P/C Insurers’ Replacement Cost Woes Uncertainty spawned by the debt ceiling debate will likely exacerbate the replacement cost inflation that has been putting upward pressure on property/casualty insurers’ loss ratios – and, ultimately, consumers’ premium rates, according to Triple-I’s chief economist. “Whether or not we go to five, 10, 20 days – or if we don’t have a shutdown at … Continue reading Debt Ceiling Debate Adds Heat to P/C Insurers’ Replacement Cost Woes → POSTED MAY 26, 2023 4:10 PM

2023 Global Inclusion in Insurance Event to Be Held in New York City By Loretta L. Worters, Vice President, Media Relations, Triple-I The Insurance Industry Charitable Foundation (IICF) will host its Inclusion in Insurance Global Conference June 13-15 at the New York Hilton Midtown. The first in-person international event in the conference series since the 2019 Women in Insurance Global Conference, it will bring together hundreds of insurance … Continue reading 2023 Global Inclusion in Insurance Event to Be Held in New York City → POSTED MAY 18, 2023 10:55 AM

Captain of Her Own Ship: Anne Marie Elder By Loretta L. Worters, Vice President, Media Relations, Triple-I  In celebration of International Day for Women in Maritime – observed every May 18 – Triple-I interviews women who have made a difference in the maritime field.  Last year, the Triple-I focused on Isabelle Therrien, SVP-Canada, Falvey Cargo Underwriting. For as long as Anne Marie Elder … Continue reading Captain of Her Own Ship: Anne Marie Elder → POSTED MAY 17, 2023 6:19 PM

Commercial Lines Partly Offset Personal Lines Underwriting Lossesin P/C 2022 Results By Max Dorfman, Research Writer, Triple-I The U.S. property/casualty insurance industry ended 2022 with a net combined ratio of 102.4 – representing an overall underwriting loss that would have been significantly worse if not for an underwriting profit in commercial lines that partially offset a loss in personal lines, according to the latest underwriting projections by … Continue reading Commercial Lines Partly Offset Personal Lines Underwriting Losses in P/C 2022 Results → POSTED MAY 16, 2023 1:13 PM

Jobs Outperform,Setting Stage for More Monetary Tightening By Dr. Michel Léonard, Chief Economist and Data Scientist, and Riley Conlon, Research Analyst, Triple-I U.S. employment remains more resilient than expected given monetary tightening, adding 253,000 jobs in April, and pushing the unemployment down to 3.4 percent in April compared to 3.5 percent in March. Jobs growth has been positive for the last 26 … Continue reading Jobs Outperform, Setting Stage for More Monetary Tightening → POSTED MAY 08, 2023 7:36 PM

Homeowners Claims Costs Rose Faster Than Inflation for 2 Decades By Max Dorfman, Research Writer, Triple-I The cost of claims per insured home in the United States has increased at a rate outpacing inflation over the past 20 years, according the Insurance Research Council (IRC) — like Triple-I, an affiliate of The Institutes. A new IRC study, Trends in Homeowners Insurance Claims: 2001–2021, attributes this … Continue reading Homeowners Claims Costs Rose Faster Than Inflation for 2 Decades → POSTED MAY 04, 2023 7:59 PM

Indiana Joins March Toward Disclosureof Third-PartyLitigation Funding Deals Indiana has become the latest state to require disclosure of third-party litigation funding in civil lawsuits. The legislation – signed into law by Gov. Eric Holcomb on April 20 – requires that each party in a civil proceeding and each insurer that has a duty to defend a party in court be notified of any … Continue reading Indiana Joins March Toward Disclosure of Third-Party Litigation Funding Deals → POSTED MAY 03, 2023 7:13 PM

Some Potential Sunshine for Florida’s Property Insurance Market  By Matthew Scarfone, Esq., Triple-I blog contributor, and shareholder at Colodny Fass  Florida presents property insurers with a unique set of factors that affect the availability and affordability of insurance coverage. The state boasts the third-largest population in America while simultaneously enduring a higher-than-average volume of natural disasters. It’s fair to say that operating a … Continue reading Some Potential Sunshine for Florida’s Property Insurance Market  → POSTED APRIL 25, 2023 7:06 PM

Beyond Fire: Triple-I Interview Unravels Lightning-Risk Complexity Lightning is a more complex peril than it is often given credit for being, according to Tim Harger, executive director of the Lightning Protection Institute (LPI). In a recent interview with Triple-I CEO Sean Kevelighan, Harger discussed the importance of preparing for and preventing damage from this risk, which is second only to flooding when … Continue reading Beyond Fire: Triple-I Interview Unravels Lightning-Risk Complexity → POSTED APRIL 24, 2023 3:27 PM

Michigan No-Fault Reform Yields Fewer Claims, Lower Premiums By Max Dorfman, Research Writer, Triple-I Michigan’s no-fault system reform law, effective in 2020, has led to personal auto insurers paying out fewer claims and many drivers paying less in premiums, according to recent research by two Triple-I nonresident scholars. The study, No Fault Auto Insurance Reform in Michigan: An Initial Assessment, co-authored by Patricia … Continue reading Michigan No-Fault Reform Yields Fewer Claims, Lower Premiums → POSTED APRIL 05, 2023 6:29 PM

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