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Blogs Archives - Insurance Journal

On Tolstoy and Insurance Troubles in the Heartland Property & casualty insurers are remarkably durable. Many of the country’s 2,422 insurers have been in business for over a century. Two – the Insurance Company of the State of Pennsylvania and the Philadelphia Contributionship–were formed in the 18th century, … POSTED SEPTEMBER 27, 2023 3:03 PM

Fine and Punishment: The Process of Insurance Regulatory Actions This post is part of a series sponsored by AgentSync. Insurance industry professionals tend to underestimate the business threat of regulatory actions. While data from the National Association of Insurance Commissioners (NAIC) indicates the industry has a relatively low level … POSTED SEPTEMBER 27, 2023 4:32 AM

7 Myths About Business and Innovation During a Recession, and Why They’re Simply Hooey This post is part of a series sponsored by AgentSync. There are plenty of reasons to assume an economic downturn is no time to innovate. Here’s why that logic is wrong, and the truth about innovating in uncertain economic times. … POSTED SEPTEMBER 20, 2023 4:27 AM

With the Rise of AI in Insurance, the Human Element is More Important Than Ever This post is part of a series sponsored by AgentSync. ChatGPT may be able to whip out a love poem on demand, but consumers know the value of an expert human on their team for things that really matter. There’s … POSTED SEPTEMBER 18, 2023 4:03 AM

Why Are So Many Life Insurance Producers Seeking Securities Licenses? And what does it mean for the organizations they work with? This post is part of a series sponsored by AgentSync. Are two really better than one? Insurance producers seem to think so. There’s a trend forming in the insurance industry of insurance producers acquiring securities licenses (and vice versa), leading … POSTED SEPTEMBER 13, 2023 5:12 AM

What’s Brewing – Coffee, Convo, and Insurance with Bill Cunningham This post is part of a series sponsored by IAT Insurance Group. Bobbie Goldie interviews Bill Cunningham on insurance trends, opportunities, and how the specialty property and casualty insurer continues to evolve in ever-changing market conditions. POSTED SEPTEMBER 12, 2023 5:12 AM

The Value of Wildfire Simulations in Enterprise Risk Management This post is part of a series sponsored by CoreLogic. Going beyond historical data brings clarity to the future of wildfire risk Welcome to the second installment of our four-part series on wildfire hazard and enterprise risk management where we … POSTED SEPTEMBER 12, 2023 4:15 AM

Help Your Contractor Client Transition from Quick Bonds to a Larger Surety Program This post is part of a series sponsored by Old Republic Surety. If you have construction clients who are in growth mode and want to take on bigger projects, here’s help you can share for increasing their surety capacity — … POSTED SEPTEMBER 06, 2023 5:15 AM

How Life Insurance Carriers Can Win at the Long Game of Annuity Broker Recruitment This post is part of a series sponsored by AgentSync. Life insurance carriers that don’t prioritize compliance and onboarding for their variable lines brokers will lose traction in the life and annuities market over the long term. Making these processes … POSTED SEPTEMBER 06, 2023 5:00 AM

The Most Common Commercial Truck Accidents and Best Practices for Drivers to Avoid Them This post is part of a series sponsored by IAT Insurance Group. Protecting your fleet and maintaining steady operations today means implementing risk management practices to combat rising costs and reduce claims. Our latest eBook highlights the most common commercial … POSTED SEPTEMBER 05, 2023 5:05 AM

Insurance Business America

Significant flood insurance consequences in event of government shutdown Property sales and claims funding could be in jeopardy, but private market on hand POSTED JANUARY 01, 0001

How one broker is making lemonade out of property insurance disruption It's looking to rev up growth in California POSTED JANUARY 01, 0001

US auto insurers faced with soaring liability claim payouts – report Inflation causing significant pressure to sector POSTED JANUARY 01, 0001

At-Bay unveils new insurance head, MPL expansion She has been with the company since 2020 POSTED JANUARY 01, 0001

RT Specialty marks digital expansion with Connector division It currently has five lines of business on offer POSTED JANUARY 01, 0001

Higginbotham swoops for top Florida agency Deal marks firm's second foray into key state POSTED JANUARY 01, 0001

Northwestern Mutual to pay record-setting dividend to policyholders Company has paid a dividend every year since 1872 POSTED JANUARY 01, 0001

Top European firms underwriting 30% of US coal despite net zero commitments Insurers responsible for covering the most coal revealed POSTED JANUARY 01, 0001

Not "business as usual" for industry with IFRS 17 challenges still ahead – WTW Almost seven in 10 used the new standard for financial results for the first time in 2023 POSTED JANUARY 01, 0001

New chairman joins BMS Group Investment completion also announced POSTED JANUARY 01, 0001

The trusted source of unique, data-driven insights on insurance to inform and empower consumers.

Surge in U.S. auto insurer claim payouts due to economic and social inflation The latest Insurance Information Institute (Triple-I) research indicates that between 2013 and 2022, economic and social inflation fueled a $96 to $105 billion increase in combined claim payouts for U.S. personal and commercial auto insurer liability.   The report “Impact of Increasing Inflation on Personal and Commercial Auto Liability Insurance” outlines Triple-I’s continued exploration of the … Continue reading Surge in U.S. auto insurer claim payouts due to economic and social inflation → POSTED SEPTEMBER 28, 2023 2:04 PM

Attacking the Risk Crisis: Roadmap to Investmentin Flood Resilience As part of its attack on the risk crisis, Triple-I recently participated in a project led by the National Institute of Building Sciences (NIBS) to develop a roadmap for mitigation investment incentives. The Resilience Incentivization Roadmap 2.0 builds off research NIBS published in 2019 and focuses on urban pluvial flooding, though many of the principles can be … Continue reading Attacking the Risk Crisis: Roadmap to Investment in Flood Resilience → POSTED SEPTEMBER 28, 2023 1:56 PM

How Proposition 103 Worsens Risk CrisisIn California California is not the only U.S. state struggling with insurance availability and affordability, but — as described in a new Triple-I Issues Brief — its problems are exacerbated by a three-decades-old legislative measure that severely constrains insurers’ ability to profitably insure property in the state. Instead of letting insurers use the most current data and … Continue reading How Proposition 103 Worsens Risk Crisis In California → POSTED SEPTEMBER 21, 2023 4:59 PM

It’s Not an “Insurance Crisis” — It’s a Risk Crisis Ten states – Louisiana, Florida, Idaho, Kentucky, Mississippi, Montana, North Dakota, South Carolina, Texas, and Virginia – as well as additional plaintiffs, are suing the Federal Emergency Management Agency (FEMA) over its new methodology for pricing flood insurance, Risk Rating 2.0. On Sept. 14, a federal hearing lasted six hours as the plaintiffs sought a … Continue reading It’s Not an “Insurance Crisis” — It’s a Risk Crisis → POSTED SEPTEMBER 20, 2023 4:28 PM

Shutdown Threat Looms Over U.S. Flood Insurance Even as the 2023 Atlantic hurricane season proves to be more intense than originally predicted, federal funding for the National Flood Insurance Program (NFIP) is threatened by a potential government shutdown. Funding for NFIP will expire after September 30 if lawmakers don’t reach a deal. Claims on existing policies would still get paid if NFIP … Continue reading Shutdown Threat Looms Over U.S. Flood Insurance → POSTED SEPTEMBER 18, 2023 3:05 PM

Michigan Drivers Benefit From No-Fault Reforms; Rulings Constrain Gains By Max Dorfman, Research Writer, Triple-I The success of Michigan’s no-fault insurance reforms at reining in claims and contributing to premium reductions for many drivers has been crimped by adverse court decisions in cases contesting the reforms and other factors, according to new research by two Triple-I non-resident scholars.  Michigan can be viewed as “an … Continue reading Michigan Drivers Benefit From No-Fault Reforms; Rulings Constrain Gains → POSTED SEPTEMBER 14, 2023 6:50 PM

IRC: Consumers Deem Most Rating Factors Fair By Max Dorfman, Research Writer, Triple-I Most consumers believe the majority of personal insurance rating factors that insurers use to underwrite and price homeowners and auto coverage are fair, according to a new survey by the Insurance Research Council (IRC) – like Triple-I, an affiliate of The Institutes. But there was some variation regarding which variables they consider … Continue reading IRC: Consumers Deem Most Rating Factors Fair → POSTED SEPTEMBER 12, 2023 3:39 PM

NAIC Seeks Granular Data From Insurers to Help Fill Local Protection Gaps Data is at the core of risk management, and the National Association of Insurance Commissioners (NAIC) is seeking to identify gaps in the data state regulators collect from insurers – particularly with respect to understanding insurance availability and affordability. “The increasing frequency and severity of weather events, rising reinsurance costs, and inflationary pressures are making … Continue reading NAIC Seeks Granular Data From Insurers to Help Fill Local Protection Gaps → POSTED SEPTEMBER 05, 2023 9:43 PM

How Liberty Mutual Foundation BringsRisk ManagementInto Communities By Max Dorfman, Research Writer, Triple-I Nature-based solutions, green jobs, and resilient infrastructure are at the core of Liberty Mutual Foundation’s approach to helping marginalized communities that are most vulnerable to climate-related perils. “We believe investing philanthropically in communities to help them mitigate and adapt to the impact of climate change is a natural extension … Continue reading How Liberty Mutual Foundation Brings Risk Management Into Communities → POSTED AUGUST 28, 2023 2:51 PM

Keep It Simple:Security System Complexity Correlates With Breach Costs By Max Dorfman, Research Writer, Triple-I Artificial intelligence is helping to limit the costs associated with data breaches, a recent study by IBM and the Ponemon Institute found. While these costs continue to rise, they are increasing more slowly for some organizations – in particular, those using less-complex, more-automated security systems. According to the study, … Continue reading Keep It Simple: Security System Complexity Correlates With Breach Costs → POSTED AUGUST 23, 2023 7:22 PM

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