Reinsurance News
Triple-I
Group captives appeal rising alongside inflation: Triple-I
24th March 2023
Group captives are becoming increasingly appealing as a solution for many companies during this period of financial volatility and inflationary pressure, according to analysts at the Insurance Information Institute (Triple-I). A new report by Triple-I notes that group captive insurance can be a source of value for certain firms, and can ... Read the full article
Social inflation contributes to $30bn increase in commercial auto costs: Triple-I
8th March 2023
U.S. commercial auto insurance liability claim payouts swelled $30 billion more than anticipated between 2012-2021 due in part to social inflation, suggests a paper by the Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The Triple-I/CAS paper, Social Inflation and Loss Development – An Update, authored by ... Read the full article
Home and auto insurance premium rates to rise significantly: Triple-I
20th February 2023
Auto and home insurance rates in the US lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Triple-I). In its latest Issues Brief, Triple-I analysts stated that if premium ... Read the full article
New Florida law could reduce insurance costs, says Triple-I
17th February 2023
According to an Issues Brief from the Insurance Information Institute (Triple-I), a new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state. Addressing Florida’s Property/Casualty Insurance Crisis, the Triple-I Issues Brief states that reforms put in place in 2022 and ... Read the full article
P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
Insurers need partners to reduce flood risk worldwide: Triple-I
28th September 2022
Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article
Triple-I comes out in support of risk-based pricing
15th September 2022
A new paper from Triple-I says that risk-based pricing allows insurers to offer the lowest premiums to policyholders with the most-favourable risk factors. The paper, Trends and Insights: Risk-Based Pricing of Insurance, states that risk-based pricing also allows insurers to offer higher premiums for less-favourable risks. Triple-I said in the report ... Read the full article
Third-party litigation funding is exacerbating claims inflation: Triple-I
15th August 2022
Third-party litigation funding (TPLF) is a multi-billion-dollar industry that drives up insurance costs and remains a hidden secret to most Americans, says a recent Triple-I report. TPLF is an industry that mostly stays under the radar, allowing investors to reap substantial profits from financing lawsuits while hiding in the shadows. In ... Read the full article
Combined ratio for P&C this year ‘to worsen to 100.7’
15th August 2022
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. This is according to the latest underwriting projections by actuaries at the Triple-I and Milliman, who said that loss pressures ... Read the full article
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
Increased population in the path of hurricanes – Triple I
15th July 2022
The populations of Florida, South Carolina, Georgia, and Delaware are growing dramatically. And that puts a greater number of people in the paths of hurricanes, and increases the property damage a hurricane could cause in those states, according to a new report from Triple-I. The company, citing US census data from 2020, says the double-digit ... Read the full article
Florida market “on verge of failure”: Triple-I
24th June 2022
Analysts at the Insurance Information Institute (Triple-I) have warned that Florida's insurance market is “on the verge of failure” despite recent efforts by lawmakers to mitigate its challenging conditions. Triple-I notes that re/insurers are contending with an overabundance of unneeded new roofs on homes and massive settlements on claims, meaning the ... Read the full article
US lightning claims continue downward trend, falling 15 percent between 2020 and 2021
23rd June 2022
More than $1 billion in lightning-caused US homeowners insurance claims were paid out in 2021, according to the Insurance Information Institute (the Triple-I). The sum was paid to 60,000-plus policyholders, with 40 percent of that figure ($523 million) attributable to California alone. Florida - the state with the most thunderstorms - remained ... Read the full article
New layer of federal oversight would complicate insurer operations: Triple-I
20th June 2022
The Insurance Information Institute (Triple-I) has expressed its disagreement with the recent rulemaking proposal “The Enhancement and Standardisation of Climate-Related Disclosures for Investors”, made by the US Securities and Exchange Commission (SEC). In a letter sent to the SEC, the Institute stated that the creation of a new layer of federal ... Read the full article
Gov’s contribution to insured losses under TRIA would decline over time, says report
8th October 2019
If the September 11th, 2001 attacks on the World Trade Centre were to happen today, the implementation of the Terrorism Risk Insurance Act (TRIA) would see the government's net payout fall below zero, according to the Insurance Information Institute (Triple-I). Analysis by Triple-I, which leverages data and analysis from the Reinsurance ... Read the full article
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