By Max Dorfman, Research Writer, Triple-I Nearly 16 percent (15.7) of U.S. drivers in 2022 had auto liability insurance limits that were too low to pay for damages or injuries they caused, according to new research from the Insurance Research Council (IRC), a division of The Institutes. The IRC report found that the underinsured motorist […]
By Max Dorfman, Research Writer, Triple-I Auto premiums continue to increase as rising labor and material prices, alongside natural disasters, are forcing insurers to contend with significant losses. As Triple-I previously found in its January report, Insurance Economics and Underwriting Projections: A Forward View, “commercial auto underwriting losses continue, with a projected 2023 net combined […]
Even as California moves to address regulatory obstacles to fair, actuarially sound insurance underwriting and pricing, the state’s risk profile continues to evolve in ways that underscore the importance of risk-based insurance pricing and investment in mitigation and resilience. Triple-I’s latest “State of the Risk” Issues Brief discusses this changing risk environment and the impact […]
Two bills proposed in Illinois this year illustrate yet again the need for lawmakers to better understand how insurance works. Illinois HB 4767 and HB 4611 – like their 2023 predecessor, HB 2203 – would harm the very policyholders the measures aim to help by driving up the cost for insurers to write personal auto […]
The increasing frequency and severity of claims costs beyond insurer expectations continue to threaten insurance coverage and affordability. Triple-I’s latest Issue Brief, Legal System Abuse – State of the Risk describes how trends in claims litigation can drive social inflation, leading to higher insurance premiums for policyholders and losses for insurers. Key Takeaways Insured losses […]
By Max Dorfman, Research Writer, Triple-I Distracted driving—which has significantly increased since the coronavirus pandemic—is most significantly affected by cellphone use, according to a new Issues Brief by Triple-I. The report, Distracted Driving: State of the Risk, states that cellphone use–which includes dialing, texting, and browsing–was among the most ubiquitous and highest-risk behaviors found in […]
According to a recent Chubb survey of 800 high-net-worth individuals in the United States and Canada, 92 percent are concerned about the size of a verdict against them if they were a defendant in a liability case – yet only 36 percent have excess liability insurance. When it comes to liability, Chubb says respondents are […]
By Max Dorfman, Research Writer, Triple-I Louisiana continues to be the least affordable state for personal auto and homeowners insurance, according to a new report by the Insurance Research Council (IRC). The average annual expenditure for auto insurance in Louisiana was $1,495 In 2020, more than 40 percent above the national average, the report finds. […]
By Max Dorfman, Research Writer, Triple-I About one out of seven U.S. drivers (14.0 percent) operated a private-passenger vehicle without liability insurance in 2022, according to new research by the Insurance Research Council (IRC) – like Triple-I, an affiliate of The Institutes. The IRC report, Uninsured Motorists: 2017—2022, which used data from 10 insurers representing around 56 percent […]
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 […]