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 […]
By Tasha Williams, Senior Research Writer and Max Dorfman, Research Writer Women contribute more earnings to their households and feel more confident about personal finance than prior generations. However, they still face hurdles to taking charge of planning for their financial future and legacy. Findings from a new report, Lack of Knowledge and Confidence Deter Women from Purchasing Life Insurance, produced […]
By Maria Sassian, Triple-I consultant The COVID-19 pandemic contributed to a decrease in life expectancy in the United States for the first time in decades, according to the Centers for Disease Control and Prevention (CDC). After climbing steadily for many years, life expectancy fell by 1.5 years from 2019 to 2020 – the largest one-year […]
Will life insurers be able to pay all the death claims attributable to COVID-19 that come on top of claims for deaths not directly related to the pandemic? Triple-I chief economist Dr. Steven Weisbart says they can. How many additional death claims will COVID-19 cause? As of this writing, officially about 90,000 Americans have died […]