Never heard of “social inflation”? It’s a fancy term to describe rising litigation costs and their impact on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. The number of auto glass AOB lawsuits statewide in 2013 was over 3,800; by 2017, that number had grown to more than 20,000. While…
photo courtesy of Robert Stevenson The Triple-I blog received the terrific opportunity to ask State Farm life insurance agent, Robert Stevenson, a few questions about getting the most out of the often-misunderstood financial product. What is your educational background and what was the path that led you to become a life insurance agent? Robert…
Auto Insurance Stay-at-home Pandemic Orders Reduce Auto Claims Almost by Half As Coronavirus Empties Streets, Speeders Hit the Gas Business Interruption UK Watchdog Orders Insurers to Pay Small Business Claims Quickly Cannabis Insurance Pandemic Could Shrink Cannabis Insurers’ Premiums, Market Cyber Insurance Preventing Losses Due to Growing Cyber Crime During Coronavirus Crisis As Attacks Rise,…
Lynne McChristian By Lynne McChristian, I.I.I. Media Spokesperson and Non-resident Scholar If Hurricane Dorian left its imprint on your home or business, you’ve likely already started the claims process with a call to your insurer. Knowing what happens next will be helpful as the recovery begins. The insurance claims process is indeed a process. There…
I came across this from Swiss Re around 2 a.m., which helps explain why it caught my (sleepy) eye: Consider these two facts: Firstly, two out of three man-made losses worldwide are due to human failure. Based on Swiss Re’s sigma research, this would mean that people trigger a loss volume of around USD 3 billion per…
Leading a team that’s accomplishing a ‘first’ for a company is a challenging hurdle to take on. When the Texas-based broker Higginbotham expanded outside of the state’s borders for the first time in its 69-year history and established an outpost in Oklahoma City, two experienced insurance brokers, Gray Holden and Chris Lavigne, were put in…
Auto insurance refunds U.S. auto insurers will return more than $10 billion to their customers nationwide, according to an estimate released on April 11 by the Insurance Information Institute (Triple-I). We’ve listed many of the companies that are offering refunds in a previous post. This week, several other auto insurers have announced refunds or credits. This is…
As of Saturday evening, Hurricane Dorian is making a big right hand turn, moving the storm’s threat north. So now it seems Georgians and South Carolinians are facing the evacuation dilemma: stay or go? I’ve been there. In 1992, Hurricane Andrew was heading arrow straight for the border between Broward and Miami-Dade counties. We lived…
The Insurance Information Institute’s Chief Economist, Dr. Steven Weisbart offers his insight on the impact on life insurance and retirement of the demographic trends highlighted in a recently released Census report. The report projects that by 2030, the year when all baby boomers will be older than 65, one in every five Americans will be…
It’s not always what’s on the inside that counts. Auto dealerships, which store their inventory on outdoor lots, have been especially hurt by the hurricanes and hail storms that have swept across the US in recent years. “Natural catastrophes have had a pretty significant impact on dealerships over the past year,” said Rebecca Roberts, associate…