With rising inflation and interest rates, geopolitical tensions, climate change uncertainty, and growing competition, U.S. insurance carriers face several challenges to delivering consistent, high-quality insurance services and products to the marketplace.
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.
A recent survey conducted by the online insurance agency, GetSure, has revealed that a significant number of Americans are hesitant about the idea of interacting with AI insurance agents. This finding sheds light on the sentiments of the nation, potentially comforting the country’s 1.6 million human insurance agents.
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.
After a summer that saw many of California’s top home insurers pull back from the state market, Insurance Commissioner Ricardo Lara announced Thursday that he struck a deal with the insurance industry to encourage new coverage in the state.
The system of processing and handling insurance claims is fraught with inefficiencies. That is not to say it is entirely flawed, but, if we are being honest, we have all heard the same refrains for years.
Millions of American homeowners are confronting a growing financial dilemma as climate change-driven wildfires and floods push their home insurance rates to unprecedented levels. The situation is compounded when insurers decide to withdraw coverage.
As blockchain technology matures and more players in the insurance industry integrate it into their operations, many are wondering what kind of return companies are seeing on their blockchain investments.