Traveling Down a Bumpy Road: Carrier Challenges and Opportunities
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.
October 3, 2023
Education & Training
Insurance Industry
Legislation & Regulation
Risk Management
Technology
How Proposition 103 Worsens Risk Crisis in California
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.
September 25, 2023
Insurance Industry
Legislation & Regulation
Underwriting
California
What’s Trending in Auto Loss Combined Ratios
Some Canadian auto insurers may be experiencing fewer losses than their U.S. counterparts, a new report from ratings agency Fitch suggested.
August 21, 2023
Auto
Underwriting
Allstate to Pay $90M in Shareholder Settlement
Allstate (ALL.N) agreed to pay $90 million to settle a class action lawsuit by shareholders who accused the insurer of defrauding them by concealing that it lowered underwriting standards to boost growth.
August 18, 2023
Auto
Litigation
Underwriting
Predicting What Distribution, Underwriting and Claims Will Look Like in the 2030 Insurance Value Chain
In 2030, the world will look, feel and function in new ways. But how will the insurance value chain be affected by the new technology, ideas and regulations that will exist in seven years?
July 14, 2023
Insurance Industry
Technology
Underwriting
Predictive Model Anticipated Tropical Storm Bret’s Early Appearance
Tropical Storm Bret has formed in the central tropical Atlantic -- two months ahead of schedule for that part of the ocean. Fortunately, the technology and expertise were in place to anticipate this second named storm of the 2023 Atlantic hurricane season.
June 21, 2023
Risk Management
Technology
Underwriting
A Predict & Prevent Approach Works When Tech Innovation, Underwriting and Risk Management Work Together
Unlocking the full potential of Predict & Prevent strategies takes teamwork. We need insurers, tech innovators, policymakers, customers and others working together to create, test and launch solutions that stop losses in their tracks. It’s an exciting idea, but how do we make it happen?
May 30, 2023
Risk Management
Technology
Underwriting
3 Key Uses for Generative AI
To bolster innovation, insurers are turning to a technology that, in its short lifetime, has already created massive changes in business and the world. Generative AI, a type of artificial intelligence that can create content, rather than simply analyzing existing data, has been at the core of experiments in trying to optimize insurer processes, predict risk and develop customized policies for individual customers.
May 16, 2023
Fraud
Technology
Underwriting
US Insurers Report Bigger Underwriting Loss In 2022
The U.S private insurance industry saw a $26.9 billion net underwriting loss in 2022, more than six times the $3.8 billion loss in 2021 and the largest underwriting loss since 2011, according to preliminary estimates from Verisk Analytics Inc. and the American Property Casualty Insurance Association.
March 29, 2023
Underwriting
2017-22 Losses A ‘Wake-Up Call’ To Better Assess Climate Risk
The record global natural catastrophe losses between 2017-22 are a ‘wake-up call’ for the industry to ‘better assess, manage, and transfer’ the risks of future climate-related events, saids Mohsen Rahnama, CEO of Moody’s RMS.
March 16, 2023
Risk Management
Underwriting
How Digital Twins Help On Climate
Digital twins help insurers leverage high-quality data to counter unpredictable weather conditions caused by climate change.
March 14, 2023
Property
Risk Management
Underwriting
Geospatial-Based Property Risk Ratings
Rising losses in the property and casualty insurance sector can partly be attributed to the increasing frequency and intensity of large natural disasters, as well as the movement of populations to regions more susceptible to catastrophes.
February 28, 2023
Technology
Underwriting
AI Has Finally Entered The Building
AI’s capabilities have surged so much that it has the potential in 2023 to dramatically raise the quality of claims handling and underwriting in workers’ compensation.
February 20, 2023
Technology
Underwriting
Workers' Compensation
How Video Fast-Tracks Underwriting, Claims
A bright spot for small business insurers: Customer trust is on the rise. Fifty percent of small business owners trust their carriers more than they did pre-pandemic. That number jumps to 80% when the business owner has filed a claim
December 9, 2022
Fraud
Property
Technology
Underwriting
JIF 2022 Climate Panel Focused On Wildfire Risk
Climate risk figured prominently throughout Triple-I’s Joint Industry Forum last week -- from the impact of severe weather events on insurers’ loss ratios to its significance in terms of changing risk profiles and to Florida homeowners’ insurance crisis.
December 6, 2022
Catastrophe
Technology
Underwriting
