I.I.I. News

2 Year Anniversary of Superstorm Sandy

Superstorm Sandy made landfall on October 29, 2012 near Atlantic City, N.J., causing an estimated $18.75 billion in insured property losses, making it the third most costly U.S. storm, according to ISO’s Property Claim Services (PCS). Though there were more …

2015 Winter Weather Predicted to be Snowy and Wet

The 2015 Farmers’ Almanac predicts “copious amounts of snow and rain” over the eastern third of the country. In fact, along the Atlantic Seaboard active wintry weather is expected for the first 10 days of January and the first week …

Law That Made Terrorism Coverage Available Expiring at Year End

The year-end expiration of the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), and the uncertain future of the law, is creating problems in the U.S. terrorism insurance market, according to the Insurance Information Institute (I.I.I.). “The private sector does …

Lightning-Related Homeowner Claims Dropped in 2013

Insured losses to homes from lightning strikes in the United States fell to their lowest level in a decade last year, as severe thunderstorm activity eased from near-record levels and dry weather prevailed throughout much of the western half of …

Experts Discuss Digital and Social Media to Improve Disaster Communications

A panel discussion on ways digital technology and social media can improve disaster communication is being held this weekend in Austin, Texas. At the South by Southwest Interactive conference (SXSWi) in Austin, Texas, Insurance Information Institute executive vice president, Andréa …

Tornadoes and Thunderstorms Caused $3.5B in Insured Losses in 2013

The Oklahoma tornadoes of May 2013 not only caused significant loss of life but also contributed to its designation last year as the costliest state for natural disaster related insurance payouts, according to the Insurance Information Institute (I.I.I.). “Oklahoma’s policyholders …

Insurers Boost California Economy by $30.2B

California has a near $2 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the property/casualty insurance industry, according to a new report. Insurers contributed $30.2 billion to California’s 2011 …

P/C Insurers’ 2013 Performance Not Likely to Repeat

Property/casualty insurers will be hard-pressed to repeat the industry’s stellar 2013 performance, a panel of industry chief executives agreed at the 18th annual Property/Casualty Insurance Joint Industry Forum, held on January 14. The CEOs, drawn from a cross-section of the …

Great ShakeOut Earthquake Drill Held Today

More than 18.6 million participants nationwide and across the globe are scheduled to take part in an earthquake drill today. The annual Great ShakeOut earthquake drill is scheduled to be held at 10:17 A.M. today. In California alone there are …

Five Years Since Hurricane Ike Hit Galveston, Texas

Friday marks the anniversary of the costliest hurricane to hit Texas. On September 13, 2008, Hurricane Ike hit Galveston Island. According to Mark Hannah with the Insurance Council of Texas (ICT),  insured losses as a result of the storm totaled …