I.I.I. News

Harvey Coverage Questions Loom for Businesses

Harvey’s lengthy stay over Texas and Louisiana, first as a hurricane and then as a tropical storm, will result in considerable losses for businesses located in both states. According to Finley Harckham, a shareholder in the Insurance Recovery Group at …

4 Lessons From Hurricane Andrew

It’s been 25 years since Hurricane Andrew struck the coast of Florida on August 24, 1992. The state was no match for the 17-foot storm surge and high winds the category 5 storm produced. Andrew became the costliest disaster in …

I.I.I.: 2016 Atlantic Hurricane Season Most Active in 4 Years

The 2016 Atlantic hurricane season concluded yesterday with 15 named storms generating seven hurricanes, three of which were considered major ones, according to the Insurance Information Institute (I.I.I.). The National Oceanic and Atmospheric Administration (NOAA) said it was the busiest …

Businesses’ Data Breach Concerns Push Cyber Insurance Market Growth

U.S. insurers are becoming more skilled at underwriting and pricing stand-alone cyber insurance policies as businesses show a greater interest in protecting themselves from data breaches and attacks, according to the Insurance Information Institute (I.I.I.). “More than 60 carriers offer …

Uptick in Auto Claims Severity Due in Part to Distracted Drivers

Earlier this year, Fitch Ratings reported that the commercial auto insurance market suffered its fifth consecutive year of underwriting losses in 2015. The commercial auto combined ratio averaged 106 percent from 2011-2015, Fitch reported. According to James Auden, managing director …

Understanding Different Types of Collector Cars and Coverage

In summer, collector cars dot the roadways. Owners proudly display them during recreational drives and organized shows. And while they may be grouped together as collector or classic cars, there are several types. Esurance, an Allstate company, explains the differences …

Poking Around Legal Issues Associated With Pokémon Go

As excited game enthusiasts embraced the Pokémon Go app release recently, several hazards associated with playing the virtual game in the real world have surfaced. According to the Apple iTunes description, Pokémon Go, created by Niantic, Inc., allows users the …

Water Damage Claims Expected to Spike Due to Strong El Nino

Winter Storm Jonas’ message to homeowners – a challenging winter lies ahead. The storm that affected 20 states was the result of a particularly strong El Niño, according to the latest Farmers Insurance Seasonal Smarts Digest. The storm brought a …

P/C Insurers Expect Stable Profits in 2016

Leaders of the property/casualty insurance industry expect no increase in profitability in 2016 for most lines of insurance, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its 20th annual Property/Casualty Insurance Joint Industry Forum, held here. …

As Insurers See Value of Vehicle Telematics in Claims Handling, Access to Data Could Change

By 2025, 104 million new cars are expected to have some form of connectivity, according to a report on telematics by Ernst & Young. Because customers have more control, telematics offers the potential for better risk management and more consumer …