Insurance Information Institute News

Disasters Cause Insurance Double Whammy for Pandemic-Hit Businesses

As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged or evacuated because of natural catastrophes …

Webinar Counters Insurer Warnings About COVID-19 Impact on Work Comp Profits

A well-known workers’ comp number cruncher and an actuary are calling Chicken Little on insurance industry warnings about the cost of COVID-19 claims. Health Strategy Associates owner Joe Paduda and Bickmore Actuarial principal Mark Priven dispute assertions by Moody’s, the …

Economist Says COVID-19 Likely to Strip Profits Out of Work Comp

The workers’ compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice president and chief economist for the Insurance Information …

Business News: Hi Marley, Cambridge Mobile Telematics, Triple-I and The Institutes

Hi Marley Raises $8M in Funding Round Hi Marley, a chatbot designed for the insurance industry, announced that it raised $8 million from investors, bringing total financing for the company to $18.6 million. The Boston based insurtech said the new …

Insurers Support Federal Backstop for Future Pandemics; Plaintiffs Seek Help for Current Outbreak

Key segments of the property/casualty insurance industry, which is facing mounting claims for business interruption losses from the pandemic, have thrown their lobbying weight behind a proposed federal program to replace revenues lost by businesses shut down during pandemics like …

Injury Rates Still Dropping Even as Older Workers Take Larger Share of Workforce

The number of workplace injury claims continues to decline year after year despite significant changes in workforce demographics that one might think should increase claims frequency, according to a report released Monday by the National Council of Compensation Insurance. The …

Insurance Group Says Data Suggests Cannabis is Increasing Accident Rates

Preliminary research indicates that the legalization of recreational marijuana in 10 states has increased accident rates, the Insurance Information Institute said Wednesday. The group cited an October 2018 study by the Highway Loss Data Institute that shows collision claim frequency …

Hurricanes Reveal Need for More Catastrophe Adjusters

Back to back hurricanes coupled with retiring, experienced personnel has created a tight adjuster job market. From emails to online jobsites, there’s no shortage of firms advertising jobs for cat adjusters in the aftermath of Harvey and Irma. A recent …

I.I.I. White Paper Reveals the Reasons for Increased Frequency, Severity in Auto Claims

In the last two years, private-passenger loss costs have risen sharply the result of more and costlier claims, according to a new white paper released by the Insurance Information Institute (I.I.I.). “There has been an alarming increase in crashes and …

I.I.I.: Homeowner Insurance Claim Severity Due to Lightning Up 7% in 2015

The number of homeowners insurance claims from lightning strikes in the United States fell in 2015; however, the total insurers paid on those claims rose by nearly 7 percent, according to a new analysis by the Insurance Information Institute (I.I.I.). …