Business Insurance

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The latest reports from FBI and ITRC reveal that cyber incidents in 2023 broke records for financial loss and frequency.

April 4, 2024

The latest reports from FBI and ITRC reveal that cyber incidents in 2023 broke records for financial loss and frequency.

Tweet Cyber incidents reported to the FBI’s Internet Crime Complaint Center (IC3) in 2023 totaled 880,418. These attacks caused a five-year high of $12.5 billion in losses, with inve

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U.S. Drivers Spent $13 Billion in One Year to Protect Against Uninsured and Underinsured Drivers: IRC Report

March 22, 2021

U.S. Drivers Spent $13 Billion in One Year to Protect Against Uninsured and Underinsured Drivers: IRC Report

Tweet One in eight drivers on U.S. roads was without auto insurance in 2019, according to a report released today by the Insurance Research Council (IRC). At-fault drivers who d

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Florida Auto Legislation, on Heels of 2022 Reforms, Suggests State is Serious About Insurance Crisis Fix

January 31, 2023

Florida Auto Legislation, on Heels of 2022 Reforms, Suggests State is Serious About Insurance Crisis Fix

Tweet Florida legislation proposed last week would prevent the state’s motorists from assigning their legal rights in auto insurance claims to repair shops.   Assignment of benefi

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Businesses are urged to take steps immediately to mitigate massive data breach tied to Chinese hackers

March 9, 2021

Businesses are urged to take steps immediately to mitigate massive data breach tied to Chinese hackers

Tweet CISA urges ALL organizations across ALL sectors to follow guidance to address the widespread domestic and international exploitation of Microsoft Exchange Server product vulne

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Poverty and opioids unexpectedly tied to rise in personal umbrella claim severity: Gen Re

February 9, 2021

Poverty and opioids unexpectedly tied to rise in personal umbrella claim severity: Gen Re

Tweet Insurers saw  more costly personal umbrella claims before the start of 2020, according to a Gen Re analysis, and the reinsurer expects  such claims  to continue as we emerge fr

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Based on gas consumption, we’re nearly back to driving at pre-pandemic/recession levels

July 7, 2020

Based on gas consumption, we’re nearly back to driving at pre-pandemic/recession levels

Tweet By Dr. Steven Weisbart, Chief Economist, Insurance Information Institute The U.S. Energy Information Administration (EIA) publishes extensive data on petroleum production, r

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Delaware Legislature Adjourns Without Action on Banning Genderas Auto Insurance Factor

July 7, 2022

Delaware Legislature Adjourns Without Action on Banning Genderas Auto Insurance Factor

Tweet Delaware’s state Legislature adjourned for the year without the House taking action on Senate Bill (SB) 231, which called for prohibiting the use of gender as a rating factor i

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Illinois Bill Highlights Need for Education on Risk-Based Pricingof Insurance Coverage

February 14, 2023

Illinois Bill Highlights Need for Education on Risk-Based Pricingof Insurance Coverage

Tweet Legislation being considered in Illinois underscores the need for legislators and other policymakers to become better educated about the importance of risk-based pricing and ho

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Online Promotionof Car-Theft Techniques Adds to Upward Pressure on Insurance Premiums

January 24, 2023

Online Promotionof Car-Theft Techniques Adds to Upward Pressure on Insurance Premiums

Tweet Three anti-crime organizations have asked YouTube to take down all videos that teach people how to steal Kia and Hyundai automobiles. The organizations – the National Insurance

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Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S.

October 14, 2024

Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S.

Tweet Despite strong income growth that has helped improve personal auto insurance affordability in Louisiana, the state remains the least affordable among its Southern neighbors

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Education Can Overcome Doubts on Credit-Based Insurance Scores,IRC Survey Suggests

November 7, 2022

Education Can Overcome Doubts on Credit-Based Insurance Scores,IRC Survey Suggests

Tweet Consumer skepticism about the connection between credit history and future insurance claims appears to decline when the predictive power of credit-based insurance scores is exp

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“A.I. Take the Wheel!” Drivers Put Too Much Faith in Assist Features, IIHS Survey Suggests

October 13, 2022

“A.I. Take the Wheel!” Drivers Put Too Much Faith in Assist Features, IIHS Survey Suggests

Tweet Too many car owners are too comfortable leaving their vehicles’ driver-assist features in charge, potentially putting themselves and others at risk, according to the Insurance

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FBI: Elder Fraud Up; Bolsters Case for Personal Cyber Insurance

September 19, 2024

FBI: Elder Fraud Up; Bolsters Case for Personal Cyber Insurance

Tweet By Neil Rekhi, Personal Cyber Product Lead, HSB Targeting of the demographic with the most to lose increases. In 2023, total losses reported to the FBI’s Internet Cri

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Boise, Idaho has the nation’s safest drivers, according to Allstate city rankings

October 30, 2019

Boise, Idaho has the nation’s safest drivers, according to Allstate city rankings

Tweet It’s no wonder that Boise, Idaho is one of the nation’s fastest growing cities: It boasts a thriving job market, breathtaking natural vistas and a buzzing brewery scene. Boise can

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Improved Commercial Auto Underwriting Profitability Expected After Years of Struggle

October 25, 2024

Improved Commercial Auto Underwriting Profitability Expected After Years of Struggle

Tweet The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/

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As Cybercriminals Act More Like Businesses, Insurers Must ThinkMore Like Criminals

December 7, 2021

As Cybercriminals Act More Like Businesses, Insurers Must ThinkMore Like Criminals

Tweet Credit for all photos in this post: Don Pollard Cybersecurity is no longer an emerging risk but a clear and present one for organizations of all sizes, panelists on a panel at T

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Individuals Should Not Rely on Insurance to Protect Their Cryptocurrency Holdings

February 11, 2020

Individuals Should Not Rely on Insurance to Protect Their Cryptocurrency Holdings

Tweet By Michael Menapace, Esq.  Michael Menapace Many individuals and businesses hold some amount of cryptocurrency.  According to a recent survey, nearly 10 percent of Americans have in

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Louisiana Still Least Affordable State for Personal Auto, Homeowners Insurance

December 13, 2023

Louisiana Still Least Affordable State for Personal Auto, Homeowners Insurance

Tweet By Max Dorfman, Research Writer, Triple-I Louisiana continues to be the least affordable state for personal auto and homeowners insurance, according to a new report by the I

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Studies: Car Crashes Rise as Recreational Cannabis Becomes Legal in States

June 23, 2021

Studies: Car Crashes Rise as Recreational Cannabis Becomes Legal in States

Tweet Connecticut this week became the latest state to legalize recreational use of marijuana, and more are expected to follow. The increased marijuana use that accompanies legali

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Truckers’ Premiums Keep Rising, Despite Safety Improvements, Coverage Changes

February 22, 2022

Truckers’ Premiums Keep Rising, Despite Safety Improvements, Coverage Changes

Tweet As with so many other goods and services, insurance for commercial trucks has become more costly since the pandemic – but a closer look at the numbers shows that this trend pre

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New U.S. Cyber Strategy Heralds Major Shift for Addressing Attacks

March 28, 2023

New U.S. Cyber Strategy Heralds Major Shift for Addressing Attacks

Tweet By Max Dorfman, Research Writer A maturing Internet of Things (IoT) calls for measures to increase cybersecurity at the national, international, and private sector levels, accor

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Consumers lack  understanding of personal cyber insurance: I.I.I./J.D. Power Survey

March 10, 2020

Consumers lack understanding of personal cyber insurance: I.I.I./J.D. Power Survey

Tweet Getty Images By Mary-Anne Firneno, Research Manager, Insurance Information Institute Americans have embraced the Internet of Things. As consumers own more internet-co

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Wedding Big Rigs to IoT: What Could Possibly Go Wrong?

October 8, 2019

Wedding Big Rigs to IoT: What Could Possibly Go Wrong?

Tweet “We went out again. We got maybe six steps before lights blared in our faces. It had crept up, big wheels barely turning on the gravel. It had been lying in wait and now it leaped a

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Complex Risks in a Complicated World:Are Federal Government “Backstops” The Answer?

June 30, 2022

Complex Risks in a Complicated World:Are Federal Government “Backstops” The Answer?

Tweet Two U.S. agencies have agreed to explore the potential need for a federal mechanism – analogous to the one put into place for terrorism insurance after the 9/11 attacks – to ad

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