By Lewis Nibbelin, Contributing Writer, Triple-I The Florida House’s attempt to curtail recent legal system reforms met firm resistance from the state Senate this week, preserving the 2022 and 2023 legislation that stabilized the state’s property insurance market. Aiming to reinstate one-way attorney fees in insurance litigation, the House added an amendment – originally part…
Author: Admin
mf5atl
Louisiana Senator Seeks Resumption of Resilience Investment Program
By Lewis Nibbelin, Contributing Writer, Triple-I Louisiana Sen. Bill Cassidy recently took to the Senate floor to call for restoration of FEMA’s Building Resilient Infrastructure and Communities (BRIC) program, whose elimination the agency announced on April 4. Established by Congress through the Disaster Recovery Reform Act of 2018, the BRIC program has allocated more than $5…
Why your EV insurance premium is costlier and features you must have in EV motor insurance policy
Electric vehicle insurance premiums are notably higher than those for traditional cars due to EVs’ higher purchase prices and costly battery replacements. Specialized parts, the need for trained technicians, and limited repair networks further contribute to increased costs. Comprehensive policies with battery protection, zero depreciation, and roadside assistance are crucial for EV owners to mitigate…
ClimateTech Connect Confronts Climate Peril From Washington Stage
The Institutes’ Pete Miller and Francis Bouchard of Marsh McLennan discuss how AI is transforming property/casualty insurance as the industry attacks the climate crisis. “Climate” is not a popular word in Washington, D.C., today, so it would take a certain audacity to hold an event whose title prominently includes it in the heart of the…
BRIC Funding Loss Underscores Need for Collective Action on Climate Resilience
The Trump Administration’s unwinding of the Building Resilient Infrastructure and Communities (BRIC) program and cancellation of all BRIC applications from fiscal years 2020-2023 reinforce the need for collaboration among state and local government and private-sector stakeholders in climate resilience investment. Congress established BRIC through the Disaster Recovery Reform Act of 2018 to ensure a stable…
Tariff Uncertainty May Strain Insurance Markets, Challenge Affordability
Chief Economist and Data Scientist, Dr. Michel Léonard Recent tariffs issued by U.S. President Donald Trump are on track to increase the price of parts and materials used in repairing and restoring property after an insurable event. Analysts and economists, predict these price hikes will lead to higher claim payouts for P&C insurers and, ultimately,…
Higher motor insurance premium this year if more than 2 traffic challans levied last year? Here’s what experts say
Proposed rules linking traffic violations to higher insurance premiums are under consideration at present. Stricter rules for traffic violations are also being proposed. Experts anticipate that premium pricing might involve a tiered model based on pending challans, potentially using telematics for risk assessment. However, there are valid concerns regarding inflated premiums in cases where challans…
Despite Progress, California Insurance Market Faces Headwinds
Even as California moves to address regulatory obstacles to fair, actuarially sound insurance underwriting and pricing, the state’s risk profile continues to evolve in ways that impede progress, according to the most recent Triple-I Issues Brief. Like many states, California has suffered greatly from climate-related natural catastrophe losses. Like some disaster-prone states, it also has…
Even With Recent Rises, Auto Insurance Is More Affordable Than During Most of Century to Date
You read that right. As a percentage of median household income, personal auto insurance premiums nationally were more affordable in 2022 (the most recent data available) than they have been since the beginning of this century. And even the premium increases of the past two years are only expected to bring affordability back into the…
What influences your motor insurance premium—and tips to save it
Motor insurance premiums involve various factors like payment modes, claim history, and policy purchase method. Choosing strategic options such as spreading payments, leveraging No-Claim Bonuses, opting for Pay As You Drive, avoiding dealer-driven policies, and making smart deductible choices can significantly reduce premiums without compromising coverage.