Unsurprisingly, in reaction to slow-downs and shut-downs in many business sectors, businesses are looking for ways to mitigate their losses or recover lost revenue. Share; ... anywhere with the our 24/7 digital news network. One avenue that businesses are exploring is the availability of business income (interruption) coverage under their property insurance policies. With the support of the public sector and the innovation of groups like insurers in the private sector, we can come together to work toward recovering from this catastrophe and build a more resilient future.” Visit www.fairinsure.org and follow @FAIRInsure on Twitter for updates. new Florida-based communications consultant. November 03, 2017. . The short answer is no. US news: Insurance Information Institute Launches FAIR. Need Insurance? Triple-I Blog | 07/27/2020, U.S. auto insurers will return more than $14 billion to their customers nationwide, according to an estimate released on June 5 by the Insurance Information Institute. On May 18, 2020, the Insurance Information Institute (Triple-I) announced the launch of the Future of American Insurance & Reinsurance (FAIR) campaign. As communities reopen and restart, insurers will play a critical role in the process, continuing to provide financial protection for the millions of Americans who depend on them for indemnification from risks they rightfully insured. All Rights Reserved. Read More. Company profile page for Insurance Information Institute Inc including stock price, company news, press releases, executives, board members, and contact information The industry has cumulatively offered consumers more than $10 billion in premium relief on auto insurance this spring and made over $220 million in charitable donations to COVID-19-related causes. has released its data with regards to the payments made by insurers in the United States for claims relating to winter weather, and what they’ve said is that those payouts reached a total of about $2.9 billion, last year. As communities reopen and restart, insurers will play a critical role in the process, continuing to provide financial protection for the millions of Americans who depend on them for indemnification from risks they rightfully insured. Bad hurricane season to cost Liberty Mutual $1.2B in claims. We are interested in the latest news, new products, partnerships and much more, so email us at; editorial@insurance-edge.net. Triple-I Blog | 6/05/2020, COVID-19 could produce a big increase in social inflation as businesses sue their insurers in an attempt to access their business income interruption coverage for losses relating to the pandemic. It is added to a property insurance policy or included in a package policy. The Insurance Information Institute, since 1960 a source of insurance data and information for the media and consumers, has agreed to affiliate with The Institutes, an expanding education, research, event and publishing organization that includes the CPCU Society. Business income insurance is generally purchased as part of a business property insurance policy, for an additional premium. Learn more about Insurance Information Institute in commercial real estate. Insurance Information Institute Mr. Hartwig has been president of the New York-based insurance industry-supported institution since 2007, and previously was its chief economist. (April 22, 2020) | View, Among the ways in which we are in uncharted territory is the scale of how businesses are impacted by the pandemic. And while we recognize the need for financial relief is severe, any attempts to make insurers retroactively responsible for a global pandemic puts the solvency of many insurers at risk,” said Sean Kevelighan, CEO, Triple-I. NavVid Did. Today, a leading and trusted voice on insurance announced the launch of the Future of American Insurance & Reinsurance (FAIR) campaign. Current global and U.S. cases and deaths are shown here: Facts + Statistics: Mortality risk. Tough job, but someone has to do it. Sapiens Partners With Splice on Customer Engagement Project. . Insurance Edge is focused on digital transformation and innovation in the global insurance industry. I am a professional insurance broker with over 20 years experience. ... (if we already have it) and for us to email you about commercial real estate news and events. The Insurance Information Institute, an insurance research association, and The Institutes announced a new partnership in which the association will become an affiliate of The Institutes. PCS said insured losses from that event reached $775 million, or about $1.4 billion in 2020 dollars, according to the Insurance Information Institute. Triple-I Blog | 07/06/2020, Insurance companies are working to alleviate the impact of the COVID-19 crisis by supporting their employees and distribution partners, donating money to global relief efforts and easing the financial burden on their customers. The COVID-19 pandemic–and how governments, businesses and individuals react to it–raises many issues relevant to property/casualty (P/C) insurers and their customers. Best’s News & Research Service subscription required - June 25, 2020 04:42 PM (EDT) Insurance Information Institute to Partner With The Institutes. Share: Since people are driving less in the midst of COVID-19 related stay-at-home orders, many auto insurers have responded with premium refunds totaling about $10 billion. The federal government remains the only entity with the financial resources to help businesses recover from a systemic event of this magnitude. The Insurance Information Institute (I.I.I.) Sorry, your blog cannot share posts by email. ... Get the latest insurance news READ MORE…. CREDIT HIRE ASSOCIATION Lucy Woods, chief executive of AX Group, has […]. The Future of American Insurance & Reinsurance (FAIR), Trending: Business Income (Interruption) Insurance, Triple-I Research: Presentations and reports. Press Contacts for the Insurance Information Institute Janet Ruiz (in California) 212 346 5545 janetr@iii.org Loretta L. Worters (in New York) 212 346 5575 lorettaw@iii.org Site Navigation FAIR is an initiative of the Insurance Information Institute and its member companies, whose mission is to ensure fairness for all customers and safeguard the industry’s long standing role as a pillar of economic growth and stability. Business income (interruption) coverage is not sold separately. Copyright © 2021 | MH Magazine WordPress Theme by MH Themes, 20 years experience as a journalist and magazine editor. The Insurance Information Institute (III) has launched a new educational initiative, Future of American Insurance and Reinsurance (FAIR) to help the public understand the insurance industry's future role. 18 May 2020 alastair walker Global insurance trends 0. Insurance Information Institute News & Media. With the support of the public sector and the innovation of groups like insurers in the private sector, we can come together to work toward recovering from this catastrophe and build a more resilient future,” he added. The Insurance Information Institute issued the following news release on Feb. 2, 2021:. But too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable. Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms. (May 18, 2020) | View. The boards of the two nonprofit organizations have agreed to the move. . Yet the industry is threatened with growing calls to retroactively alter insurance policies, cover the economic cost of widespread closures, and adjust workers’ compensation criteria, among other new developments. Best’s News & Research Service subscription required - November 30, 2020 04:15 PM (EST) (Corrects organization title in the first paragraph.) Here you will find Communications updates and Fact Sheets; Triple-I thought leadership; and finally, reports and analysis on the latest news and developments impacting the industry and its customers, from the Triple-I Blog. MALVERN, PA — The Institutes, the leading risk management and insurance knowledge provider, recently announced plans for affiliating with the Insurance Information Institute (Triple-I). News | Driving Insights ... [Insurance Information Institute] May 6, 2020 . Welcome to my blog! FAIR is being set into motion as the country seeks a pathway to economic recovery in the wake of the COVID-19 pandemic. Insurance carriers are an integral part of local communities across the country, employing over 2.7 million Americans and contributing nearly $565 billion to the nation’s Gross Domestic Product (GDP) in 2018. Triple-I Blog | 05/21/2020, Auto insurers used the decline in auto damage claims during the COVID-19 pandemic as an opportunity to refine their claims processes, and customers have noticed. It concludes with a discussion on how federally backed government solutions are available. Workers Comp: COVID-19 and Essential Employees, COVID-19 and Business Income (Interruption) Insurance, The True Cost of Rewriting Business Income (Interruption) Policies, Business Income (Interruption) Insurance: Key Facts, Understanding Business Interruption Insurance and Pandemics, Insurers Offer Forward-Looking Solutions For COVID-19 Recovery, Insurers Are Engaged in the COVID-19 Crisis, Triple-I—Top Insurance Markets to See 4.5% GDP Decrease In 2020, Triple-I: P/C Insurers Remained Profitable In 2020’s First-Half Despite Challenges, Triple-I: Insurers Facing Economic Headwinds in Top 10 Markets, Recession, Pandemic to Affect P/C Underwriting Results, New Triple-I / Milliman Report Shows, Triple-I: World’s 10 Largest Insurance Markets Hit Hard by COVID-19. Tags Insurance Information Institute Banking & Financial Services Property & Casualty Insurance. Think Your InsurTech Brainwave Has Potential? Are insurers so well-capitalized they can pay claims on insurance policies for which they collected no premiums due to virus and bacteria exclusions? About the Insurance Information Institute (Triple-I) Since 1960, the Triple-I has been the trusted source of unique, data-driven insights on insurance to inform and empower consumers. Ethan's Blog » News » Insurance Information Institute » Change Through Action: Diversity, Equity, and Inclusion in Insurance. Each year the Insurance Information Institute invites a panel of Wall Street stock analysts and industry professionals to review the prospects for the industry in the current and coming year. How will the COVID-19 outbreak impact global growth and the insurance industry? Hi, I’m Ethan. Triple-I Blog | 10/22/2020. Triple-I Blog | 9/2/2020, Will life insurers be able to pay all the death claims attributable to COVID-19 that come on top of claims for deaths not directly related to the pandemic? The renewal of the management […], Every now and then IE mag likes to round-up those latest senior hires and appointments releases. Latest News about Insurance Information Institute. This site uses Akismet to reduce spam. (April 28, 2020) | View, This presentation, given by Triple-I CEO and President Sean Kevelighan in a webinar sponsored by The National Council of Insurance Legislators and the Rutgers Center for Risk and Responsibility at Rutgers Law School, discusses the property/casualty industry's response to the COVID-19 pandemic. “FAIR was created to safeguard the ability of the insurance industry to support its customers at a time when policymakers, the business community, and the general public are searching for solutions to our ongoing economic turmoil. The language of an insured’s policy will control whether COVID-19 interruptions are covered. We serve consumers, media and professionals seeking insurance information. © Copyright 2021, Insurance Information Institute, Inc. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net. However, court closings may have a downward effect on social inflation as people may be more willing to settle than wait for a delayed trial. (April 16, 2020) | View, Global Macro and Insurance Outlook: How will the COVID-19 outbreak impact global growth and the insurance industry? On May 18, 2020, the Insurance Information Institute (Triple-I) announced the launch of the Future of American Insurance & Reinsurance (FAIR) campaign. The Institutes, the leading provider of risk management and insurance education and research, announces plans to finalize its affiliation with the Insurance Information Institute (Triple-I). Learn how your comment data is processed. Insurance Information Institute responds to Consumer Reports car insurance article. More Triple-I Communications updates are available here. More Business Income (Interruption) Insurance content available on the Triple-I Blog. Car Market: Renting Is Rapidly Replacing Ownership, US Deals: Cowbell Cyber Raises $20m in Series A Funding, Quotezone Sees Drastic Drop in Demand For Commercial, Bought By Many Appoints Chief People Officer, Incentives Solutions Launches JOOPY Commission System, MAPFRE Makes Strategic Changes to Management Team, Latest Senior Appointments News 05.12.2020, ThingCo Gears Up For `Theo’ Dashcam Launch in 2019, ITC Partners With InsTech on September Pitch Event. finds that Florida’s assignment of benefits (AOB) crisis has cost consumers billions of … In a recent webinar, Triple I CEO Sean Kevelighan, Chief Economist Steven Weisbart and Senior Economist Michel Leonard discussed the impact of unconstitutional retroactive business income (interruption) claims payouts on the property/casualty insurance industry and the economy. Triple-I Consumer Article. Survey Reveals UK Areas Where Life Cover Holds Enduring Appeal, Incentives Solutions, which specializes in planning and managing incentives and commissions, is launching JOOPY Insurance, a first of its kind system implementing complex business models for insurance agents. Prove It. See More News Releases Triple-I Blog | 04/01/2020, Business income (interruption) insurance can be as vital to your survival as a business as fire insurance. Unfortunately, much of the media commentary on business income (interruption) claims related to COVID-19 has inappropriately treated all insurance policies as though they are identical. The Triple-I is a nonprofit communications organization serving as the trusted source of unique, data-driven insights on insurance. For immediate release New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org NEW YORK, Feb. 25, 2021—The Insurance Information Institute (Triple-I) today released its just-updated A Firm Foundation: How Insurance Supports the Economy. Please sign in to access member exclusive content. The insurance industry is applying forward-thinking solutions to take care of its customers, communities and employees during the COVID-19 crisis through multiple initiatives. . (November 16, 2020), Workers Comp: COVID-19 and Essential Employees (09/21/2020), COVID-19 and Business Income (Interruption) Insurance (06/10/2020), The True Cost of Rewriting Business Income (Interruption) Policies (04/28/2020), Business Income (Interruption) Insurance: Key Facts (04/22/2020), Understanding Business Interruption Insurance and Pandemics (04/13/2020), Insurers Offer Forward-Looking Solutions For COVID-19 Recovery (04/02/2020), Insurers Are Engaged in the COVID-19 Crisis (03/28/2020), Triple-I—Top Insurance Markets to See 4.5% GDP Decrease In 2020 (11/16/2020), Triple-I: P/C Insurers Remained Profitable In 2020’s First-Half Despite Challenges (10/29/20), Triple-I: Insurers Facing Economic Headwinds in Top 10 Markets (9/9/2020), Recession, Pandemic to Affect P/C Underwriting Results, New Triple-I / Milliman Report Shows (8/13/2020), Triple-I: World’s 10 Largest Insurance Markets Hit Hard by COVID-19 (6/11/2020). MALVERN, Pa., Nov. 12, 2020 /PRNewswire-PRWeb/ -- The Institutes, the leading provider of risk management and insurance education and research, today announced plans to finalize its affiliation with the Insurance Information Institute (Triple-I) on November 16, 2020.Triple-I is a long-standing, trusted source of unique, data-driven research and insights on insurance. The COVID-19 pandemic and low interest rates are contributing to a rough year for the workers compensation line according to experts speaking at a joint Triple-I and NCCI webinar. Mark Friedlander, a seasoned insurance industry communications and marketing leader, has been appointed as the Insurance Information Institute\’s (I.I.I.) The report also discusses in detail the following: insurer capital; monthly costs of retroactive changes to SME BI policies; and includes four key takeaways on business income (interruption) insurance. An initiative of the Insurance Information Institute (Triple-I), FAIR will focus on ensuring the insurance industry is able to sustain its longstanding role as the country’s backbone of economic growth and stability. COVID-19 has brought the U.S. economy to a standstill. FAIR will serve as a go-to educational resource for the media, business community, and broader public in the coming weeks and will actively engage in a variety of insurance and COVID-19-related developments across America. Visit fairinsure.org and follow @FAIRInsure on Twitter for more information. Post was not sent - check your email addresses! FAIR will focus on ensuring the insurance industry is able to sustain its longstanding role as the country’s backbone of economic growth and stability. Triple-I chief economist Dr. Steven Weisbart says they can. Enter your email address to subscribe to Insurance Edge and receive notifications of new posts by email. A new study released by the Insurance Information Institute (I.I.I.)
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