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What Agents Should Know About Tariffs and Insurance Costs

American Agents Alliance

The global economy is increasingly interconnected, and even in industries like insurance, global issues like supply chain challenges, tariffs, and trade agreements can have significant impacts. While the relationship between tariffs and insurance costs can seem unrelated, tariffs can increase costs for insurers and policyholders.

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Insurance Underwritingand Economic Analysis: “Art and Science”

Triple-I: Homeowners Insurance

By Lewis Nibbelin, Guest Blogger for Triple-I Home and auto insurance premium rates have been a topic of considerable public discussion as rising replacement costs and other factors – from climate-related losses to fraud and legal system abuse – have driven rates up and, in some states, crimped availability and affordability of coverage.

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Report: Policyholders See Climate as a ‘Primary Concern’

Triple-I: Business Insurance

With this in mind, 73 percent of policyholders said they consider climate change one of their primary concerns, compared with 40 percent of insurers. ” The report emphasizes the economic losses associated with climate, which it says have grown by 250 percent in the last 30 years.

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2022 P&C Underwriting Profitability Seen Worsening as Inflation, Hard Market Persist

Triple-I: Business Insurance

The property & casualty insurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. Losses have been driven by significant deterioration in the personal auto line.

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How AI is Changing E&O Risks for Agents and Brokers

American Agents Alliance

AI has rapidly transformed the insurance industry and more changes will continue as the technology and use cases mature. New efficient processes and workflows for underwriting, claims, policy administration, billing, and customer service have been implemented across the industry.

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Tariff Uncertainty May Stress Insurance Markets And Challenge Coverage Affordability.

Triple-I: Business Insurance

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 premiums for policyholders. ” Dr.

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JIF 2024: What’s In a Name? When It Comes to Legal System Abuse, A Lot

Triple-I: Homeowners Insurance

Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. Clear communication is key, the participants agreed.