Triple-I at 60: Embracing Change, Upholding Mission

A New World, A Timeless Mission

Sixty years ago, the Insurance Information Institute (Triple-I) was established with a mission to support the property/casualty insurance industry by educating the public about risks and the products that help mitigate them. Today, as people live longer and healthier lives, the role of insurance has become even more critical in absorbing and distributing risks, making many types of investment feasible and enhancing everyone's quality of life.

Evolving Risks, Emerging Solutions

The insurance industry has a rich history of developing coverage forms to meet the changing needs of businesses and individuals. From fire and automobile insurance in the 1950s to cyber, terrorism, and supply chain coverage today, the industry continues to adapt. For instance, while in 1962, insurance companies provided special coverage for the first Telstar communications satellite and wrote policies for horses and wagons, today, they offer coverage for cyber threats and business interruptions. According to a recent report by the Insurance Information Institute, cyber insurance premiums have grown by 29% in the past year alone, reflecting the increasing importance of this coverage.

Innovative Tools, Enhanced Communication

Triple-I has not only kept pace with the evolving risk landscape but also embraced new tools and technologies to advance public awareness and understanding. From print and telephone communication in the 1960s to social media, webinars, and data visualization tools today, Triple-I continues to innovate. A notable example is the Risk and Resilience Hub, launched in partnership with Aon and Colorado State University, which uses data visualization to help people understand natural catastrophe risks. As Triple-I celebrates its 60th anniversary, it remains committed to its mission, going where the industry and consumers need it to be.

For readers, it's essential to stay informed about the evolving insurance landscape and the new risks that emerge. Engaging with resources like Triple-I and understanding the importance of comprehensive coverage can help protect your assets and ensure peace of mind.