Exploring the Latest Insurance Industry Studies and Trends

I.I.I.’s Quarterly P/C Industry Snapshot

The Insurance Information Institute (I.I.I.) has released its quarterly Property and Casualty (P/C) industry snapshot for November 2019. The report highlights key trends and developments in the P/C insurance sector, providing valuable insights for industry professionals and stakeholders. According to the report, the P/C industry experienced a 3.5% increase in premiums written in the first half of 2019 compared to the same period in 2018. This growth can be attributed to rising demand for commercial lines of insurance, particularly in the areas of cyber liability and workers' compensation.

I.I.I./J.D. Power’s Small Business Cyber Insurance Survey

In collaboration with J.D. Power, the I.I.I. conducted a survey on small business cyber insurance in November 2019. The survey revealed that small businesses are increasingly recognizing the importance of cyber insurance, with 42% of respondents indicating they have purchased a cyber insurance policy. However, the survey also found that there is still a significant knowledge gap among small business owners regarding the coverage and benefits of cyber insurance. This highlights the need for more education and awareness initiatives to help small businesses protect themselves against cyber threats.

Milliman on Deteriorating General Liability Trends

Milliman, a leading global consulting and actuarial firm, has published a study on the deteriorating general liability trends in the insurance industry. The study found that the frequency and severity of general liability claims have been increasing over the past few years, driven by factors such as the rise in litigation and the growing complexity of liability exposures. This trend is expected to continue, putting pressure on insurers to manage their risk exposure and develop more effective underwriting strategies. The study also highlights the importance of data analytics and predictive modeling in identifying and mitigating potential liability risks.