Wildfire risk is strongly conditioned by geographic considerations that vary widely among and within states. The latest Triple-I Issues Brief shows how that fact played out in 2024 and early this year and discusses the importance of granular local data for underwriting and pricing insurance in wildfire-prone areas, as well as for much-needed investment in … Read more
By William Nibbelin, Senior Research Actuary, Triple-I The U.S. P&C insurance industry’s financial outcomes for 2024 revealed a net combined ratio (NCR) of 96.6, demonstrating a substantial 5.1-point enhancement compared to the prior year and representing the sector’s most favorable underwriting performance since 2013, as detailed in a recent report by Triple-I and Milliman. However, … Read more
The Montana Legislature has approved a new measure requiring insurance companies operating in the state to disclose detailed wildfire risk score information when used to underwrite or rate residential property. House Bill 533, passed by the 69th Legislature and now enrolled, mandates that admitted insurers provide specific information to homeowners, applicants, or their insurance producers … Read more
As high-severity natural catastrophes – wildfires, floods, hurricanes, and others – become more frequent and more people move into riskier locales, insurance affordability and availability have become a challenge in many states. Insurers underwrite and price coverage based on the risks they’re assuming, and rising premiums in these states have pushed more homeowners into residual … Read more
Hawaii lawmakers this week passed a bill intended to help shore up Hawaiian Electric Co.’s credit rating despite strong opposition from House and Senate committee chairs who helped vet the measure. The bill would impose a new fee on HECO customers to help pay for investments needed to protect the public from wildfires. But that’s … Read more