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For Immediate Release
Contact: Michael Barry, 917-923-8245, michaelb@iii.org
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NEW YORK, Jan. 31, 2024鈥擳he听听(Triple-I) released today its 2023 Annual Report, highlighting the organization鈥檚 accomplishments in a year when the U.S. saw a record number of causing at least $1 billion in damages.
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鈥淐limate risks are being given additional media attention, yet insurance is increasingly entering into the discussion. Triple-I is making clear how U.S. insurers and reinsurers have long been seeing the impacts of increased climate risk and are promoting a more collective and communal approach to physical infrastructure resilience building. It is one of the reasons Triple-I contributed its flood mitigation insights in 2023 to a on resilience and another developed in consultation with Milwaukee, Wisconsin鈥檚 ,鈥 stated Sean Kevelighan, CEO, Triple-I, in his Annual Report letter.听 鈥淟ooking ahead to 2024, Triple-I plans to leverage its continued communications success around legal system abuse, in particular, focusing on third-party litigation funding.鈥
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鈥淭riple-I successfully communicated in 2023 to consumers, the media, policymakers, and industry professionals about the primary issues impacting the cost of auto, home, and business insurance: legal system abuse, climate risks, and the regulatory environment in which insurers operate. To achieve these goals, Triple-I highlighted how excessive litigiousness results in higher insurance costs, how mitigation can reduce climate risks, and explained the role state and federal policymakers have on the cost of doing business for insurers,鈥 said Jennifer Kyung, chairwoman, Triple-I鈥檚 Executive Leadership Committee, and Property & Casualty, Chief Underwriter, USAA, in her Annual Report letter.听听
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Triple-I created unique editorial content and data-driven economic analyses throughout 2023. In a joint project with the National Association of Realtors, Triple-I produced a Homebuyers 杏吧原创 Handbook. In addition, existing policyholders now have a knowledge hub to consult when renewing either a homeowners or auto insurance policy, as well as access to a comprehensive survey Triple-I conducted with Munich Re on Homeowners Perception of Weather Risks. Now in its fifth year, Triple-I鈥檚 quarterly economic forecasts in 2023 provided insights into the state of the industry鈥檚 financial performance.
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The Triple-I鈥檚 2023 digital Annual Report also discusses how its traditional media citations grew year-over-year by 10 percent; its total number of social media followers increased 7 percent as compared to 2022, and reports Triple-I鈥檚 website attracted 3.3 million unique visitors last year. To illustrate Triple-I鈥檚 reach and its credibility with major news outlets, the Annual Report links to dozens of high-profile media stories in which Triple-I was either interviewed or cited as a source.
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The Triple-I鈥檚 diverse membership accounts for nearly 50 percent of all property/casualty (P/C) insurance premiums written in the U.S. Members include mutual and stock companies who sell both personal and commercial lines insurance coverage.听 Reinsurers also are Triple-I members. These insurers and reinsurers have regional, national, and international customers. Brokers, agents, consultants, educators, and other insurance industry professionals are among Triple-I鈥檚 associate members.