The Insurance Information Institute, widely known as Triple-I, has unveiled its 2024 Annual Report, titled Now More Than Ever. This report highlights Triple-I’s strategic endeavors to support and guide the property/casualty insurance sector amidst evolving legal, environmental, and technological landscapes.
Enhanced Communication and Outreach
In his opening letter, Sean Kevelighan, CEO of Triple-I, underscored the critical role of communication in their mission. “Over the past year, we have significantly amplified our impact and reach, solidifying our status as the most reliable and frequently cited source within the property/casualty insurance arena,” Kevelighan stated.
Triple-I’s efforts have resulted in over 22,000 media mentions in 2024 alone. Their thought leadership has delved into pressing topics such as natural disaster responses, market recovery, litigation funding, and emerging threats like cybersecurity and generative AI.
Advocacy and Consumer Education
Kevelighan highlighted Triple-I’s dedication to educating consumers, business leaders, and legislators about legal system misuse and its repercussions on insurance costs. “Our research and communication initiatives have spotlighted this crucial issue, ensuring that policymakers and industry stakeholders are equipped with the necessary information to address escalating litigation expenses and their ramifications on insurance markets,” he emphasized.
Rapid Response and Key Events
The report further accentuated Triple-I’s swift coverage of major occurrences in 2024, including hurricanes Helene and Milton, the Baltimore bridge collapse, and ongoing challenges within the California and Florida insurance sectors.
Reflections and Future Commitments
“Reflecting on past challenges and opportunities, our commitment remains steadfast in advancing knowledge and fostering resilience within our industry,” remarked Matt McHatten, president and CEO of MMG Insurance and chair of Triple-I’s Executive Leadership Committee (ELC). McHatten noted the ELC’s focus on critical issues such as claims cost management, climate risk, innovation and AI, and threats to insurance affordability and availability.
Expanded Member Services and Resources
Triple-I has augmented its member offerings, providing exclusive resources like quarterly economic briefings, underwriting projections, tailored cost estimates, and confidential analytics. The launch of the All Eyes on Economics podcast and continuation of the Chart of the Week series aim to equip members with insights to anticipate industry trends.
Established in 1960, Triple-I, affiliated with The Institutes, represents members responsible for nearly 50% of all U.S. property/casualty premiums.
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