More than $1.2 billion in lightning-caused U.S. homeowners insurance claims were paid out in 2023 to more than 70,000 policyholders, with $194 million attributable to Texas alone, according to the Insurance Information Institute (Triple-I).
Tag: claims severity
Legal-System Abuse Hurts Insurers, Consumers: AM Best Interview with I.I.I. CEO
Sean Kevelighan, chief executive officer of the Insurance Information Institute, discusses how so-called nuclear verdicts, litigation funding and other legal-system abuse drive up claims costs and ultimately lead to higher premiums for consumers.
Lawyers’ Professional Liability Insurers See Surge in Claim Severity, Uptick in Frequency
As law firms across the U.S. navigate a difficult environment where they are pressured to do more with less and endure greater scrutiny from corporate clients over their fee structure, deliverables and performance, many also are dealing with a growing number of multimillion dollar legal malpractice claims and their potential impact on their business and… Continue reading Lawyers’ Professional Liability Insurers See Surge in Claim Severity, Uptick in Frequency