Articles from Insurance Research Council

Over the past two decades, the average cost of claims per insured home in the U.S. has risen faster than inflation, driven by natural disasters, rising home repair costs, supply chain disruptions and population shifts into high-risk areas, according to a new research brief by the Insurance Research Council (IRC), an affiliate of The Institutes.

The affordability of personal auto insurance is estimated to have deteriorated from 2021 through 2024 as insurance companies increase premiums to offset inflationary loss pressures, according to an updated study from the Insurance Research Council (IRC), an affiliate of The Institutes. Despite this recent deterioration, auto insurance is more affordable than in the mid-2000s.

One in three U.S. drivers (33.4%) were either uninsured or underinsured in 2023, a 10-percentage point increase in the combined rate since 2017, according to a new report, Uninsured and Underinsured Motorists: 2017–2023, produced by the Insurance Research Council (IRC), affiliated with The Institutes.

Homeowners view thunderstorms, hail and lightning as severe weather events most likely to affect their homes in the next five years. Most are confident in their preparedness. Meanwhile, most homeowners who experienced recent severe weather events report soliciting from contractors afterward, according to the new report, Catastrophic Weather Events and Mitigation: Survey of Homeowners by the Insurance Research Council (IRC), affiliated with The Institutes.

A new study from the Insurance Research Council (IRC), an affiliate of The Institutes, shows that the processes to achieve approved rate filings for personal auto insurance throughout the U.S. has become more cumbersome since 2010, negatively impacting market performance.

Widespread advertising by billboard attorneys to encourage consumers to hire a lawyer to settle an auto accident claim leads to higher costs of auto insurance across the U.S., according to the majority of respondents in a new report from the Insurance Research Council (IRC), an affiliate of The Institutes.

Louisiana is the least affordable state in the nation for personal auto insurance, resulting from a combination of economic conditions, claims behavior and the state’s litigation environment, according to the new research brief, Auto Insurance Affordability in Louisiana by the Insurance Research Council (IRC), an affiliate of The Institutes.

Georgia’s personal auto insurance affordability has deteriorated in recent years, climbing the ranks of least affordable states over the past decade and a half, according to the new report Personal Auto Insurance Affordability in Georgia, by the Insurance Research Council (IRC), a division of The Institutes.

Michigan personal auto insurance affordability has improved markedly since the state enacted significant auto insurance reform in 2019, according to a new report, Personal Auto Insurance Affordability in Michigan, published by the Insurance Research Council (IRC), a division of The Institutes.

Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC), a division of The Institutes.

Underinsured motorist (UIM) coverage protects you if you're hit by a driver who doesn't have enough coverage to pay for the damages or injuries they caused. In 2022, more than one in seven drivers (15.7%) countrywide had insufficient coverage, according to a new Underinsured Motorists: 2017-2022 report by the Insurance Research Council (IRC), a division of The Institutes.

Louisiana is the least affordable state in the country for both personal auto and homeowners insurance, resulting from a combination of multiple natural disasters, economic conditions and the state’s litigation environment, according to a newly-released Insurance Research Council (IRC) brief. IRC is an affiliate of The Institutes.

The growing frequency and severity of natural disasters, combined with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a newly-released Insurance Research Council (IRC) Research Brief.

About one in seven U.S. drivers (14.0 percent) operated a private-passenger vehicle without liability insurance in 2022, according to an estimate contained in a new report released today by the Insurance Research Council (IRC).

Most Americans agree U.S. insurers price personal auto and homeowners policies by using fair rating variables yet nearly half of them (47 percent) said paying for coverage was a challenge, a newly-released Insurance Research Council (IRC) survey found.

While U.S. auto claim frequency has declined over the past 20 years, claim severity increased and then surged since the global pandemic began in 2020, according to a newly published report from the Insurance Research Council (IRC), a division of The Institutes.

Over the past two decades, the average cost of claims per insured home in the United States has increased at a rate that has outpaced inflation. A combination of natural catastrophes, human-made disasters, increases in the cost of repair homes, and ongoing population migration into disaster-prone areas is driving the trend, according to a new study by the Insurance Research Council (IRC), a division of The Institutes.

Florida is one of the least affordable states in the nation for auto insurance in part because of claim fraud and legal system abuse, according to a research brief published today by the Insurance Research Council (IRC), a division of The Institutes.