Podcasts about Insurance Information Institute

covid-19 health news balance auto insurance gif affordability insurers solvency insurance information institute

Play Episode Listen Later Dec 13, 2024 5:55

Michel Leonard, chief economist and data scientist, Insurance Information Institute, acknowledged concerns about rising premiums while emphasizing insurers' responsibility to maintain solvency. Leonard spoke with AM Best TV at the GIF conference.

Extra: What Does Home Insurance Cover After A Disaster?

The FOX News Rundown

Play Episode Listen Later Oct 12, 2024 23:10

The hurricanes that have occurred in the past two weeks from Florida to North Carolina have brought new scrutiny to the homeowner's coverage most of folks think they have: flood insurance. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joined host Dave Anthony on the FOX News Rundown to discuss what is covered by home insurance after disasters like Hurricanes Helene and Milton. Hear the entire interview with insurance expert Mark Friedlander, who explains the importance of buying flood insurance and what steps to take when your home is damaged by a natural disaster. Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

north carolina disasters milton home insurance dave anthony insurance information institute

Extra: What Does Home Insurance Cover After A Disaster?

From Washington – FOX News Radio

Play Episode Listen Later Oct 12, 2024 23:10

The hurricanes that have occurred in the past two weeks from Florida to North Carolina have brought new scrutiny to the homeowner's coverage most of folks think they have: flood insurance. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joined host Dave Anthony on the FOX News Rundown to discuss what is covered by home insurance after disasters like Hurricanes Helene and Milton. Hear the entire interview with insurance expert Mark Friedlander, who explains the importance of buying flood insurance and what steps to take when your home is damaged by a natural disaster. Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

Extra: What Does Home Insurance Cover After A Disaster?

Fox News Rundown Evening Edition

Play Episode Listen Later Oct 12, 2024 23:10

The hurricanes that have occurred in the past two weeks from Florida to North Carolina have brought new scrutiny to the homeowner's coverage most of folks think they have: flood insurance. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joined host Dave Anthony on the FOX News Rundown to discuss what is covered by home insurance after disasters like Hurricanes Helene and Milton. Hear the entire interview with insurance expert Mark Friedlander, who explains the importance of buying flood insurance and what steps to take when your home is damaged by a natural disaster. Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

north carolina disasters milton home insurance dave anthony insurance information institute

Why The Presidential Polls Won't Budge

The FOX News Rundown

Play Episode Listen Later Oct 8, 2024 33:44

Four weeks remain until the presidential election, and while both Vice President Harris and former President Trump have been stumping in numerous states around the country, it does not seem to be making much difference in the polls. Both campaigns are looking to secure fractions of percentages in swing states in order to secure a win, and many experts predict the election could come down to thousands of votes in places like Georgia, Michigan, and Pennsylvania. Managing Editor for Sabato's Crystal Ball at the University of Virginia Center for Politics Kyle Kondik joins the Rundown to discuss why the polls are not moving ahead of Election Day and what issues are factoring into Americans' voting decisions. Days after Hurricane Helene caused major damage across Florida, Georgia, and North Carolina, another major storm is on the way. FOX Weather has upgraded Hurricane Milton to a Category 5 storm, whose path is heading up the coast of Florida. The threats of a fresh severe weather event are prompting mass evacuations in the Sunshine State as homes and businesses are still actively recovering from Hurricane Helene only weeks ago. Many Americans are under the impression that flood damage is covered under their homeowner's insurance; however, that is not the case. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joins to share how people can make sure their home has the proper coverage in the wake of a national disaster. Plus, commentary by Jake Matthews, Director of Media Services at JLK Political Strategies. Photo Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

Why The Presidential Polls Won't Budge

From Washington – FOX News Radio

Play Episode Listen Later Oct 8, 2024 33:44

Four weeks remain until the presidential election, and while both Vice President Harris and former President Trump have been stumping in numerous states around the country, it does not seem to be making much difference in the polls. Both campaigns are looking to secure fractions of percentages in swing states in order to secure a win, and many experts predict the election could come down to thousands of votes in places like Georgia, Michigan, and Pennsylvania. Managing Editor for Sabato's Crystal Ball at the University of Virginia Center for Politics Kyle Kondik joins the Rundown to discuss why the polls are not moving ahead of Election Day and what issues are factoring into Americans' voting decisions. Days after Hurricane Helene caused major damage across Florida, Georgia, and North Carolina, another major storm is on the way. FOX Weather has upgraded Hurricane Milton to a Category 5 storm, whose path is heading up the coast of Florida. The threats of a fresh severe weather event are prompting mass evacuations in the Sunshine State as homes and businesses are still actively recovering from Hurricane Helene only weeks ago. Many Americans are under the impression that flood damage is covered under their homeowner's insurance; however, that is not the case. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joins to share how people can make sure their home has the proper coverage in the wake of a national disaster. Plus, commentary by Jake Matthews, Director of Media Services at JLK Political Strategies. Photo Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

Why The Presidential Polls Won't Budge

Fox News Rundown Evening Edition

Play Episode Listen Later Oct 8, 2024 33:44

Four weeks remain until the presidential election, and while both Vice President Harris and former President Trump have been stumping in numerous states around the country, it does not seem to be making much difference in the polls. Both campaigns are looking to secure fractions of percentages in swing states in order to secure a win, and many experts predict the election could come down to thousands of votes in places like Georgia, Michigan, and Pennsylvania. Managing Editor for Sabato's Crystal Ball at the University of Virginia Center for Politics Kyle Kondik joins the Rundown to discuss why the polls are not moving ahead of Election Day and what issues are factoring into Americans' voting decisions. Days after Hurricane Helene caused major damage across Florida, Georgia, and North Carolina, another major storm is on the way. FOX Weather has upgraded Hurricane Milton to a Category 5 storm, whose path is heading up the coast of Florida. The threats of a fresh severe weather event are prompting mass evacuations in the Sunshine State as homes and businesses are still actively recovering from Hurricane Helene only weeks ago. Many Americans are under the impression that flood damage is covered under their homeowner's insurance; however, that is not the case. Mark Friedlander, director of corporate communications at the Insurance Information Institute, joins to share how people can make sure their home has the proper coverage in the wake of a national disaster. Plus, commentary by Jake Matthews, Director of Media Services at JLK Political Strategies. Photo Credit: AP Learn more about your ad choices. Visit megaphone.fm/adchoices

516: Is Every Debt Worth Paying Off?

Get Rich Education

Play Episode Listen Later Aug 26, 2024 40:24

In this episode Keith shares the survey results on what the highest rising cost for landords is and what to do about it. He challenges the conventional wisdom that all debts should be paid off. He talks about how the rising costs of homeowners insurance and property taxes are the most significant expenses for single family landlords 76% of single family landlords plan to raise rents over the next 12 months, with 35% expecting increases over 4%. Learn about the concept of debt as leverage and its role in wealth building. The importance of liquidity, interest rate arbitrage, and the ability to outsource debt payments. How inflation impacts debt. Understand the benefits of debt in real estate investment, including the ability to own more properties and create arbitrage opportunities. Show Notes: GetRichEducation.com/516 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Otter.ai Keith Weinhold 00:00 Welcome to GRE. I'm your host. Keith Weinhold, the economy is affecting real estate in some interesting ways. Now, vital trends revealed from a survey of single family landlords. Then the heart of today's show is every debt that you have worth paying off. The answer is no, with some surprising reasons all today on Get Rich Education. When you want the best real estate and finance info, the modern Internet experience limits your free articles access, and it's replete with paywalls and you've got pop ups and push notifications and cookies, disclaimers. Oh, had no other time in history has it been more vital to place nice, clean, free content into your hands that actually adds no hype value to your life? See, this is the golden age of quality newsletters, and I write every word of ours myself, it's got a dash of humor, and it's to the point to get the letter. It couldn't be more simple. Text, GRE 66866 and when you start the free newsletter, you'll also get my one hour fast real estate course, completely free. It's called The Don't quit your Daydream letter and it wires your mind for wealth. Make sure you read it. Text GRE to 66866, text GRE to 66866. Corey Coates 01:34 You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education. Keith Weinhold 01:51 Welcome to GRE you are listening to the voice of real estate investing since 2014 I'm your host, Keith Weinhold back to help you build your wealth for another week. This is Get Rich Education. That's just one of many things that makes this show different from other shows, or just consuming news stories. Here, you stay updated on important real estate investing trends, but you learn specific strategies to actionably build your wealth. That's the difference, and it's with the most generationally proven medium of real estate, all without you having to be a flipper and often not a landlord either. Now, presidential candidates make lots of promises during their campaigns, that includes with real estate here recently, even if you're listening 10 years from now, I'll tell you how to put something like this into perspective. Kamala Harris unveiled her plan to spur the construction of 3 million more housing units. That's a good thing. America needs more housing. She also wants to give federal assistance, and by the way, that means your money. She wants to give federal assistance in the form of a $25,000 down payment help for first time home buyers. I see that as a bad thing, and see there's no partisan bias here at GRE a lot of media outlets, they will filter something like this is all good or all bad, because they get better ratings when they rile people up, and that results in a divided America. But the problem is that the 25k of down payment help that can be delivered faster than new homes can be built, and that risks pushing up home prices faster, sooner, which arose the very affordability that's trying to be helped here now a presidential candidate, be it Kamala Harris or anyone when they have this enthusiasm to also limit price gouging at grocery stores here, like this candidate does. I mean, that's the beginning of price controls, and when there are price controls, no farmer is going to want to produce cherry tomatoes or Fisher is going to want to produce wild caught salmon if they have a significant price ceiling limiting the supply of those things. Therefore, I mean, when we had price controls in the high inflation 70s, that created shortages. And it's important to keep in mind that presidential campaign promises, they often don't become policies that are enacted even if that person is elected president, and even if they are, much of this still requires congressional approval, and we still have a divided Congress, and any tax changes require the approval of Congress. So really, this stuff is just a presidential wish list, giving you some perspective here. Now on the topic of shortages, there still is not enough available supply of US homes, active listings, those seeking a starter home often get more worn out than your grandpa after two games of checkers. But inventory levels are not as bad as they used to be, we still got a ways to go to claw back close to a more normal, balanced pre pandemic housing supply level nationally, we are still 29% lower. There are now still 29% fewer active listings than there were in pre pandemic times and most individual states still have inventory levels lower than that, too, compared to five years ago, when we break it down by state, some have a more paltry supply than others, though, places with the scarcest inventory, they seem To be those states where maple syrup gets produced, as it turns out, and I sure hope that this doesn't mean people need to sleep in the sugar shack. Connecticut is down 75% that means they have 75% less inventory than five years ago, pre pandemic, Illinois down 66%, New Jersey down 57%, Virginia down 53%, Pennsylvania, Massachusetts and Michigan all with 51% less inventory than they had pre pandemic. Ohio down 43%, California and Missouri each down 31%. The main problem here is that the Northeast and Midwest have not had enough home building in order to keep up with housing demand. I guess what? There were too many snow days in the Northeast and Midwest, or were builders constantly distracted by potholes and cicadas? Conversely, there are three popular investor states where for sale inventory is just a tad higher now than it was five years ago. Texas is up 6%, Florida up 5%, Tennessee up 2% and this doesn't mean that these states are oversupplied with housing, it just means that they have a touch more than they did in 2019 so they're closer to balance. The important overall thing to remember here is, of course, that nationally, buyers still outnumber sellers. So between the lower mortgage rates that we've had in the past year and the low supply, this keeps the environment ripe. There will be more offers and more potential for home prices to increase faster than its current rate of 4.1%. That 4.1% year over year, as per the NAR, it's important for you to understand that there's virtually no way that prices can revert to their pre pandemic levels. Home prices are not going back to where they used to be five years ago. In fact, there is more pressure on them to rise from here not fall, and there are a few reasons why prices cannot go back to where they were. The rate of inflation has slowed. You've seen the price of lumber come down, but wider inflation has been indelibly baked into the pricing cake. Homes now have higher, permanently embedded costs of labor, materials and land that all have more stick-to-itiveness to them than Simone Biles on the balance beam. Prices are not coming down anytime in the near future. You might remember that right here on this show in in our newsletter, back in late December, eight months ago, I forecast that national home prices would rise 4% this year, and I still really like how that looks. I'll get back to the investment side here shortly, but real quick, in light of the new rules about how real estate agents are compensated if you're about to buy a primary residence, you may not have any experience negotiating with a broker. In last week's newsletter, I sent you a template you can use and that can help you simplify the process as a buyer and help you avoid being taken advantage of. I sent you that template last Thursday. Back here on the real estate investor side, after a high tide of inflation, you know, you and I, we have all surely enjoyed the splash of both higher property prices and rents. That looks to continue. But what about your higher property expenses, too? Let's talk about what you've got to do to avoid getting crunched by expenses. A survey of single family landlords was recently conducted by lending one in resi club, and they asked this question, what is your expense that increased the most the past 12 months? The number one answer is fast rising insurance premiums, with half of respondents citing that as their biggest expense increase item. And that's hardly a new development, not surprising. The next biggest expense was property tax, 27% of respondents cited that. That's mostly a reflection of higher property values and their consequent tax assessments. 235 single family landlords completed this survey, by the way. So they were the proportion of landlords that answered about what was their fastest increasing expense. Half of them said insurance, easily the most well, the rate of increase in homeowners insurance costs was roughly 10 to 12% nationally last year. That's according to the Insurance Information Institute, and the top two reasons for this are more severe storms and higher replacement costs. The good news is that further rate increases are cooling off, though, all right, but still, what are you to do as a rental property owner that's stuck with a higher property insurance bill? I've got a great answer for you, and it's so incredibly simple. You pass the expense along to your tenant with a rent increase, and then others can deal with what happens downstream from there. And I'll tell you how to go about doing this shortly, which is also so incredibly simple. But if you're reluctant to pass along the increased insurance expense to your tenant, understand that you and your tenant are just like two ports along a river. As this wave of inflation flows along, it flows from the reinsurer to the insurer, to you, the property owner, to the increased rent, to the hike in the tenant wage, to the employer, and then the employer hikes prices on the consumer. That's how the river flows. No watered down returns for you. Now, of course, this River's headwaters are sourced with the government, because that's where inflation comes from. Inflation means an expansion of the money supply. You and your tenant are really two ports along the river. Don't let the expense water dam up and flood you, and the written reason that you give your tenant for the rent increase is drum roll here, higher insurance costs. Yeah, that's it. It's super simple. There's no need to be inventive here. Honesty is therefore the best river raft. Hey, come on now this remorseless geography degree holder has got to let loose with something like river references from time to time. So that's the greatest expense increase item, what to do about it and how you should go about doing it. Now this same survey of single family landlords, they showed that 76% expect to reach high watermarks and raise the rent over the next 12 months, including 35% of landlords who say the rent increase will be over 4% and planned rent increases of one to 7% are most common. That's the planned rent increase range one to 7%. Look, you didn't get into real estate to subsidize others living expenses. There is nothing unethical about adjusting to market level rent. Rent hikes are like a lock lifting your ship through the Panama Canal. All right, so what do we make of this. I mean, gaging, overall investor sentiment is we head later into the 2020s, decade. What is the landlord temperature? As I see it, expenses are up. Higher. Rents follow. And last quarter, home values increased in almost 90% of us, Metro markets, yes, property values are up in 89% of Metro markets. But how do single family landlords in this same survey feel? Well, 60% of them say they will buy at least one investment property over the next 12 months. So most single family landlords they want to buy more. And when that's broken down by region, the most single family real estate investor optimism is in the Midwest, Northeast and South. And really single family landlords are optimistic in every region except the West. And this makes sense. Cash Flows are less lucrative in the West because prices have long outpaced rents there, the survey really shows that most aren't wildly bullish or excessively bearish on the real estate market. They expect it to stay balanced. Many plan to buy properties raise rents, and the survey shows that they, too, expect a 4% home price appreciation rate. That's what it showed, and they anticipate falling interest rates. Now, personally, I often disagree with what the masses think. I mean, contrarians to the mainstream, they are often the profiteers. But in this case, I guess I'm more agreeable with the survey respondents than a perfectly brewed cup of coffee in the morning. And well, maybe that's because single family landlords, the very people that were surveyed are not mainstream. The housing market is actually pretty normal in most every significant way, except, of course, the ongoing lack of housing inventory and affordability challenges for first time homebuyers. And if you're a newer GRE listener, even normal times can be thrilling for a real estate investor when you achieve a 40% plus total rate of return from how real estate pays you five ways. Yes, if you're new here, I know that sounds like an unachievable return, but 40% plus is actually realistic without high risk when you understand your five simultaneous profit sources with income producing property. In fact, when someone asks why you invest in real estate, you can just hold up five fingers. The broader economy shows a lot of signs of normalcy as well, GDP, growth, consumer spending, unemployment, the inflation rate, but the sad exception here is this widening gap between the wealthy and the poor, so I guess that more people charter yachts and yet others increasingly pour mountain dew on their fruit loops in the morning for breakfast. Now, complete uncertainty never disappears, but after disruptions from covid, high inflation and new wars, a lot of people see calmer times ahead. Elections matter, but some people seem more concerned about who the next President will be than the parent of a Sephora obsessed teen. Presidential elections aren't known to rock the real estate market, and actually, history shows that the more sensitive stock market is only temporarily affected by an election. Sometimes I just ponder and quietly think to myself, hmm, when the liquid death drink brand thrives from Hawking wildly overpriced water in a can, I posit just how bad can the economy really be? The bottom line is that most single family investors are meeting higher insurance expenses with rent increases and they want to buy more income property over the next 12 months. Hey, if you like this show here, and you get value from it every week, I love it when you just simply tell a friend about the show, it's as easy as having them download our dedicated Get Rich Education mobile app for both iOS and Android. If you think you have any friends that would benefit from the vital episode here, I'd be grateful if you shared the show with them, use the Share button on your podcaster, or even take a screenshot and post it to your social. Straight ahead is any debt worth paying off? I'm Keith Weinhold. You're listening to Get Rich Education. Hey, you can get your mortgage loans at the same place where I get mine, at Ridge Lending Group NMLS, 42056, they provided our listeners with more loans than any provider in the entire nation, because they specialize in income properties, they help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start now while it's on your mind at Ridgelendinggroup.com that's Ridgelendinggroup.com. Keith Weinhold 19:47 Your bank is getting rich off of you. The national average bank account pays less than 1% on your savings. If your money isn't making 4% you're losing your hard earned cash to inflation. Let the liquidity fund help you put your money to work with minimum risk, your cash generates up to an 8% return with compound interest, year in and year out. Instead of earning less than 1% sitting in your bank account, the minimum investment is just 25k, you keep getting paid until you decide you want your money back. Their decade plus track record proves they've always paid their investors 100% in full and on time. And I would know, because I'm an investor too, earn 8% hundreds of others are text FAMILY to 66866, learn more about Freedom Family Investments, Liquidity Fund, on your journey to financial freedom through passive income. Text, FAMILY to 66866. Dani-Lynn Robison 20:49 This is Freedom Family Investments Co-founder, Dani-Lynn Robison, listen to Get Rich Education with Keith Weinhold, and Don't Quit Your Daydream. Keith Weinhold 20:57 Welcome back to Get Rich Education. I'm your host, Keith Weinhold, you're listening to Episode 516 is every debt that you have worth paying off? The short answer is no. I have held millions of dollars in debt from a young age, and I just keep holding on to more and more. Look what happens to your net worth when you pay down one of your debts, absolutely nothing happens to your net worth. It stays the same. All right. Say that the total value of all of your assets gives you a sum of one and a half million dollars. That's the combined value of any of your real estate, cars, retirement accounts, gold, Bitcoin, all of it, anything of value one and a half million and totaling up all of your debts equals just a half million. That's your mortgages, automobile debt, credit card debt, everything. All right, so you've got one and a half million in assets and 500k in debt. So you've got a million dollar net worth, okay, well, next, say that you decide to pay down 100k of your debt. All right. Well, what's the result? You've got only $1.4 million in assets and just 400k in debt. Well, the result is that your net worth is still a million bucks. You've now got fewer assets and less debt, so you just broke even. But it could be worse than just a break even, because what if, one month after you made this debt pay down. You now need that 100k back for living expenses, but you can no longer get it returned to you because you lost your job, so no one will qualify you for a loan again, or you still have your job. But lending standards have tightened and changed now your 100k is on the other side of a wall that you can't access. So debt pay down isn't just a question of net worth, it's liquidity. And there are some more layers here that we're going to get into paying down mortgage debt. It also builds home equity. Well, that is usually a bad thing, because, as I'm known for saying, home equity is unsafe, illiquid, and its rate of return is always zero. Do you know the crowd that sometimes forgets this and really gets penalized? It is seniors, retirees. All right, what happens when a person is older and they've had a paid off home for a while. People get a reverse mortgage. They need funds for living expenses. Well, reverse mortgages, they have high fees, and also you can't get nearly all of your equity out. You'll often only get up to 60 to 65% loan to value, meaning that 35 to 40% of that hard earned equity that you worked decades for. First it became trapped with no return, and now it's essentially gone. Poof. For all those years, your home is paid off, even if it began as early as your 30s, like it does for some people all that time your equity wasn't earning any rate of return. And the earlier in life you learned that the ROI from home equity is always zero, the better. You didn't see any bill for this loss. You just never saw the gain that you should have had. And that's part of the reason why this myth that home equity is such a great thing perpetuates and carries on for generations. All right, well, we are just getting warmed up here at a key financial question in your life. That question is, is every debt that you have worth paying off? 24:58 Did you know millions of Americans live with debt they cannot control. That's why I developed this unique new program for managing your debt. It's called Don't buy stuff you cannot afford. Let me see that. If you don't have any money, you should not buy anything. hmm sounds interesting, sounds confusing. Keith Weinhold 25:24 Well, there's a little something to be said for that. But what about interest rate? If that 100k that you paid down was for credit card debt? All right? Well, that was probably a good thing. 44% of American credit card holders carry debt month to month. Now I'm going to guess for you the GRE listener, it's even less likely than that that you carry debt month per month, where you would be subject to credit card finance charges. The average credit card interest rate in America is about 25% today, and it is unsecured debt, meaning that it's a debt type that's not backed by collateral. Now, yes, you can beat a 25% return if you're leveraged in real estate, but your liquid cash flow drain is drastic on credit cards. The other problem with credit cards is that you have to pay your own debt. Later, I'll talk about when others pay your debt for you. And if you have decided that you have some debts worth paying down because its interest rate is too high for goodness sake, pay the one with the highest interest rate first. I know there's a school of thought that says, pay the debt with the lowest balance. First, that is nonsense. Now, sometimes, if you know specifically what you're doing with credit cards, you can play some little games with them. I mean, personally, after I finished college, I kept transferring credit card balances with 0% APR, Intro offers, introductory offers that were for a limited time at 0% and then I kept track of that so that intro rate didn't expire. But this isn't any sort of long term wealth building strategy. Higher balance transfer fees have made that strategy less lucrative. Now too, banks have tightened that up. When it comes to interest rates, it's about that arbitrage. Ask yourself really two questions when it comes to arbitrage, which is just a fancy sounding way of making a profit or a spread. First, you need to ask yourself, how good of an investor Are you? What percent return can you reliably earn from your investments? Say you think it's 15% then if you're plus 15 but the interest rate on your debt is 8, well, then you've got 7 points of arbitrage or profit. So keep the 8% debt. And then secondly on arbitrage plays. Ask yourself, can I afford the cash flow if I keep this debt around? Because if you're 15% return, just say that it's all tied up in the appreciation of a property. Well, that's not very liquid, so you're going to need to have the free cash to make the payments on your 8% interest rate loan. Let's talk about other times not to pay down the debt. Say you're trying to build up an emergency fund of at least three months, or you want to contribute to your employer match in your company's retirement plan, you may very well want to fund those things before you pay down debt too. Now some say, hey, you know something. Just forget about all these numbers like rates of return and interest rates. You know, debt just makes me feel anxiety and feel stress and sleeplessness. There is emotion here, so let me just get it paid off. Or I'm afraid that if I've got some money and I don't pay off my debt, that I'll just lose all of the money to sports gambling, and to that, I say, come on, be an adult. Set some boundaries. Dog ears, some cash for entertainment, and have a firm line. Learn how to use that to your advantage. Debt is like fire. It can burn you if you don't know how to use it, and it can heat your home if you do know how to use it. And if debt gives you sleeplessness. Here, this will help you sleep your debts, principal balance is being debased for you as you sleep, every single one of your debts is being eroded by inflation. Right now, as you listen to me, your principal balance is quietly, debasing and passively, eroding with your say 500k of total debt. We have 10% inflation over a couple years. Well, that erodes its weight down to 450k all without you having to get involved and make any pay downs at all. As wages go higher, and so do prices and rents and salaries, as they all spiral higher, it gets easier to pay back those principal balances. And debt is the most powerful wealth building force that I know of, because debt is leverage. Compound interest is weak. Leverage is powerful. Debt allows you to own and control five times as many properties as you could if they were all paid off. And if you don't understand this, or if your jaw hit the floor, what I just said a minute ago, that compound interest is weak. I just discussed this for you in clear detail nine weeks ago, on Get Rich Education podcast episode 507. So go and check that out. One attribute of real estate debt is that as you get properties where the rent income meets or exceeds the expenses, congratulations, you have reliably outsourced all of your debt payments to tenants. See, most of my debt, personally, virtually all of it, it isn't really going to be paid back by me. It's my tenants, and that is another reason to keep debt in place and only make the minimum payment. Let's talk about another reason to pay down your debt when a payoff or pay down actually does make sense, even if it's at a low interest rate, it's when an outside force kind of makes you pay down your debt. And here's what I'm talking about. Say you're trying to buy a property, whether that's a primary residence or rental, and that you've got say, Oh, just $11,000 left to pay on your car loan at a 5% interest rate, even though you can't outsource the payments. That's a pretty nice low 5% interest rate, you're confident that you can beat that and earn more elsewhere, so you'd rather enjoy the positive arbitrage instead of paying that off. And I'd feel the same way. But here's the twist, your mortgage loan officer says you've got to pay the $11,000 down to zero because your debt to income ratio is too high. So if you want the mortgage, the big loan amount, you've got to pay off the car loan, the little loan amount. Well, that's a case when it makes sense to pay off that automobile loan debt then, and also, when it comes to your credit score, you might need to improve it to qualify for another loan so you can get a low interest rate and 30% of your FICO score is made up of your amounts owed. I'm answering a vital question for you today, and that is, is every one of your debts worth paying off? I'm sharing information, perspective and experience with you here, and this experience was built, just like all experiences, and I didn't always have the experience, of course. Now my parents and I split my college loan costs, 5050, I still had student loan debts for a few years after graduating, and you know, I can't remember what my student loan interest rates were maybe 6% blended because I had a few different student loans, some of which I did transfer onto those 0% intro, APR credit cards, by the way. But after my student loans were paid off, and I started investing in real estate and understanding terms like leverage and arbitrage, you know, I started to wonder if it would be desirable to have those student loans back rather than paying them off so fast I could have owned another property or two sooner, and I'll never know the opportunity cost of not benefiting from the returns on owning more Property sooner. And of course, student loan debt is one of the few debt types that cannot be written off in bankruptcy that tilts back a little toward paying them off sooner than later. What you just heard me talk about here for the last 15 or so minutes is a message that hundreds of millions of people need to hear it's that not every debt is worth paying off or even paying down. So to help give you a summary answer to our question, is every debt worth paying off? The answer is no, and the key considerations are liquidity, interest rate arbitrage inyour ability to outsource the debt. Debt is good when it helps you buy a cash flowing asset or create arbitrage. Debt is probably even good when it helps you buy a home for your family and have a sense of permanency and a mantle to place baseballs and hang Christmas stockings from and build memories. And now this is all because every single one of us either uses debt or we forego the opportunity to use debt. Well, when we forego using debt, we are now subject to a resultant opportunity cost, and this is why a central and enduring mantra here at GRE is that financially free beats debt free. Financially free means that you have enough residual income streams to meet all of your expenses and live just how you want to live. Debt Free means that you don't owe anyone anything, but if you put debt free before financially free, you are going to grind and live below your means and eat dirt and miss opportunities for decades. And speaking of leveraging your way to financial freedom with assets, the way that we actionably help you here is by recommending income producing providers and properties for you. And you probably noticed over time that GRE marketplace properties here are less expensive than elsewhere. And you might wonder why exactly is this? Well, there's a few reasons. Investor advantage markets have low prices. Also, there is no agent you get to buy directly. Thirdly, providers provide homes in bulk, keeping your costs down. And then finally, there are no owner occupied emotions involved here with buying and owning rental properties, so you don't have sellers that are making unreasonable requests. So this helps answer why GRE marketplace properties are often good deals. Now it seems like states with the best cash flow in real estate are the same ones where people are more likely to wear bib overalls. That's just how it is. In fact. Hey, case in point, I just learned about some brand new, new build single family rentals in southwest Missouri at GRE marketplace. They're available for you to own regardless of where you live. They make ideal rentals, and they come with free property management for the first year. And because they're freshly built. Expect the likelihood of a quality tenant, light maintenance and low repair costs for years. Let me just quickly mention two of them to give you a feel. The first one is in Carthage, Missouri. The single family rental is three bed, two bath. Rent 1550 the price is 206k it's 1200 square feet, built this year. You get a $1,200 rent credit with it. So it's going to take a 51k down payment, and it produces cash flow. The second one is in Carl Junction, Missouri, four bed two bath in this single family rental. The rents $1,875 the price $250,500 1683 square feet built this year. 62k down and produces cash flow. And like I said, both come with free property management for the first year, and we can help set up an entire real estate investment plan for you, whether it's with these properties or others in multiple states, where we help you make it easy on yourself and contact a GRE investment coach. It is truly free always. There aren't going to be any hidden coaching bills that pop up in the mail. We don't have some paid coaching program. We're trying to upsell you. We don't have anything to sell, and our coaches are like advisors, consultants, super connectors and like silent partners on your deals, and they get zero equity in the deal. And our coaches don't wear Bib Overalls either. So they keep it really relatable for you, make it actionable and make a real difference in your life, start at gremarketplace.com. That's where you can contact a GRE investment coach, and we'll see how we can help you out from gremarketplace.com just click on the free investment coaching button. Until next week, I'm your host, Keith Weinhold, and I'll be back to help you build your wealth, Don't Quit Your Daydream. 39:46 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed or investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively. Keith Weinhold 40:06 The preceding program was brought to you by your home for wealth building. GetRichEducation.com.

CD294: Homeowners Insurance

Congressional Dish

Play Episode Listen Later Jun 26, 2024 70:33

Every American who has a mortgage is required by their bank to have homeowners insurance, but getting it and keeping it is becoming a challenge. In this episode, hear the highlights of a Senate hearing examining the problems in the homeowners insurance market and why they might lead to much bigger problems next time disaster strikes. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Effects of Climate on Insurance Christopher Flavelle and Mira Rojanasakul. May 13, 2024. The New York Times. Chris Van Hollen et al. September 7, 2023. Chris Van Hollen, U.S. Senator for Maryland. Alice C. Hill. August 17, 2023. Council on Foreign Relations. Insurance Information Institute. Antonio Grimaldi et al. November 19, 2020. McKinsey & Company. Lobbying OpenSecrets. OpenSecrets. OpenSecrets. Heritage Foundation SourceWatch. Demotech William Rabb. April 15, 2024. Insurance Journal. Parinitha Sastry et al. December 2023. Fannie Mae Adam Hayes. May 17, 2023. Investopedia. Hurricanes National Oceanic and Atmospheric Administration. National Oceanic and Atmospheric Administration. Audio Sources Senate Committee on the Budget June 5, 2024 Witnesses: Glen Mulready, Insurance Commissioner, State of Oklahoma Rade Musulin, Principal, Finity Consulting Dr. Ishita Sen, Assistant Professor of Finance, Harvard Business School Deborah Wood, Florida Resident , Research Fellow, Heritage Foundation's Grover Hermann Center for the Federal Budget Clips 23:05 Sen. Sheldon Whitehouse (D-RI): In 2022 and 2023, more than a dozen insurance companies left the Florida residential market, including national insurers like Farmers. Residents fled to Citizens Property Insurance, the state backed insurer of last resort, which ballooned from a 4% market share in 2019 to as much as 17% last year. If it has to pay out claims that exceed its reserves, citizens can levy a surcharge on Florida insurance policy holders across the state. Good luck with that. Particularly if the surcharge grows to hundreds or even thousands of dollars to depopulate its books. Citizens has let private insurers cherry pick out its least risk policies. Those private insurers may have problems of their own, as we will hear today. 25:10 Sen. Sheldon Whitehouse (D-RI): The federal budget takes a hit because these insurers and their policies are accepted by Freddie Mac and Fannie Mae, who either own or guarantee a large part of our $12 trillion mortgage market. This all sounds eerily reminiscent of the run-up to the mortgage meltdown of 2008, including a role of potentially captive or not fully responsible rating agencies. 25:45 Sen. Sheldon Whitehouse (D-RI): Florida is far from alone. A New York Times investigation found that the insurance industry lost money on homeowners coverage in 18 states last year, and the states may surprise you. The list includes Illinois, Michigan, Utah, Washington, and Iowa. Insurers in Iowa lost money each of the last four years. This is a signal that hurricanes and earthquakes, once the most prevalent perils, are being rivaled by hail, windstorms, and wildfires. 28:00 Sen. Sheldon Whitehouse (D-RI): This isn't all that complicated. Climate risk makes things uninsurable. No insurance makes things unmortgageable. No mortgages crashes the property markets. Crashed property markets trash the economy. It all begins with climate risk, and a major party pretending that climate risk isn't real imperils our federal budget and millions of Americans all across the country. 33:45 Sen. Chuck Grassley (R-IA): Insurance premiums are far too high across the board and may increase after the recent storms, including those very storms in my state of Iowa. Climate change isn't the primary driver of insurance rate hikes and collapse of the insurance industry isn't imminent. Although I'll have to say, Iowa had six property and casualty companies pull out of insuring Iowans. Climate change doesn't explain why auto insurance premiums in 2024 have increased by a whopping 20% year over year. It also doesn't account for the consistent failure of liberal cities to fight crime, which has raised insurance risk and even caused insurers to deny coverage. Expensive liberal policies, not climate change, are much to blame for these market dynamics. 39:00 Sen. Sheldon Whitehouse (D-RI): The first witness is Rade Musulin. Rade is an actuary with 45 years of experience in insurance, specializing in property pricing, natural perils, reinsurance, agriculture, catastrophe, risk modeling, public policy development, and climate risk. Specifically, he spent many years working in Florida, including as chair of the Florida Hurricane Catastrophe Fund Advisory Council during the time in which Citizens Property Insurance Corporation was established. 39:35 Sen. Sheldon Whitehouse (D-RI): Our second witness is Dr. Ishida Sen. Dr. Sen is an Assistant Professor at Harvard Business School. Her recent research examines the pricing of property insurance and the interactions between insurance and mortgage markets. This includes the role that institutions and the regulatory landscape play and the broader consequences for real estate markets, climate adaptation, and our overall financial stability. 40:00 Sen. Sheldon Whitehouse (D-RI): Our third witness is Deb Wood. Ms. Wood and her husband Dan McGrath are both retired Floridians. They moved to South Florida in 1979 and lived in Broward County, which includes Fort Lauderdale for 43 years until skyrocketing insurance premiums became too much. They now reside in Tallahassee, Florida. 40:35 Sen. Chuck Grassley (R-IA): Dr. EJ Antoni is a Research Fellow at the Heritage Foundation Grover M. Hermann Center for the Federal Budget. His research focuses on fiscal and monetary policy, and he previously was an economist at the Texas Public Policy Foundation. Antoni earned his Master's degree and Doctor's degree in Economics from Northern Illinois University. 41:10 Sen. Chuck Grassley (R-IA): Commissioner Glen Mulready has served as Oklahoma's 13th Insurance Commissioner and was first elected to this position in 2019. Commissioner Mulready started his insurance career as a broker in 1984, and also served in the Oklahoma State House of Representatives. 42:15 Rade Musulin: Okay. My name is Ray Muslin. I'm an actuary who has extensive experience in natural hazard risks and funding arrangements for the damage and loss they cause. I've worked with many public sector entities on policy responses to the challenges of affordability, availability of insurance, and community resilience. This work included participating in Florida's response to Hurricane Andrew, which included the creation of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation. The Cat Fund and Citizens can access different forms of funding than traditional insurance companies. Instead of holding sufficient capital or reinsurance before an event to cover the cost of potential losses, both entities use public sources of capital to reduce upfront costs by partially funding losses post-event through bonding and assessments. All property casualty insurance policy holders, whether in Citizens or not, are subject to its assessments. While the Cat Fund can also assess almost all policies, including automobile, this approach exposes Floridians to debt and repayment if large losses occur, and it subsidizes high risk policies from the entire population. These pools, others like them in other states, and the NFIP have contributed to rapid development in high risk areas driving higher costs in the long run. In Florida, national insurers have reduced their exposure as a significant proportion of the insurance market has moved to Citizens or smaller insurers with limited capital that are heavily dependent on external reinsurance. To date, Florida's system has been successful in meeting its claims obligations, while improvements in building codes have reduced loss exposure. However, for a variety of reasons, including exposure to hurricanes, claims cost inflation, and litigation, Florida's insurance premiums are the highest in the nation, causing significant affordability stress for consumers. According to market research from Bankrate, the average premium for a $300,000 home in Florida is three times the national average, with some areas five times the national average. A major hurricane hitting a densely populated area like Miami could trigger large and long lasting post-event assessments or even exceed the system's funding capacity. Continued rapid exposure growth and more extreme hurricane losses amplified by climate change will cause increasing stress on the nation's insurance system, which may be felt through solvency issues, non-renewals, growth of government pools, and affordability pressure. 44:55 Rade Musulin: Evidence of increasing risk abounds, including Hurricane Otis in 2023, which rapidly intensified from a tropical storm to a cat. five hurricane and devastated Acapulco in Mexico last summer. Water temperatures off Florida exceeded a hundred degrees Fahrenheit last week. As was alluded to earlier, NOAA forecast an extremely active hurricane season for '24. We've seen losses in the Mid-Atlantic from Sandy, record flooding from Harvey, and extreme devastation from Maria, among others. In coming decades, we must prepare for the possibility of more extreme hurricanes and coastal flooding from Texas to New England. 46:50 Dr. Ishita Sen: Good morning Senators. I am Ishita Sen, Assistant Professor at Harvard Business School and my research studies insurance markets. In recent work with co-authors at Columbia University and the Federal Reserve Board, I examine how climate risk creates fiscal and potentially financial instability because of miscalibrated insurer screening standards and repercussions to mortgage markets. 47:15 Dr. Ishita Sen: Insurance is critical to the housing market. Property insurers help households rebuild after disasters by preserving collateral values and reducing the likelihood that a borrower defaults. Insurance directly reduces the risks for mortgage lenders and the Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac Mortgage Lenders therefore require property insurance and the GSEs only purchase mortgages backed by insurers who meet minimum financial strength ratings, which measure insurer solvency and ability to pay claims. The GSEs accept three main rating agencies AM Best, S & P and, more recently, Demotech. And to provide an example, Fannie Mae requires insurers to have at least a B rating from AM Best, or at least an A rating from Demo Tech to accept a mortgage. Now, despite having this policy in place, we find a dramatic rise in mortgages backed by fragile insurers and show that the GSEs and therefore the taxpayers ultimately shoulder a large part of the financial burden. Our research focuses on Florida because of availability of granular insurance market data, and we show that traditional insurers are exiting and the gap is rapidly being filled by insurers, rated by Demotech, which has about 60% market share in Florida today. These insurers are low quality across a range of different financial and operational metrics, and are at a very high risk of becoming insolvent. But despite their risk, these insurers secure high enough ratings to meet the minimum rating requirements set by the GSEs. Our analysis shows that many actually would not be eligible under the methodologies of other rating agencies, implying that in many cases these ratings are inflated and that the GSEs insurer requirements are miscalibrated. 49:20 Dr. Ishita Sen: We next look at how fragile insurers create mortgage market risks. So in the aftermath of Hurricane Irma, homeowners with a policy from one of the insolvent Demotech insurers were significantly more likely to default on their mortgage relative to similar borrowers with policies from stable insurers. This is because insurers that are in financial trouble typically are slower to pay claims or may not pay the full amounts. But this implies severe economic hardships for many, many Floridians despite having expensive insurance coverage in place. However, the pain doesn't just stop there. The financial costs of fragile insurers go well beyond the borders of Florida because lenders often sell mortgages, for example, to the GSEs, and therefore, the risks created by fragile insurers spread from one state to the rest of the financial system through the actions of lenders and rating agencies. In fact, we show two reasons why the GSEs bear a large share of insurance fragility risk. First is that lenders strategically securitize mortgages, offloading loans backed by Demotech insurers to the GSEs in order to limit their counterparty risk exposures. And second, that lenders do not consider insurer risk during mortgage origination for loans that they can sell to the GSEs, even though they do so for loans that they end up retaining, indicating lax insurer screening standards for loans that can be offloaded to the GSEs. 50:55 Dr. Ishita Sen: Before I end, I want to leave you with two numbers. Over 90%. That's our estimate of Demotech's market share among loans that are sold to the GSEs. And 25 times more. That's Demotech's insolvency rate relative to AM Best, among the GSE eligible insurers. 57:15 Glen Mulready: As natural disasters continue to rise, understanding the dynamics of insurance pricing is crucial for both homeowners and policymakers. Homeowners insurance is a fundamental safeguard for what is for many Americans their single largest asset. This important coverage protects against financial loss due to damage or destruction of a home and its contents. However, recent years have seen a notable increase in insurance premiums. One significant driver of this rise is convective storms and other severe weather events. Convective storms, which include phenomena like thunderstorms, tornadoes, and hail, have caused substantial damage in various regions. The cost to repair homes and replace belongings after such events has skyrocketed leading insurance companies to adjust their premiums to cover that increased risk. Beyond convective storms, we've witnessed hurricanes, wildfires, and flooding. These events have not only caused damage, but have also increased the long-term risk profile of many areas. Insurance companies are tasked with managing that risk and have responded by raising premiums to ensure they can cover those potential claims. 58:30 Glen Mulready: Another major factor influencing homeowner's insurance premiums is inflation. Inflation affects the cost of building materials, labor, and other expenses related to home repair and reconstruction. As the cost of living increases, so does the cost of claims for insurers. When the price of lumber, steel, and other essential materials goes up, the expense of repairing or rebuilding homes also rises. Insurance companies must reflect these higher costs in their premiums to maintain financial stability and ensure they can meet those contractual obligations to policyholders. 59:35 Glen Mulready: I believe the most essential aspect of managing insurance premiums is fostering a robust, competitive free market. Competition among insurance companies encourages innovation and efficiency, leading to better pricing and services for consumers. When insurers can properly underwrite and price for risk, they create a more balanced and fair market. This involves using advanced data analytics and modeling techniques to accurately assess the risk levels of different properties. By doing so, insurance companies can offer premiums that reflect the true risk, avoiding excessive charges for low risk homeowners, and ensuring high risk properties are adequately covered. Regulation also plays a crucial role in maintaining a healthy insurance market. Policyholders must strike a balance between consumer protection and allowing insurers the freedom and flexibility to adjust their pricing based on the risk. Overly stringent regulations can stifle competition and lead to market exits, reducing choices for consumers. We've seen this play out most recently in another state where there were artificial caps put in place on premium increases that worked well for consumers in the short term, but then one by one, all of the major insurers began announcing they would cease to write any new homeowners insurance in that state. These are all private companies, and if there's not the freedom and flexibility to price their products properly, they may have to take drastic steps as we've seen. Conversely, a well-regulated market encourages transparency and fairness, ensuring that homeowners have access to the most affordable and adequate coverage options. 1:02:00 Dr. EJ Antoni: I'm a public finance economist and the Richard F. Aster fellow at the Heritage Foundation, where I research fiscal and monetary policy with a particular focus on the Federal Reserve. I am also a senior fellow at the Committee to Unleash Prosperity. 1:02:15 Dr. EJ Antoni: Since January 2021, prices have risen a cumulative 19.3% on average in the American economy. Construction prices for single family homes have risen much faster, up 30.5% during the same time. 1:03:20 Dr. EJ Antoni: Actuarial tables used in underwriting to estimate risk and future losses, as well as calculate premiums, rely heavily on those input costs. When prices increase radically, precisely as has happened over the last several years, old actuarial tables are of significantly less use when pricing premiums because they will grossly understate the future cost to the insurer. The sharp increase in total claim costs since 2019 has resulted in billions of dollars of losses for both insurers and reinsurers prompting large premium increases to stop those losses. This has put significant financial stress on consumers who are already struggling with a cost of living crisis and are now faced with much higher insurance premiums, especially for homeowners insurance. 1:05:10 Dr. EJ Antoni: The increase in claims related to weather events has undoubtedly increased, but it is not due to the climate changing. This is why the insurance and reinsurance markets do not rely heavily on climate modeling when pricing premiums. Furthermore, climate models are inherently subjective, not merely in how the models are constructed, but also by way of the inputs that the modeler uses. In other words, because insufficient data exists to create a predictive model, a human being must make wide ranging assumptions and add those to the model in place of real world data. Thus, those models have no predictive value for insurers. 1:07:40 Sen. Sheldon Whitehoue (D-RI): You say that this combination of demographics, development, and disasters poses a significant risk to our financial system. What do you mean by risk to our financial system Rade Musulin: Well, Senator, if you look at the combination, as has been pointed out, of high growth and wealth accumulation in coastal areas, and you look at just what we've observed in the climate, much less what's predicted in the future, there is significant exposure along the coastline from Maine to Texas. In fact, my family's from New Jersey and there is enormous development on the coast of New Jersey. And if we start to get major hurricanes coming through those areas, the building codes are probably not up to the same standards they are in Florida. And we could be seeing some significant losses, as I believe was pointed out in the recent Federal Reserve study. Sen. Sheldon Whitehoue (D-RI): And how does that create risk to the financial system? Rade Musulin: Well, because it's sort of a set of dominoes, you start with potentially claims issues with the insurers being stressed and not able to pay claims. You have post-event rate increases as we've seen in Florida, you could have situations where people cannot secure insurance because they can't afford it, then that affects their mortgage security and so on and so forth. So there are a number of ways that this could affect the financial system, sir. Sen. Sheldon Whitehoue (D-RI): Cascading beyond the immediate insurer and becoming a national problem. Rade Musulin: Well, I would just note Senator, that in Florida, the real problems started years after we got past Andrew. We got past paying the claims on Andrew, and then the big problems occurred later when we tried to renew the policies. 1:10:50 Sen. Sheldon Whitehouse (D-RI): And you see in this, and I'm quoting you here, parallels in the 2008 financial crisis. What parallels do you see? Dr. Ishita Sen: So just like what happened during the financial crisis, there were rating agencies that gave out high ratings to pools of mortgages backed by subprime loans. Here we have a situation where rating agencies like Demotech are giving out inflated ratings to insurance companies. The end result is sort of the same. There is just too much risk and too many risky mortgages being originated, in this case backed by really low quality insurers that are then entering the financial system. And the consequences of that has to be born by, of course the homeowners, but also the mortgage owners, GSCs (Government Sponsored Enterprises), the lenders, and ultimately the federal and state governments. Sen. Sheldon Whitehouse (D-RI): You say, this will be my last question. The fragility of property insurers is an important channel through which climate risk might threaten the stability of mortgage markets and possibly the financial system. What do you mean when you refer to a risk to the financial system? Dr. Ishita Sen: Well, as I was explaining the GSEs, if there are large losses that the GSEs face, then those losses have to be plugged by somebody. So the taxpayers, that's one channel through which you've got risk to the financial system and the GSE's serve as a backstop in the mortgage market. They may not have the ability or capacity to do so in such a scenario, which affects mortgage backed security prices, which are held by all sorts of financial institutions. So that starts affecting all of these institutions. On the other hand, if you've got a bunch of insurers failing, another channel is these insurers are one of the largest investors in many asset classes like corporate bonds, equities, and so on. And they may have to dump these securities at inopportune times, and that affects the prices of these securities as well. 1:12:45 Sen. Chuck Grassley (R-AI): Dr. Antoni, is there any evidence to support the notion that climate change is the greatest threat to the insurance market? Dr. EJ Antoni: No. Senator, there is not. And part of that has to do again, with the fact that when we look at the models that are used to predict climate change, we simply don't have enough empirical data with which we can input into those models. And so as a result of that, we have to have human assumptions on what we think is going to happen based essentially on a guess. And as a result of that, these models really are not of any predictive value, and that's why these models for the last 50 years have been predicting catastrophic outcomes, none of which have come true. 1:14:45 Glen Mulready: This focus on the rating agencies, I would agree with that if that were the be all end all. But the state insurance commissioners in each 50 states is tasked with the financial solvency of the insurance companies. We do not depend on rating agencies for that. We are doing financial exams on them. We are doing financial analysis every quarter on each one of them. So I would agree if that was the sort of be all end all, forgive that phrase, but it's not at all. And we don't depend very much at all on those rating agencies from our standpoint. 1:22:15 Dr. Ishita Sen: On the point about regulators looking at -- rating agencies is not something that we need to look at. I would just point out that in Florida, if you look at the number of exams that the Demotech rated insurers, that by the way have a 20% insolvency rate relative to 0% for traditional insurers, they get examined at the same rate as the traditional insurers like Farmers and AllState get examined, which is not something that you would expect if you're more risky. You would expect regulators to come look at them much, much more frequently. And the risk-based capital requirements that we have currently, which were designed in the 1980s, they're just not sensitive enough to new risks like wildfire and hurricanes and so on. And also not as well designed for under-diversified insurance companies because if so, all of these insurers were meeting the risk-based capital requirements, however, at the same time going insolvent at the rate of 20%. So those two things don't really go hand in hand. 1:23:25 Dr. Ishita Sen: Ultimately what the solution is is something that is obviously the main question that we are here to answer, but I would say that it is extremely hard to really figure out what the solution is, in part because we are not in a position right now to even answer some basic facts about how big the problem is, what exactly the numbers look like. For instance, we do not know basic facts about how much coverage people have in different places, how much they're paying. And when I say we don't know, we don't know this at a granular enough level because the data does not exist. And the first step towards designing any policy would be for us to know exactly how bad the problem is. And then we come up with a solution for that and start to evaluate these different policy responses. Right now we are trying to make policy blindfolded. 1:23:50 Sen. Ron Johnson (R-WI): So we've had testimony before this committee that we've already spent $5-6 trillion. That's 5,000 to 6,000 billion dollars trying to mitigate climate change. We haven't made a dent in it. Their estimates, it's going to cost tens of trillions of dollars every year to reach net zero. So again, this is not the solution for a real problem, which is the broken insurance market. I have enough Wisconsin residents who live on the Gulf Coast in Florida to know after Hurricane Ian, you got some real problems in Florida. But fixing climate change isn't the solution. 1:33:15 Sen. Jeff Merkley (D-OR): In looking at the materials I saw that Citizens Property Insurance Company, I gather that's Louisiana and Florida, that have a completely state backed program. Well, alright, so if the state becomes the insurer of last resort and they now suffer the same losses that a regular private insurance company is suffering, now the folks in the state are carrying massive debt. So that doesn't seem like a great solution. Dr. Ishita Sen: That's definitely a problem, right? The problem is of course, that whether the state then has the fiscal capacity to actually withstand a big loss, like a big hurricane season, which is a concern that was raised about Citizens. And in such a scenario then in a world where they do not have enough tax revenue, then they would have to go into financial markets, try to borrow money, which could be very costly and so on. So fiscally it's going to be very challenging for many cities and many municipalities and counties and so on. 1:36:40 Sen. Mitt Romney (R-UT): I wish there were something we could do that would reduce the climate change we're seeing and the warming of the planet. But I've seen absolutely nothing proposed by anyone that reduces CO2 emissions, methane gases and the heating of the planet. Climate change is going to happen because of the development in China and Indonesia and Brazil, and the only thing that actually makes any measurable impact at all is putting a price on carbon, and no one seems to be willing to consider doing that. Everything else that's being talked about on the climate — Democratic Senator: I got two bills. Sen. Mitt Romney (R-UT): I know you and I are, but you guys had reconciliation. You could have done it all by yourselves and you didn't. So the idea that somehow we're going to fix climate and solve the insurance problem is pie in the sky. That's avoiding the reality that we can't fix climate because that's a global issue, not an American issue. Anyway, let me turn back to insurance. 1:38:30 Sen. Mitt Romney (R-UT): So the question is, what actions can we take? Fiscal reform? Yes, to try and deal with inflation. Except I want to note something, Mr. Antoni, because you're esteemed at the Heritage Foundation. 72% of federal spending is not part of the budget we vote on. So we talk about Biden wants to spend all this.... 72% we don't vote on; we only vote on 28%. Half of that is the military. We Republicans want more military spending, not less. So that means the other 14%, which the Democrats want to expand, there's no way we can reduce the 14% enough to have any impact on the massive deficits we're seeing. So there's going to have to be a broader analysis of what we have to do to reign in our fiscal challenges. I just want to underscore that. I would say a second thing we can do, besides fiscal reform and dealing with inflation, is stopping subsidizing high risk areas. Basically subsidizing people to build expensive places along the coast and in places that are at risk of wildfire. And we subsidize that and that creates huge financial risk to the system. And finally, mitigation of one kind or another. That's the other thing we can do is all sorts of mitigation: forestry management, having people move in places that are not high risk. But if you want to live in a big house on the coast, you're gonna have to spend a lot of money to insure it or take huge risk. That's just the reality. So those are the three I come up with. Stop the subsidy, mitigation, and fiscal reform. What else am I missing, Mr. Musulin? And I'm just going to go down the line for those that are sort of in this area to give me your perspectives. Rade Musulin: Well, thank you, Senator. And I'd agree with all those things. And I'd also add that we need to start thinking about future-proofing our building codes and land use policies. The sea levels are rising. If you're going to build a house that's supposed to last 75 years, you ought to be thinking about the climate in 75 years when you give somebody a permit to build there. So I'd say that's important. I'd also say that large disasters also drive inflation because it puts more pressure and demand on labor and materials. More disasters means supplies that could have been used to build new homes for Americans or diverted to rebuild homes in the past. So certainly doing things to reduce the vulnerability of properties and improve their resilience is important. And I do think, sir, that there are things we can do about climate change with respect over periods of decades that can make a difference in the long run. Thank you. Sen. Mitt Romney (R-UT): Thank you. Yes. Dr. Ishita Sen: So before that, the one point about inflation that we are missing, which is without doubt it is a contributing factor, but the US has had inflation in the past without such an acute crisis in insurance markets. So whether that is the biggest cause or not is up for debate. I don't think we have reached a conclusion on inflation being the biggest contributor of rising insurance cost. Sen. Mitt Romney (R-UT): It's just a big one. You'd agree It's a big one? Dr. Ishita Sen: I agree. It's a big one, but I wouldn't say it's the biggest one in terms of policy solutions. I completely agree with you on, we need to stop subsidizing building in high risk areas. That's definitely one of the things we need to do that. Mitigation, another point that you bring up. And on that, I would say not only do we need to harden our homes, but we also need to harden our financial institutions, our banks, and our insurance companies in order to make them withstand really large climate shocks that are for sure coming their way. Sen. Mitt Romney (R-UT): Thank You, Ms. Wood. I'm going to let you pass on this just because that's not your area of expertise. Your experience was something which focused our thinking today. Mr. Mulready. Glen Mulready: Thank you, Senator. I would say amen to your comments, but I'll give you three quick things. Number one, FEMA has a survey out that states that every $1 spent in mitigation saves $6 in lost claims. It pays off. Number two, unfortunately, a lot of communities have to have a disaster happen. In Moore, Oklahoma, back a dozen years ago, an EF5 (tornado) hit, it was just totally devastating. After that, the city of Moore changed their zoning, they changed their building zoning codes, and then third, the city of Tulsa, back in the eighties, had horrible flooding happened. So they invested over decades in infrastructure to prevent flooding. Now we're one of only two communities in the country that are Class one NFIP rated. 1:45:40 Sen. Chris Van Hollen (D-MD): One way to address this, and I think it was discussed in a different matter, is the need to get the data and to get consensus on where the risks lie, which is why last year Senator Whitehouse, Senator Warren and I sent a letter to the Treasury Department, to the Federal Insurance Office (FIO), urging them to collect information from different states. I'm a supporter of a state-based insurance system for property and casualty insurance, but I do think it would benefit all of us to have a sort of national yardstick against which we can measure what's happening. So Dr. Sen, could you talk a little bit about the benefit of having a common source of insurance data through the FIO and how that could benefit state regulators and benefit all of us? Dr. Ishita Sen: Yeah, absolutely. Thanks for bringing that up. That's just the first order importance, I think, because we don't even know the basic facts about this problem at a granular enough level. The risks here are local, and so we need to know what's going zip code-by-zip code, census tract-by-census tract, and for regulators to be able to figure out exactly how much risk is sitting with each of these insurance companies they need to know how much policies they're writing, what's the type of coverage they're selling in, what are the cancellations looking like in different zip codes. Only then can they figure out exactly how exposed these different insurers are, and then they can start designing policy about whether the risk-based capital ratios look alright or not, or should we put a surcharge on wildfires or hurricanes and so on? And we do need a comprehensive picture. We just can't have a particular state regulator look at the risks in that state, because of course, the insurer is selling insurance all over the country and we need to get a comprehensive picture of all of that. 1:47:40 Sen. Chris Van Hollen: I appreciate that. I gather that the Treasury Department is getting some resistance from some state insurance regulators. I hope we can overcome that because I'm not sure why anyone would want to deny the American people the benefit of the facts here. 1:48:45 Rade Musulin: I will just note that sometimes climate change itself can contribute to the inflation we've been talking about. For example, there were beetle infestations and droughts and fires in Canada, which decimated some of the lumber crop and led to a fivefold increase in the cost of lumber a few years ago. So some of this claims inflation is actually related to climate change, and I think we need to address that. 1:49:35 Glen Mulready: If you didn't know, the NAIC, National Association of Insurance Commission is in the midst of a data collection right now that will collect that data for at least 80% of the homeowner's market. And we have an agreement with FIO (Federal Insurance Office) to be sharing that data with them. They originally came to us, I got a letter from FIO and they were requesting data that we did not actually collect at the zip code level, and they had a very stringent timeline for that. So my response, it wasn't, no, it was just, look, we can't meet that timeline. We don't collect that today. We can in the future. But from that is where this has grown the data called by the NEIC. Sen. Chris Van Hollen (D-MD): So I appreciate, I saw that there had been now this effort on behalf of the....So has this now been worked out? Are there any states that are objecting, to your knowledge at this point in time, in terms of sharing data? Glen Mulready: I don't know about specific states. We will be collecting data that will represent at least 80% of the market share. Music by Editing Production Assistance

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III CEO: Legal-System Abuse Hurts Insurers, Consumers

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Play Episode Listen Later May 6, 2024 5:48

Sean Kevelighan, CEO 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.

GUESTS - Trump Ahead in Polling But Behind in Fundraising, Update on March Madness, The Best Jobs For Introverts, and More

The Ryan Gorman Show

Play Episode Listen Later Mar 22, 2024 48:38

NewsRadio WFLA National Correspondent Rory O'Neill reports that Trump is ahead in the polls but behind in fundraising; and life expectancy has risen after a two-year dip. WDAE Morning Show Co-Host Aaron Jacobson discusses March Madness and how the Rays are looking ahead of opening day. NewsRadio WFLA National Correspondent Erin Real talks about the best jobs for introverts and why home prices are spiking again. Tampa Bay Times Entertainment & Events Reporter Sharon Wynne talks about events happening around Tampa Bay this weekend, including the Valspar Championship, Bay Area Rennaissance Festival's Viking Invasion, and more. Movie Reviewer Kevin Carr talks about Ghostbusters: Frozen Empire and a summer movie preview. Dave Winters, President of Black Dagger Military Hunt Club, talks about helping disabled veterans and this weekend's 'Parachute for Patriots' event. Insurance Information Institute's Mark Friedlander discusses Citizens Property Insurance and whether or not it will remain solvent. Clearwater Deputy City Engineer Jeremy Brown explains the city's vulnerability study.

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2559: 6 Ways to Lower Your Home Insurance by April Dykman of Get Rich Slowly on Financial Savings

Optimal Finance Daily

Play Episode Listen Later Dec 21, 2023 10:35

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2259: April Dykman's insightful article from GetRichSlowly.org offers six practical strategies for homeowners to reduce their insurance costs. From ensuring appropriate coverage levels to improving credit scores and consolidating policies, these tips are designed to help homeowners save money and navigate the complexities of home insurance. Read along with the original article(s) here: https://www.getrichslowly.org/6-ways-to-lower-your-home-insurance/ Quotes to ponder: "Making your home more windstorm-resistant, such as adding storm shutters, can lower your insurance premium." "Consolidating your home and auto insurance can save you anywhere from 5 to 15 percent." Episode references: Insurance Information Institute: [https://www.iii.org/] Learn more about your ad choices. Visit megaphone.fm/adchoices

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2559: 6 Ways to Lower Your Home Insurance by April Dykman of Get Rich Slowly on Financial Savings

Optimal Finance Daily - ARCHIVE 1 - Episodes 1-300 ONLY

Play Episode Listen Later Dec 21, 2023 10:35

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2259: April Dykman's insightful article from GetRichSlowly.org offers six practical strategies for homeowners to reduce their insurance costs. From ensuring appropriate coverage levels to improving credit scores and consolidating policies, these tips are designed to help homeowners save money and navigate the complexities of home insurance. Read along with the original article(s) here: https://www.getrichslowly.org/6-ways-to-lower-your-home-insurance/ Quotes to ponder: "Making your home more windstorm-resistant, such as adding storm shutters, can lower your insurance premium." "Consolidating your home and auto insurance can save you anywhere from 5 to 15 percent." Episode references: Insurance Information Institute: [https://www.iii.org/] Learn more about your ad choices. Visit megaphone.fm/adchoices

discover financial lower quotes savings home insurance consolidating get rich slowly insurance information institute optimal living daily oldpodcast

2559: 6 Ways to Lower Your Home Insurance by April Dykman of Get Rich Slowly on Financial Savings

Optimal Finance Daily - ARCHIVE 2 - Episodes 301-600 ONLY

Play Episode Listen Later Dec 21, 2023 10:35

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2259: April Dykman's insightful article from GetRichSlowly.org offers six practical strategies for homeowners to reduce their insurance costs. From ensuring appropriate coverage levels to improving credit scores and consolidating policies, these tips are designed to help homeowners save money and navigate the complexities of home insurance. Read along with the original article(s) here: https://www.getrichslowly.org/6-ways-to-lower-your-home-insurance/ Quotes to ponder: "Making your home more windstorm-resistant, such as adding storm shutters, can lower your insurance premium." "Consolidating your home and auto insurance can save you anywhere from 5 to 15 percent." Episode references: Insurance Information Institute: [https://www.iii.org/] Learn more about your ad choices. Visit megaphone.fm/adchoices

discover financial lower quotes savings home insurance consolidating get rich slowly insurance information institute optimal living daily oldpodcast

EP. 2: On the Level With Sean Kevelighan

Podcasts – Insurance Journal TV

Play Episode Listen Later Aug 28, 2023 53:23

Sean, the CEO of the Insurance Information Institute, joins “No Exclusions” for episode number 2. This is an audio-only product so listeners will not get to see the … Read More » The post EP. 2: On the Level With Sean Kevelighan appeared first on Insurance Journal TV.

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Wildfire Creates New Housing Crisis in Maui

Real Estate News: Real Estate Investing Podcast

Play Episode Listen Later Aug 19, 2023 5:11

In addition to the tragic loss of lives in the Maui wildfire, residents and insurance companies are assessing property losses which are currently coming in at about $3.2 billion. But it won't just be Maui residents paying for this fire. Insurance companies will be raising rates for everyone to help cover their losses. Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. As reported by Barron's, insurance companies won't have any problem paying claims for fire losses in Maui. The U.S. property and casualty industry is well-capitalized with about $980 billion at the end of last year. That's according to the Insurance Information Institute. The Institute's Janet Ruiz told Barron's: “The Hawaii insurance market is stable. Insurance companies are prepared to handle catastrophes.” Property Insurance Rates But analysts and industry experts say insurance companies are already raising rates as natural disasters cause more and more damage across the U.S. and the Maui wildfire will only reinforce this trend. Insurance companies will raise rates based on what they expect to pay out in the next few years. The National Interagency Fire Center says an average of 4.4 million acres have been burned by wildfires in the U.S. each year for the past decade. Currently, the average cost of homeowners' insurance is about $1,700 a year or about 10% more than it was just one year ago. Scaling Back Insurance Coverage In addition to raising rates, insurance companies have also been scaling back coverage in areas they see as the riskiest. State Farm and Allstate have stopped selling new policies in California. Farmers Insurance is also restricting coverage in California and Florida. Analyst Adam Klauber at William Blair told Barron's: “We'll continue to see more geographic restrictions and nonrenewals.” That's expected to push those consumers into the surplus market for coverage, which will cost more and cover less. Families Without Property Insurance There's also another side to the devastating impact of the Maui fire. Many of the residents live in homes that have been in their families for generations. If they are fully paid for without a mortgage, there's no home insurance requirement. News reports say that many of the victims are working class families who may not have splurged on home insurance, and for people without any insurance, rebuilding could be difficult or even impossible. What was already a difficult housing shortage before the fire, it is now much worse. Demand has increased for homes in Maui as remote workers expand their horizons, and pay cash for homes on the island paradise. Short-term rentals have also reduced the supply of affordable homes. That's left many working class families renting homes or sharing homes with extended family members. And it's these folks who are crucial to Maui's tourism industry. High Cost of Living It's not cheap to live in Hawaii. Many products like food and building materials need to be imported, and that makes them more expensive. And there will be a huge need for rebuilding. Maui officials say the fire damaged or destroyed almost 3,000 structures. But before that happens, displaced residents need to find a place to stay. The Washington Post reports that a local Realtors association is hoping to get many of those people into vacation homes that are currently vacant. Investors and realtors are also reportedly contacting victims with offers to buy their scorched land. That's triggered some amount of outrage and a warning on Instagram by an organization dedicated to the preservation of land and native species in Hawaii. The message begins: “I am so frustrated with investors and realtors calling the families who lost their home, offering to buy their land. How dare you do that to our community right now.” Realtors Donating $1.5 Million On a brighter note, the National Association of Realtors also announced that the REALTORS Relief Foundation is donating $1.5 million in disaster aid to the Hawaii REALTORS association to help communities devastated by the fire. Relief Foundation President Mike McGrew says: “Maui's recent wildfires have deeply impacted its residents, and we stand by them during this challenging time. RRF grants aim to ease the path toward recovery, offering tangible aid to those rebuilding their lives. As real estate agents, we recognize that unity and community spirit are invaluable, especially when facing such trying circumstances.” That's it for today. If you've missed some of our episodes, you can catch up at https://www.newsforinvestors.com. You can also hit the Join for Free button to become a RealWealth member. And please remember to hit the subscribe button, and leave a review! Thanks for listening. I'm Kathy Fettke. Links: 1 - https://www.barrons.com/amp/articles/maiu-hawaii-wildfire-homeowners-insurance-2fbc156 2 - https://www.nytimes.com/2023/08/11/us/maui-wildfires-housing.html 3 - https://www.washingtonpost.com/nation/2023/08/14/hawaii-housing-crisis-lahaina-homes-maui-fires/ 4 - https://www.newsweek.com/investors-calling-maui-wildfire-victims-buy-their-land-1819600 5 - https://www.nar.realtor/magazine/real-estate-news/realtors-give-1-5m-to-aid-maui-wildfire-recovery

1035 - Over 32 Million Homes Are at Risk of Hurricane Damage This Year According to CoreLogic's Latest Report by Aly J. Yale

BiggerPockets Daily

Play Episode Listen Later Aug 15, 2023 6:44

We've officially entered hurricane season. While the National Oceanic and Atmospheric Administration says there's a good chance it will be a “near-normal” one for both the Pacific and Atlantic coasts, that's not exactly comforting for property owners, especially given recent numbers. In the last three years, 13 hurricanes have made landfall in the U.S. One of those was Hurricane Ida—the second-most damaging storm the country's ever seen. According to the Insurance Information Institute, Ida racked up an estimated $36 billion in insured losses, behind only Hurricane Katrina in 2005. It's storms like these—and the risk of more of them down the road—that has spurred an uptick in property insurance premiums nationwide. Will 2023 bring more of that costly risk? Here's what CoreLogic's recent hurricane report tells us. Learn more about your ad choices. Visit megaphone.fm/adchoices

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III's Porfilio: Lightning Claim Payouts Struck $950 Million in 2022

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Play Episode Listen Later Jul 28, 2023 9:54

Lightning claim totals dropped by almost two thirds in 2022 from 2020, and by nearly $500 million from 2021, said Dale Porfilio, chief insurance officer, Insurance Information Institute, and president, Insurance Research Council.

Episode 10 - Critical Insurance Update & Podcast: Mitigating Wildfire Risk in California

All Things Wildfire Podcast

Play Episode Listen Later Jun 8, 2023 25:26

Join us for an urgent update on the California homeowner insurance landscape and discover crucial strategies to protect your properties from the increasing risk of wildfires. Recent developments from major insurance companies—State Farm, Allstate, and Farmers Insurance—reveal a suspension of new homeowner insurance policies in California due to the amplified threat of wildfires fueled by climate change. This shift has significant implications for new buyers, who may face limited options and higher costs, as well as existing policyholders, who could experience rising premiums or non-renewal of their policies. To navigate this changing landscape, we present a special podcast featuring Janet Ruiz, The Director of Strategic Communications for the Insurance Information Institute. Janet comprehensively explains the challenges faced by insurance carriers and provides practical advice for homeowners adapting to this new reality. In the coming weeks, we'll delve into wildfires and the evolving insurance market in California. We'll provide resources, connect you with experts, and answer your burning questions. Tune in to our podcast for essential insights on mitigating wildfire risk in California. Let's safeguard our homes and communities from the growing threat of wildfires.

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Existential Urgency

Predict & Prevent

Play Episode Listen Later Apr 20, 2023 30:11

The rapidly evolving risk landscape demands a more proactive and collaborative approach to risk management. In this episode, Pete Miller and Sean Kevelighan, President and CEO of the Insurance Information Institute, discuss why Predict & Prevent is needed now more than ever to prevent losses and promote resilience. Segment 1 (00:02:18): Pete and Sean discuss the disruption continuum, the increasing frequency and severity of losses, reining in bad behavior, the danger to society of doing nothing, proving the ROI of resilience, why collective responsibility is essential, how technology plays a pivotal role, embedding risk management in our lives, and government's part in resilience. Segment 2 (00:20:51): Pete and Sean consider why a change in mindset is imperative, Sean shares a personal experience with misperceptions of risk, how FEMA is revising its mission, reimagining insurance's purpose, how policymakers see consumer benefits from P&P, and creating new career opportunities.

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REVIEW: 2023 Volvo V60 Cross Country; Surprising Things Covered by Homeowners Insurance; Mercedes Goes Semi Autonomous

RoadWorthy Drive Podcast

Play Episode Listen Later Feb 21, 2023 44:46

During this episode, the 2023 Volvo V60 Cross Country is reviewed. Ken & Chase discuss the unique events that are covered by the typical homeowner's policy and Mercedes introduces Level 3 conditional autonomous driving in two states. The RoadWorthy Drive Podcast is changing! Starting March 1st, it will become The TechMobility Podcast. With the same great news, information, and perspective that you have come to expect, the TechMobility Podcast will add interviews with newsmakers and people of interest across the technology and mobility landscape!

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The Unique Things Covered by Your Homeowner's Insurance Policy

RoadWorthy Drive Moments

Play Episode Listen Later Feb 21, 2023 10:59

According to the Insurance Information Institute, property damage caused by fire or the weather are common losses that homeowners generally know will be covered by their insurance. However, there are other events and incidents covered that homeowners may NOT be aware of. We explore some of those unique situations. The RoadWorthy Drive Moments podcast is changing! Starting March 1st, it will become the TechMobility Topics podcast! While the weekly podcast will continue to feature the same great news, information and perspective that you have come to expect, TechMobility Topics will also include interviews of newsworthy and unique individuals across the technology and mobility landscape.

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Information Institute's Porfilio: Plaintiffs Should Disclose Third-Party Funders

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Play Episode Listen Later Jan 18, 2023 5:18

Dale Porfilio, chief insurance officer, Insurance Information Institute, said investment-driven litigation funding is lengthening lawsuits and clogging court systems. Porfilio spoke with AM Best TV at the Joint Industry Forum 2022 in New York City.

Insurance Uncovered: Empathy in Workers' Comp

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Play Episode Listen Later Jan 11, 2023 26:06

Episode 601: Emory Industrial Services' Chief Risk Officer Dr. Claire Muselman is leading the charge to change the way workers' compensation claims are handled that leads to better experiences for injured workers. Season six of Insurance Uncovered kicks off as NAMIC CEO Neil Alldredge talks with Muselman about her move to change the workers comp system into an advocacy-based model built on empathy.

Providing Equitable Access to Auto Insurance

The Infrastructors

Play Episode Listen Later Dec 1, 2022 18:07

Dale Porfilio, Chief Insurance Officer of the Insurance Information Institute and President of the Insurance Research Council, and Vickie Kilgore, Assistant Vice President of the Insurance Research Council, join the podcast to discuss all things insurance. For decades, these organizations have provided timely research and valuable insights on public policy issues affecting the property-casualty insurance industry. One of their primary goals is to reduce the number of uninsured motorists on the road. In fact, a blog post published by the Insurance Information Institute in 2021 reported that U.S. drivers spent $13 billion in one year to protect against uninsured and underinsured drivers. Both Mr. Porfilio and Ms. Kilgore believe that through better education and data we can provide more equitable access to auto insurance and reduce the amount of money insured drivers spend protecting against those that are uninsured.

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Mark Friedlander on Problems with Insurance in Florida

The Not Unreasonable Podcast

Play Episode Listen Later Oct 27, 2022 29:54 Transcription Available

Mark Friendlander is Director of Corporate Communications at the Insurance Information Institute a think tank focusing on insurance education. In this episode we dig into a bunch of detail of the ways in which the insurance ecosystem in Florida is doing Floridians harm and why the world is like that. What are the root causes of the fraud in Florida?What are the outcome?What happens if nothing changes?What are some special powers you have as an insured in Florida and how are they ultimately harmful?youtube: https://youtu.be/g63n9Kgq4CYshow notes: https://notunreasonable.com/?p=7641Twitter: @davecwrightLinkedin: https://www.linkedin.com/in/david-wright-73661214/Social Science of Insurance Essays: https://notunreasonable.com/the-social-science-of-insurance/

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EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past

Insuring Cyber Podcast - Insurance Journal TV

Play Episode Listen Later Oct 12, 2022 44:59

he first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute's insurance handbook, meaning the … Read More » The post EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past appeared first on Insurance Journal TV.

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EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past

iTunes - Insurance Journal TV

Play Episode Listen Later Oct 12, 2022 44:59

he first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute's insurance handbook, meaning the … Read More » The post EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past appeared first on Insurance Journal TV.

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EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past

Podcasts – Insurance Journal TV

Play Episode Listen Later Oct 12, 2022 44:59

he first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute's insurance handbook, meaning the … Read More » The post EP. 48: Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past appeared first on Insurance Journal TV.

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Hurricane Ian damages: What about boats and cars?

John Williams

Play Episode Listen Later Oct 10, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John Williams to update listeners on the number of insurance claims and losses due to Hurricane Ian when it comes to boats and cars specifically and what the next steps are for those affected by this natural disaster.

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Hurricane Ian damages: What about boats and cars?

WGN - The John Williams Full Show Podcast

Play Episode Listen Later Oct 10, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John Williams to update listeners on the number of insurance claims and losses due to Hurricane Ian when it comes to boats and cars specifically and what the next steps are for those affected by this natural disaster.

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Hurricane Ian damages: What about boats and cars?

WGN - The John Williams Uncut Podcast

Play Episode Listen Later Oct 10, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John Williams to update listeners on the number of insurance claims and losses due to Hurricane Ian when it comes to boats and cars specifically and what the next steps are for those affected by this natural disaster.

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Real estate news in early October 2022

Real Estate News in Metro Atlanta and Beyond

Play Episode Listen Later Oct 7, 2022 9:31

Buckle Up: Home Prices Are Expected To Fall by a Lot—Even If There Isn't a Recession How will Hurricane Ian impact home insurance costs in Florida? Insurance rates have already been going up in past years in Florida, even as six companies went insolvent and another 27 are on a state financial watch list. "We anticipate rates will go up significantly next year," Mark Friedlander of the Insurance Information Institute said. "We're not making a prediction at this point, but based on the trend we have seen over the past several years where rates have gone up double-digit, we will see continued double-digit increases if not higher going forward." Florida's insurance industry has been plagued by litigation issues and rising reinsurance costs, which have led to many large carriers limiting policies and leaving many smaller companies financially exposed. Citizens Insurance, the insurer of last resort, is now the dominant insurer in Florida with more than a million policies and growing. Insurance experts said Hurricane Ian will likely drive up costs — not just by the large claims — but also the rising costs for re-insurance, basically insurance for the insurance companies. residents should expect a 30-40% rate increase next year. Most economists see the U.S. turning into a buyer's housing market in 2023. Here's where you'll see the biggest declines in value. High mortgage rates, tight supply and economic uncertainty: Here's what's happening with home prices - CoreLogic also released a home price report this week that showed home prices in August still 13.5% higher than August 2021. The Georgia Department of Community Affairs (DCA) released the 2023 Community HOME Investment Program (CHIP) grant application for approximately $5 million in available grant awards.

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How much will the damage from Hurricane Ian cost?

John Williams

Play Episode Listen Later Oct 4, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John to talk about how much the damage will cost as a result of Hurricane Ian. Mark also explains kind of insurance people have or don’t have in Florida and what their next steps are.

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How much will the damage from Hurricane Ian cost?

WGN - The John Williams Full Show Podcast

Play Episode Listen Later Oct 4, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John to talk about how much the damage will cost as a result of Hurricane Ian. Mark also explains kind of insurance people have or don’t have in Florida and what their next steps are.

director chicago radio cost hurricanes damage hurricane ian corporate communications wgn insurance information institute

How much will the damage from Hurricane Ian cost?

WGN - The John Williams Uncut Podcast

Play Episode Listen Later Oct 4, 2022

Mark Friedlander, Director of Corporate Communications for the Insurance Information Institute, joins John to talk about how much the damage will cost as a result of Hurricane Ian. Mark also explains kind of insurance people have or don’t have in Florida and what their next steps are.

director chicago radio cost hurricanes damage hurricane ian corporate communications wgn insurance information institute

CD251: BIF: Driving Dangers Sustained

Congressional Dish

Play Episode Listen Later May 8, 2022 80:59 Very Popular

The recently signed infrastructure law continues the United States' over-reliance on the most dangerous way to travel: driving a vehicle. Did Congress make sufficient safety improvements to decrease the dangers posed by driving in the United States? This episode will examine all vehicle-related safety provisions to help you weigh your own transportation options. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the Show Notes on our Website at https://congressionaldish.com/cd251-bif-driving-dangers-sustained/ Background Sources Recommended Congressional Dish Episodes CD246: BIF: Appalachian Chemical Storage CD247: BIF: The Growth of US Railroads CD240: BIF: The Infrastructure BILL CD021: Trailblazer vs. ThinThread Why You Should Be Afraid of Cars “Number of worldwide air traffic fatalities from 2006 to 2021.” Apr 12, 2022. Statista. National Highway Traffic Safety Administration. Mar 2022. “Overview of Motor Vehicle Crashes in 2020.” U.S. Department of Transportation. “Number of deaths / injuries directly linked to boating accidents in the U.S. from 2002 to 2020.” Jun 2021. Statista. Injury Facts. “Railroad Deaths and Injuries.” National Safety Council. Jon Ziomek. Sept 28, 2020. “Disaster on Tenerife: History's Worst Airline Accident.” Historynet. National Highway Traffic Safety Administration. “Distracted Driving.” U.S. Department of Transportation. Problems the Law Does (and Does Not) Address Jake Blumgart. Nov 15, 2021. “The Infrastructure Bill May Not Be So Historic After All.” Governing. Self Driving Cars Neal E. Boudette. May 3, 2022. “Paying customers could hail driverless taxis in San Francisco later this year.” San Francisco Examiner. Natasha Yee. Apr 1, 2022. “Waymo Bringing Driverless Vehicles to Downtown Phoenix ... Soon.” Phoenix New Times. “24 Self-Driving Car Statistics & Facts.” Feb 20, 2022. Carsurance. Neal E. Boudette. Jul 5, 2021. “Tesla Says Autopilot Makes Its Cars Safer. Crash Victims Say It Kills.” The New York Times. Clifford Law Offices PC. May 5, 2021. “The Dangers of Driverless Cars.” The National Law Review. Katie Shepherd and Faiz Siddiqui. Apr. 19, 2021. “A driverless Tesla crashed and burned for four hours, police said, killing two passengers in Texas.” The Washington Post. Riley Beggin. Jan 15, 2021. “Self-Driving Vehicles Allowed to Skip Some Crash Safety Rules.” Government Technology. Faiz Siddiqui. Oct 22, 2020. “Tesla is putting ‘self-driving' in the hands of drivers amid criticism the tech is not ready.” The Washington Post. Niraj Chokshi. Feb 25, 2020. “Tesla Autopilot System Found Probably at Fault in 2018 Crash.” The New York Times. Michael Laris. Feb 11, 2020. “Tesla running on ‘Autopilot' repeatedly veered toward the spot where Apple engineer later crashed and died, federal investigators say.” The Washington Post. Alex Davies. May 16, 2019. “Tesla's Latest Autopilot Death Looks Just Like a Prior Crash.” Wired. Neal E. Boudette and Bill Vlasic. Sept 12, 2017. “Tesla Self-Driving System Faulted by Safety Agency in Crash.” The New York Times. Rachel Abrams and Annalyn Kurtz. Jul 1, 2016. “Joshua Brown, Who Died in Self-Driving Accident, Tested Limits of His Tesla.” The New York Times. Alcohol Detection Systems Isaac Serna-Diez. Nov 23, 2021. “Alcohol Detection Systems Will Now Be Mandatory In All New Cars To Prevent Drunk Driving. YourTango. Keyless Entry Carbon Monoxide Deaths “Toyota Introduces Automatic Engine Shut Off to Prevent Carbon Monoxide Deaths.” Jun 20, 2019. Kelley Uustal Trial Attorneys. “Toyota Has the Most Keyless Ignition Related Deaths, But Takes no Action.” Jun 7, 2019. KidsAndCars.org. Kids Left in Cars Morgan Hines. Aug 2, 2019. “There's science behind why parents leave kids in hot cars.” USA Today. Scottie Andrew and AJ Willingham. July 30, 2019. “More than 38 kids die in hot cars every year, and July is the deadliest month.” CNN. John Bacon. Jul 28, 2019. “'He will never forgive himself': Wife defends husband in devastating hot car deaths of twins.” USA Today. Eric Stafford. May 6, 2019. [“Children Can Die When Left in the Back Seat on a Warm Day—and 800 Already Have. “Children Can Die When Left in the Back Seat on a Warm Day—and 800 Already Have.” Car and Driver. National Highway Traffic Safety Administration. “Child Heatstroke Prevention: Prevent Hot Car Deaths.” U.S. Department of Transportation. Motorcycle Helmets “Motorcycle helmet use laws by state.” May 2022. Insurance Institute for Highway Safety. “Facts + Statistics: Motorcycle crashes.” Insurance Information Institute. Adam E. M. Eltorai et. al. March 16, 2016. “Federally mandating motorcycle helmets in the United States.” BMC Public Health. Truck Safety “How Many Miles Do Semi Trucks Last?” Rechtien. Non-motorist Safety “Pedestrian Traffic Fatalities by State: 2020 Preliminary Data.” Governors Highway Safety Association. “Pedestrian Traffic Fatalities by State: 2020 Preliminary Data.” [Full Report] March 2021. Governors Highway Safety Association. John Wenzel. Jan 6, 2020. “Bollard Installation Cost.” Saint Paul Sign & Bollard. Richard Peace. Feb 20, 2019. “Why You Don't Want a Superfast Electric Bicycle.” Electric Bike Report. 911 System Upgrades Mark L. Goldstein. January 2018. “Next Generation 911: National 911 Program Could Strengthen Efforts to Assist States” [GAO-18-252]. Government Accountability Office. National 911 Program. December 2016. “2016 National 911 Progress Report.” U.S. Department of Transportation. CD021: Trailblazer vs. ThinThread Followup “Michael Hayden, Principal, Strategic Advisory Services.” The Chertoff Group. “Board of Directors.” Atlantic Council. Tim Shorrock. Apr 15 2013. “Obama's Crackdown on Whistleblowers.” The Nation. The Law H.R.3684 - Infrastructure Investment and Jobs Act Senate Version Law Outline DIVISION A: SURFACE TRANSPORTATION TITLE I - FEDERAL-AID HIGHWAYS Subtitle A - Authorizations and Programs Sec. 11101: Authorization of Appropriations Authorizes appropriations for Federal-Aid for highways at between $52 billion and $56 billion per year through fiscal year 2026 (over $273 billion total). Authorizes $300 million for "charging and fueling infrastructure grants" for 2022, which increases by $100 million per year (maxing out at $700 million in 2026) Authorizes between $25 million and $30 million per year for "community resilience and evacuation route grants" on top of equal amounts for "at risk coastal infrastructure grants" Authorizes a total of $6.53 billion (from two funds) for the bridge investment program Sec. 11102: Obligation Ceiling Caps the annual total funding from all laws (with many exceptions) that can be spent on Federal highway programs. Total through 2026: $300.3 billion Sec. 11111: Highway Safety Improvement Program Adds protected bike lanes to the list of projects allowed to be funded by the highway safety improvement project Adds "vulnerable road users" (non-motorists) to the list of people who must be protected by highway safety improvement projects If 15% or more of a state's annual crash fatalities are made up of non-motorists, that state will be required to spend at least 15% of its highway safety improvement project money on projects designed to improve safety for non-motorists. Each state, by the end of 2023, will have to complete a vulnerable road user safety assessment that includes specific information about each non-motorist fatality and serious injury in the last five years, identifies high-risk locations, and identifies possible projects and strategies for improving safety for non-motorists in those locations. Sec. 11119: Safe Routes to School Creates a new program to improve the ability of children to walk and ride their bikes to school by funding projects including sidewalk improvements, speed reduction improvements, crosswalk improvements, bike parking, and traffic diversions away from schools. Up to 30% of the money can be used for public awareness campaigns, media relations, education, and staffing. No additional funding is provided. It will be funded with existing funds for "administrative expenses". Each state will get a minimum of $1 million. Non-profit organizations are eligible, along with local governments, to receive and spend the funding. Non-profits are the only entities eligible to receive money for educational programs about safe routes to school. Sec. 11130: Public Transportation Allows the Transportation Secretary to allocate funds for dedicated bus lanes Sec. 11133: Bicycle Transportation and Pedestrian Walkways Adds "shared micromobility" projects (like bike shares) to the list of projects that can be funded as a highway project Electric bike-share bikes must stop assisting the rider at a maximum of 28 mph to be classified as an "electric bicycle" Subtitle B - Planning and Performance Sec. 11206: Increasing Safe and Accessible Transportation Options. Requires each state, in return for funding, to carry out 1 or more project to increase accessible for multiple travel modes. The projects can be... The enactment of "complete streets standards" (which ensure the safe and adequate accommodation of all users of the transportation system) Connections of bikeways, pedestrian walkways, and public transportation to community centers and neighborhoods Increasing public transportation ridership Improving safety of bike riders and pedestrians Intercity passenger rail There's a way for State's to get this requirement waived if they already have Complete Streets standards in place Subtitle D - Climate Change Sec. 11404: Congestion Relief Program Creates a grant program, funded at a minimum of $10 million per grant, for projects aimed at reducing highway congestion. Eligible projects include congestion management systems, fees for entering cities, deployment of toll lanes, parking fees, and congestion pricing, operating commuter buses and vans, and carpool encouragement programs. Buses, transit, and paratransit vehicles "shall" be allowed to use toll lanes "at a discount rate or without charge" Subtitle E - Miscellaneous Sec. 11502: Stopping Threats on Pedestrians By the end of 2022, the Secretary of Transportation needs to create a competitive grant pilot program to fund "bollard installation projects", which are projects that raise concrete or metal posts on a sidewalk next to a road that are designed to slow or stop a motor vehicle. The grants will pay for 100% of the project costs Appropriates only $5 million per year through 2026 Sec. 11504: Study of Impacts on Roads from Self-driving Vehicles By early 2023, the Transportation Department has to conduct a study on the existing and future effects of self-driving cars on infrastructure, mobility, the environment, and safety. Sec. 11529: Active Transportation Infrastructure Investment Program Creates a grant program authorized for $1 billion total that will fund walking and biking infrastructure projects that each cost $15 million or more and connect communities to each other, including communities in different states, and to connect to public transportation. The Federal government will pay for 80% of the project costs, except in communities with a poverty rate over 40% (the Federal government will pay 100% of the project costs in impoverished communities). TITLE III - MOTOR CARRIER SAFETY Sec. 23010: Automatic Emergency Braking: Automatic Emergency Braking A Federal regulation will be created by November 2023 which will require new commercial vehicles to be equipped with automatic braking systems and there will be performance standards for those braking systems. Sec. 23022: Apprenticeship Pilot Program Creates a three year pilot program, capped at 3,000 participants at a time, for people under 21 to be trained by people over the age of 26 to become commercial truck drivers. Drivers under the age of 21 are not allowed to transport any passengers or hazardous cargo Sec. 23023: Limousine Compliance With Federal Safety Standards A Federal regulation will be created by November 2023 requiring that limousines have a seat belts at every seating position, including side facing seats. TITLE IV - HIGHWAY AND MOTOR VEHICLE SAFETY Subtitle A - Highway Traffic Safety Sec. 24102: Highway Safety Programs Prohibit the Federal Government from withholding highway safety money to the states that refuse to require helmets for motorcycle drivers or passengers who are over the age of 18. Sec. 24103: Highway Safety Research and Development Creates a grant program (by November 2023) that will fund states that want to create a process for notifying vehicle owners about any open recalls on their cars when they register their cars with the DMV. The state receiving the money is only required to provide the notifications for two years and participation in general is voluntary. Creates financial incentives for states to create laws that prohibit drivers from holding "a personal wireless communications device" while driving, has fines for breaking that law, and has no exemptions for texting when stopped in traffic. There are exceptions for using a cell phone for navigation in a "hands-free manner" Creates financial incentives for states to create laws that require curriculum in driver's education courses to include information about law enforcement procedures during traffic stops and the rights and responsibilities of the drivers when being stopped. The states would also have to have training programs for the officers for implementing the procedures that would be explained to drivers. Sec. 24113: Implementation of GAO Recommendations Requires the Secretary of Transportation to implement all of the national-level recommendations outlined in a 2018 GAO report by the end of November 2022. Subtitle B - Vehicle Safety Sec. 24201: Authorization of Appropriations Authorizes a little over $1 billion total for vehicle safety programs from 2022 through 2026 Sec. 24205: Automatic Shutoff By November 2023, the Transportation Department will have to issue a regulation requiring fossil fuel powered vehicles with keyless ignitions to have an automatic shutoff system to prevent carbon monoxide poisoning. The amount of time that must trigger the shut off will be determined by the regulators. If the regulation is issued on time, this would go into effect most likely on September 1, 2024. Sec. 24208: Crash Avoidance Technology The Secretary of Transportation must issue a regulation establishing minimum standards for crash avoidance technology that must be included in all vehicles sold in the United States starting on a date that will be chosen by the Secretary of Transportation. The technology must alert the driver of an imminent crash and apply the breaks automatically if the driver doesn't do so. The technology must include a land departure system that warns the driver that they are not in their lane and correct the course of travel if the driver doesn't do so. Sec. 24215: Emergency Medical Services and 9-1-1 Repeals the part of the law that required the Transportation Department to publish criteria that established timelines and performance requirements for anyone who got a grant to implement the Next Generation 9-1-1 project. Sec. 24220: Advanced Impaired Driving Technology By November 2024, the Secretary of Transportation will have to finish a regulation that requires passenger motor vehicles to be standard equipped with "advanced and impaired driving prevention technology" The technology must be able to monitor the performance of a driver and/or their blood alcohol level and be able to prevent or limit the car's operation if impairment is detected or if the blood alcohol is above the legal limit. This will apply to new cars sold after November 2030 at the latest. Sec. 24222: Child Safety By November 2023, the Secretary of Transportation must finish a regulation requiring all new passenger vehicles to have a system alerting the driver visually and audibly to check the back seat when the car is turned off. Says it will be activated "when the vehicle motor is deactivated by the operator" Hearings The Road Ahead for Automated Vehicles House Committee on Transportation and Infrastructure, Subcommittee on Highways and Transit February 2, 2022 Overview: The purpose of this hearing is for Members of the Subcommittee to explore the impact of automated vehicle deployment, including automated trucks and buses, on mobility, infrastructure, safety, workforce, and other economic and societal implications or benefits. Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)

united states director texas apple action state san francisco new york times board study national barack obama wife north congress cnn driving tesla disasters improving washington post principal paying crash next generation connections federal dangers car injuries increasing impacts sec secretary electric highways usa today driver infrastructure creates donations transportation wired fault roads drivers requires whistleblowers implementation dmv adds federal government autopilot crackdown sustained eligible buses governing backseat government accountability office atlantic council progress report authorization subcommittee driverless cars hwy statista distracted driving federally yourtango emergency medical services joshua brown intercity san francisco examiner authorizes national safety council highway safety insurance institute federal aid transportation department congressional dish downtown phoenix crestview music alley complete streets government technology phoenix new times rachel abrams bmc public health insurance information institute alex davies john bacon safe routes chertoff group who died tim shorrock national law review katie shepherd historynet already have governors highway safety association faiz siddiqui strategic advisory services cover art design david ippolito bill vlasic

Motor City Hypnotist - Road Rage, Part 2 - Episode 156

Motor City Hypnotist

Play Episode Listen Later Apr 14, 2022 35:18

Road Rage, Part 2, Show NotesIn this episode of the Motor City Hypnotist Podcast, we are going to talk about road rage. What causes it? What you can do to stay calm in stressful driving situations. And I'm also going to be giving listeners a FREE HYPNOSIS GUIDE! Stay tuned!INTRODUCTIONWhat is up people? The Motor City Hypnotist Podcast is here in the Podcast Your Voice, Southfield Studios. http://podcastyourvoice.com/ Thank you for joining me on this episode of the Motor City Hypnotist Podcast. I am David Wright and with me is my producer Matt Fox.FIND ME:My Website: https://motorcityhypnotist.com/podcastMy social media links: Facebook: https://www.facebook.com/motorcityhypnotist/YouTube: https://www.youtube.com/channel/UCCjjLNcNvSYzfeX0uHqe3gATwitter: https://twitter.com/motorcityhypnoInstagram: motorcityhypnoFREE HYPNOSIS GUIDEhttps://detroithypnotist.convertri.com/podcast-free-hypnosis-guidePlease also subscribe to the show and leave a review.(Stay with me as later in the podcast, I'll be giving away a free gift to all listeners!)TODAYS EPISODE IS BROUGHT TO YOU BY Empower Your Mind For Success, A Hypnotic Guidehttps://www.amazon.com/Empower-Your-Success-Hypnotic-Guide-ebook/dp/B09BZZK8TVWINNER OF THE WEEK: Video Gamers Doing a World of Good: Fortnite Raised $144 Million for Ukraine Reliefhttps://www.goodnewsnetwork.org/fortnite-raised-144m-for-ukraine-relief/Road RageStatistics• In 2019, 82% of people admitted to committing an act of road rage in the past year. (The Zebra)• A total of 12,610 injuries and 218 murders have been attributed to road rage over a seven-year period in the United States (SafeMotorist).• 66% of traffic fatalities are caused by aggressive driving (NHTSA)• Road rage has been responsible for about 300 deaths since 2013. (NHTSA)• Over a seven-year time period, more than 200 murders and 12,000 injuries were attributed to road rage. (American Automobile Association)• 30 murders annually are linked to road rage. (American Psychological Association)• 50% of drivers respond to the careless acts of other drivers with aggressive behavior themselves (American Psychology Association)• 94% of traffic accidents are caused by driver error. (NPR)• 37% of aggressive driving incidents involve a firearm. (AutoVantage Club)• Aggressive driving played a role in 56% of fatal crashes from 2003 through 2007 (Insurance Information Institute)• 500% increase in reported cases of road rage over the last 10 years. (CNN)• Road Rage QuizDo You Cause Road Rage?Understanding what fuels this dangerous behavior may help psychologists curb it. In studies of anger and aggressive driving, counseling psychologist Jerry Deffenbacher, PhD, of Colorado State University, found that people who identified themselves as high-anger drivers differ from low-anger drivers in five key ways.• They engage in hostile, aggressive thinking. They're more likely to insult other drivers or express disbelief about the way others drive. Their thoughts also turn more often to revenge, which sometimes means physical harm.• They take more risks on the road. High-anger drivers are more likely to go 10 to 20 mph over the speed limit, rapidly switch lanes, tailgate, and enter an intersection when the light turns red.• High anger drivers get angry faster and behave more aggressively. They're more likely to swear or nam

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Motor City Hypnotist - Road Rage, Part 1 - Episode 155

Motor City Hypnotist

Play Episode Listen Later Apr 12, 2022 32:34

Road Rage, Part 1, Show NotesIn this episode of the Motor City Hypnotist Podcast, we are going to talk about road rage. What causes it? What you can do to stay calm in stressful driving situations. And I'm also going to be giving listeners a FREE HYPNOSIS GUIDE! Stay tuned!INTRODUCTIONWhat is up people? The Motor City Hypnotist Podcast is here in the Podcast Your Voice, Southfield Studios. Thank you for joining me on this episode of the Motor City Hypnotist Podcast. I am David Wright and with me is my producer Matt Fox.FIND ME:My Website: https://motorcityhypnotist.com/podcastMy social media links: Facebook: https://www.facebook.com/motorcityhypnotist/YouTube: https://www.youtube.com/channel/UCCjjLNcNvSYzfeX0uHqe3gATwitter: https://twitter.com/motorcityhypnoInstagram: motorcityhypnoFREE HYPNOSIS GUIDEhttps://detroithypnotist.convertri.com/podcast-free-hypnosis-guidePlease also subscribe to the show and leave a review.(Stay with me as later in the podcast, I'll be giving away a free gift to all listeners!)TODAYS EPISODE IS BROUGHT TO YOU BY Empower Your Mind For Success, A Hypnotic Guidehttps://www.amazon.com/Empower-Your-Success-Hypnotic-Guide-ebook/dp/B09BZZK8TVWINNER OF THE WEEK: Video Gamers Doing a World of Good: Fortnite Raised $144 Million for Ukraine Reliefhttps://www.goodnewsnetwork.org/fortnite-raised-144m-for-ukraine-relief/Road RageStatistics• In 2019, 82% of people admitted to committing an act of road rage in the past year. (The Zebra)• A total of 12,610 injuries and 218 murders have been attributed to road rage over a seven-year period in the United States (SafeMotorist).• 66% of traffic fatalities are caused by aggressive driving (NHTSA)• Road rage has been responsible for about 300 deaths since 2013. (NHTSA)• Over a seven-year time period, more than 200 murders and 12,000 injuries were attributed to road rage. (American Automobile Association)• 30 murders annually are linked to road rage. (American Psychological Association)• 50% of drivers respond to the careless acts of other drivers with aggressive behavior themselves (American Psychology Association)• 94% of traffic accidents are caused by driver error. (NPR)• 37% of aggressive driving incidents involve a firearm. (AutoVantage Club)• Aggressive driving played a role in 56% of fatal crashes from 2003 through 2007 (Insurance Information Institute)• 500% increase in reported cases of road rage over the last 10 years. (CNN)• Road Rage QuizDo You Cause Road Rage?Understanding what fuels this dangerous behavior may help psychologists curb it. In studies of anger and aggressive driving, counseling psychologist Jerry Deffenbacher, PhD, of Colorado State University, found that people who identified themselves as high-anger drivers differ from low-anger drivers in five key ways.• They engage in hostile, aggressive thinking. They're more likely to insult other drivers or express disbelief about the way others drive. Their thoughts also turn more often to revenge, which sometimes means physical harm.• They take more risks on the road. High-anger drivers are more likely to go 10 to 20 mph over the speed limit, rapidly switch lanes, tailgate, and enter an intersection when the light turns red.• High anger drivers get angry faster and behave more aggressively. They're more likely to swear or name-call, to yell at other drivers

world mental health phd therapy npr counseling hypnosis hypnotherapy road rage hypnotherapists american psychological association colorado state university motor city hypnotists david wright matt fox insurance information institute american psychology association american automobile association podcastmy motor city hypnotist podcast free hypnosis guide

The Real Estate News Brief: Single-Family Investor Hot Spots, Insurance Price Hikes, Top Searches on Zillow

Real Estate News: Real Estate Investing Podcast

Play Episode Listen Later Jan 9, 2022 5:40

In this Real Estate News Brief for the week ending January 1st, 2022... investor hot spots for single-family homes, insurance premium price hikes, and Zillow's list of most popular search areas.Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review. Economic NewsWe begin with economic news from the last week of 2021. The year closed with fewer people asking for unemployment benefits. Initial jobless claims were down to 198,000, which is close to a 50-year low. Continuing claims also dropped. Government figures show they were down by about 140,000 to 1.72 million people. The numbers reflect a labor shortage and companies that are not eager to lay anyone off because it might be difficult to replace them. According to MarketWatch, economists are predicting the labor shortage will continue in 2022, but will not be so pronounced. (1)Pending home sales for November were down for a third month in a row. The National Association of Realtors says they were down 2.2% from October. That's more than the .8% drop in pending home sales that MarketWatch had forecast. On a year-over-year basis, they were down 2.7%. NAR'S chief economist, Lawrence Yun, blames the dip on a tight supply of homes which continues to push home prices higher. He also expects to see higher inventory levels in 2022 which will help slow the price growth. (2)The latest report from the S&P CoreLogic Case-Shiller 20-city price index shows an 18.4% year-over-year gain in home prices for October. The national index shows a 19.1% annual gain. Both are slightly “lower” than they were in September. But some cities are showing extremely strong price growth, such as Phoenix. Year-over-year home price growth there is 32.3%. Tampa and Miami are also very high due to the strong housing market in Florida. (3)Mortgage RatesMortgage rates moved slightly higher, but the average 30-year fixed-rate mortgage is still hovering slightly above the 3% level. Freddie Mac says it rose 6 basis points last week to 3.11%. The 15-year was up 3 points to 2.33%. (4) Freddie Mac's chief economist, Sam Khater, says: “Mortgage rates have been effectively moving sideways despite the increase in new Covid cases.” (5)In other news making headlines…Investors Want Single-Family HomesThe buying spree continues among investors who are snapping up single-family homes, and it's not just the more affordable areas they are interested in. According to CoreLogic, California is experiencing a rebound in single-family homes that are purchased by investors. (6)CoreLogic economist, Thomas Malone, says: “After a decade of moving away, investors are coming back to California.” He says: “The California rise is likely due to large investors, who seem less deterred by the high prices found in the area.”Those California metros include the Silicon Valley region and San Francisco in the North, and the Los Angeles area and the counties of Riverside and San Bernardino in the South. Other metros attracting investors are Atlanta, Phoenix, and the McAllen-Edinburg-Mission region of Texas down near the Southern tip of the state. Las Vegas, El Paso, Memphis and Salt Lake City are also attracting a large share of investors.Insurance Premiums Are ClimbingThe cost of homebuilding materials and climate change risks are turning into higher insurance premiums, and that's giving some property owners sticker shock. The Insurance Information Institute says that premiums are up about 4%, with an average annual premium of $1,400. Realtor.com reports a warning from insurance companies, that premiums will be going even higher. (7)Realtor.com says the cost of rebuilding a home is going up because of higher prices for building materials in general. But, it says, homeowners with the biggest increases are those in disaster-prone areas. Chief economist of the National Association of Home Builders, Robert Dietz, says that building material prices are pushed higher after a natural disaster for six to nine months, while people are, of course, scrambling to rebuild their homes.Most Searched for Real Estate in 2021 The rise of remote work has put a popular vacation area in the spotlight. According to page views on Zillow, South Lake Tahoe was the most popular city last year. Zillow says it catapulted into the number one position because of a high number of page views for each listing – about 5,500! (8)Calabasas in the Los Angeles area ranked as the most popular small town. But it isn't your typical small town. Calabasas is known for having many celebrity residents with homes that are valued at an average of $1.5 million. California's Big Bear Lake also attracted a lot of page views, which Zillow ranked as the most popular vacation town. Other hot spots include Newport, Oregon as the most popular beach town; Tempe, Arizona as the most popular college town; and Lavallette, New Jersey, as the most popular retirement community.That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review! You can also join RealWealth for free at newsforinvestors.com. As a member, you have access to the Investor Portal where you can view sample property pro formas and connect with our network of resources, including experienced investment counselors, property teams, lenders, 1031 exchange facilitators, attorneys, CPAs and more.Thanks for listening. I'm Kathy Fettke.Links:1 -https://www.marketwatch.com/story/jobless-claims-drop-to-198-000-and-stick-near-52-year-low-amid-labor-shortage-11640871335?mod=economic-report2 -https://www.marketwatch.com/story/pending-home-sales-slide-as-buyers-grow-more-cautious-11640790608?mod=economic-report3 -https://www.marketwatch.com/story/the-pace-of-home-price-growth-is-slowing-but-buyers-arent-catching-a-break-11640700715?mod=economic-report4 -http://www.freddiemac.com/pmms/5 -https://magazine.realtor/daily-news/2021/12/30/year-end-mortgage-rates-at-3116 -https://magazine.realtor/daily-news/2021/12/27/investors-continue-buying-sprees7 -https://magazine.realtor/daily-news/2021/12/28/homeowners-experience-sticker-shock-on-insurance-premiums8 -https://www.zillow.com/research/tahoe-zillow-most-popular-2021-30479/

How Big is the Pet Industry?

POOP 911

Play Episode Listen Later Dec 24, 2021 7:44

American Pet Products estimates that in the United States alone last year, homeowners spent more than $72 billion within the pet industry. This includes money spent on pet food, pet supplies, over-the-counter medications for pets, veterinarian care, the purchase of live animals for use as pets and a category dubbed “other” by the American Pet Products Association that takes in just about anything else you might need to spend in order to own and adequately support a pet. While this seems like an unfathomable amount, it's become more evident in the past decade that people are treating their pets like—well, more like people. The statistics don't lie.Types of Pets Americans OwnSeveral kinds of pets lead the pack when it comes to the pet industry. These are the most popular types when it comes to spending money in the categories above. According to the Insurance Information Institute, approximately 85 million households within the U.S. own at least one pet. Of those, more than 60 million own a dog, 47.1 million have a cat, 12.5 million have freshwater fish, 7.9 million have a bird, 6.7 million have a small animal (categorized as a gerbil, hamster, etc.) 4.7 million own a reptile, 2.6 million have one or more horses and 2.5 million have saltwater fish. When you add in the costs of pet food, supplies, medications, veterinarian care and more to the cost of purchasing each of these pets, the price can certainly add up. Try multiplying that by approximately 85 million households.Culture Helps Pet Industry SoarWhile some might expect social media and online shopping to make it easier to own a pet, Forbes reports a different component is at play. While you can buy your pet food, pet meds, dog beds, cat toys and gerbil cages online and have them delivered directly to your doorstep, it seems cultural changes are determining what pet owners want now—as opposed to a couple of decades ago—for their pets. Those changes are broken down into the following eight categories:Pet food: Traditional pet foods are a thing of the past. Gone are the days when pet owners run to the grocery store for a bag of dog food or a few cans of the same cat food they've seen advertised since childhood. These days consumers want to know what's in their pet's food and they want to feed them healthier options. Healthier meals means consumers are also paying more for now.Pet treats: In the same manner as the pet food, consumers also want healthier treats for their pets.Private brands: Some online retailers are now marketing their private brands of pet food and treats. Add that to their delivery straight to the pet owner's door and that spells a win-win not only for their pets, but for consumers and the pet industry.Technology: Who would have thought just 20 years ago that you could tap an app or text a business via your smartphone and someone would show up to walk your dog, feed your cat, clean the litter box, swab out your lizard's aquarium or scoop the dog poop from your yard? You can do all the above—and more—and pet owners love it.New and extra services: While poop scooping is something many people don't even know exists, there are a number of other pet services. These days, someone can pick up your pet and bring him or her to a veterinarian appointment, the groomer or a playgroup. Yes, there are pet playgroups, too, as well as pet hotels and places akin to car washes where you bring your dogs and wash them yourself.End-of-life services: There's been a massive increase in the number of services marketed to pet owners at the end of their pet's lives. Much the same as with terminally ill humans, there are palliative care services available now for terminally ill pets. There are pet cemeteries, cremation services, colored boxes and urns for containing pet remains and believe it or not, there's even grief counseling available in some areas of the U.S. All of these services are costly and they're becoming increasingly popular.Easy accessibility: Premium (read: even more expensive, although healthier) pet food is now available at far more places than in prior decades. Consumers used to have to visit specialty pet shops to purchase it. Now they need to only visit mass merchants, grocery stores or in some places, dollar stores.Direct-to-consumer trend: The direct-to-consumer direction leaves out the middle man, meaning more money for the seller and a bit of saving for consumers. The pet food market is soaring via this sales method. Without a multi-brand retailer raking in their percentage, this is a win-win for both parties and it lends itself perfectly to the ever-increasing size of the pet industry.What's New for the Pet Industry?While some folks expect this considerable increase in the overall pet industry to inevitably wane, there aren't any statistics that support that theory. In fact it's just the opposite. A new summit called Pets & Money had its inaugural US event in Austin, Texas back in December of 2018. At this summit, several services were set to hit the pet industry markets in the coming months and are expected to do quite well. In 2019, Pets & Money will be held in London, UK – connecting people in the industry from all over the world. One such business is DOGTV (yes, this is what it sounds like—TV programming for dogs who are left alone when their “parents” work). Another company is Pet Plate, a service that sells human-grade food for pets, and Toletta, a kitty litter box that checks your cat's health by monitoring weight, the volume of urine put out and the number of times the cat uses the litter box. These companies are a small handful of the services unveiled at the summit.Future Projections for the Pet IndustryA few trends in the pet industry are projected to become big sellers, which could help boost the pet industry further. Those trends include all natural pet products like foods, kitty litter, grooming products and toys made from natural fibers. Additional pet services are expected to trend, including pet photography, pet spa services and pet behavioral counseling. Also, as pet parents are becoming more likely to travel with their pets, pet-friendly travel apps are expected to grow incredibly popular as they'll provide options for pet-friendly transportation, lodging and even eateries that allow pets.It's abundantly plain to see that consumers are sending the figures in the pet industry soaring through the roof. There's no doubt consumers love their pets and that they're perfectly willing to shell out hard-earned cash to provide them with the best lives possible. As a pet owner, you know that happy, healthy pets make for content owners. Pet owners feel charitable about their love and care for their dogs and that makes for a rewarded pet owner. It looks like this trend, is here to stay.If you are looking to be a part of a growing industry, become a POOP 911 franchisee. Contact us today to learn more about how you can be a part of something big.

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Evolution of Global Risks & Threats Since 9/11 - Episode 3

The NICB Crime Examiner

Play Episode Play 31 sec Highlight Listen Later Sep 7, 2021 35:32

In this special episode of The NICB Crime Examiner, we are featuring a conversation between David Glawe, NICB President & CEO, and Sean Kevelighan, President & CEO of the Insurance Information Institute, discussing the evolution of global risks and threats since 9/11.ResourcesReflections 20 Years After 9/11Insurance Information Institute BlogSocial MediaFacebook - @InsuranceCrimeTwitter - @insurancecrimeYouTube - @InsuranceCrimeLinkedIn - National Insurance Crime BureauInstagram - @insurance_crimeThe National Insurance Crime Bureau (NICB) is the nation's premier not-for-profit organization dedicated to exclusively fighting insurance crime. We have a rich history of more than 100 years. We partner with both law enforcement and the insurance industry to help proactively identify, combat, and prevent insurance crime.

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Mike Barry and Vicki Lambert - renters insurance

Eye On The Community

Play Episode Listen Later Aug 19, 2021 6:21

The Insurance Information Institute's Mike Barry and USAA's Vicki Lambert discuss renters' insurance. See omnystudio.com/listener for privacy information.

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A blueprint for Coastal adaptation, with Dr. Carolyn Kousky and Dr. Billy Fleming

Inside Ideas with Marc Buckley

Play Episode Listen Later Jul 26, 2021 83:51

Dr. Carolyn Kousky & Dr. Billy Fleming are my guests on Episode 115 of Inside Ideas with Marc Buckley. Carolyn is Executive Director at the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania, where she also directs the Policy Incubator. Carolyn research examines multiple aspects of disaster insurance markets, disaster finance, climate risk management, and policy approaches for increasing resilience. She has published numerous articles, reports, and book chapters on the economics and policy of climate risk and disaster insurance markets, and is routinely cited in media outlets including NPR, The New York Times, and The Financial Times, among many others. She is the recipient of the 2013 Tartufari International Prize from the Accademia Nazionale dei Lincei. She is the vice-chair of the California Climate Insurance Working Group, a university fellow at Resources for the Future, a non-resident scholar at the Insurance Information Institute, and a member of the Roundtable on Risk and Resilience of Extreme Events at the National Academies of Sciences, Engineering, and Medicine. She has a BS in Earth Systems from Stanford University and a PhD in Public Policy from Harvard University. Billy Fleming is the Wilks Family Director of the Ian L. McHarg Center in the Weitzman School of Design, a senior fellow with Data for Progress, and co-director of the "climate + community project." His fellowship with Data for Progress has focused on the built environment impacts of climate change, and resulted most prominently in the publication of low-carbon public housing policy briefs tied to the “Green New Deal for Public Housing Act” introduced in 2019. In his role at the McHarg Center, Billy is co-editor of the forthcoming book An Adaptation Blueprint (Island Press, 2020), co-editor and co-curator of the book and now internationally-traveling exhibit Design With Nature Now (Lincoln, 2019), and author of the forthcoming Drowning America: The Nature and Politics of Adaptation (Penn Press, expected 2021). Billy is also the lead author of the recently published and widely acclaimed “The 2100 Project: An Atlas for the Green New Deal.” He is also a co-author of the Indivisible Guide (2016). A Blueprint for Coastal Adaptation: Uniting Design, Economics, and Policy (Publication Date: May 20, 2021) edited by Carolyn Kousky, Billy Fleming, and Alan M. Berger, identifies a bold new research and policy agenda for coastal adaptation and provides implementable options for coastal communities. https://islandpress.org/books/blueprint-coastal-adaptation

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BRN AM | Back on the road: what's it mean for car insurance?

The Broadcast Retirement Network

Play Episode Listen Later Jun 17, 2021 23:33

BRN AM | Back on the road: what's it mean for car insurance? | Janet Ruiz, Insurance Information Institute | Visit www.broadcastretirementnetwork.com

car insurance insurance information institute

TMBS E83: Sean Kevelighan, CEO, Insurance Information Institute (Triple-I), Insurance During COVID-19

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Play Episode Listen Later May 31, 2021 13:53

INSURANCE EXPERTS SHARE INSIGHTS ON HOW CONSUMERS CAN REMAIN SAVVY WITH THEIR COVERAGE DURING THE COVID-19GUEST:Sean Kevelighan, CEO, Insurance Information Institute (Triple-I)SEAN KEVELIGHAN: Sean Kevelighan joined the Triple-I as its CEO in 2016. Previously, he was Group Head of Public Affairs for Zurich Insurance Group where he oversaw Government and Industry Affairs as well as Corporate Responsibility. During President George W. Bush's administration, he served first in the U.S. Department of the Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. He was also the Press Secretary for the White House Office of Management and Budget (OMB).

TMBS E47: Sean Kevelighan CEO of III

Play Episode Listen Later May 31, 2021 14:13

GUEST: Sean KevelighanSean Kevelighan joined the I.I.I. (Insurance Information Institute) as its Chief Executive Officer in 2016. Previously, he was Group Head of Public Affairs for Zurich Insurance Group where he oversaw Government and Industry Affairs as well as Corporate Responsibility. He joined Zurich in 2013 as Head of Government and Industry Affairs for North America. Prior to that, he worked at Citigroup, Inc., as Head of Strategic Communications for its Global Consumer Banking business, and for Zurich, as Head of Group Media Relations in North America. During President George W. Bush's administration, he served first in the U.S. Department of the Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. He was also the Press Secretary for the White House Office of Management and Budget (OMB).

TMBS E83: Sean Kevelighan, CEO, Insurance Information Institute (Triple-I), Insurance During COVID-19

covid-19 ceo office government management triple treasury public affairs senior advisor press secretary white house office corporate responsibility group head tax policy budget omb industry affairs insurance information institute zurich insurance group tmbs

Play Episode Listen Later May 31, 2021 13:53

INSURANCE EXPERTS SHARE INSIGHTS ON HOW CONSUMERS CAN REMAIN SAVVY WITH THEIR COVERAGE DURING THE COVID-19GUEST:Sean Kevelighan, CEO, Insurance Information Institute (Triple-I)SEAN KEVELIGHAN: Sean Kevelighan joined the Triple-I as its CEO in 2016. Previously, he was Group Head of Public Affairs for Zurich Insurance Group where he oversaw Government and Industry Affairs as well as Corporate Responsibility. During President George W. Bush's administration, he served first in the U.S. Department of the Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. He was also the Press Secretary for the White House Office of Management and Budget (OMB).

TMBS E47: Sean Kevelighan CEO of III

director dogs vice president risk popular buzz public relations tumors strategic communications dvm liability insurance american kennel club insurance information institute

Play Episode Listen Later May 31, 2021 14:13

GUEST: Sean KevelighanSean Kevelighan joined the I.I.I. (Insurance Information Institute) as its Chief Executive Officer in 2016. Previously, he was Group Head of Public Affairs for Zurich Insurance Group where he oversaw Government and Industry Affairs as well as Corporate Responsibility. He joined Zurich in 2013 as Head of Government and Industry Affairs for North America. Prior to that, he worked at Citigroup, Inc., as Head of Strategic Communications for its Global Consumer Banking business, and for Zurich, as Head of Group Media Relations in North America. During President George W. Bush's administration, he served first in the U.S. Department of the Treasury as a spokesperson for economic issues, and eventually became Senior Advisor for the Office of Tax Policy. He was also the Press Secretary for the White House Office of Management and Budget (OMB).

The Pet Buzz wk of Mar 28 - AKC Popular Dogs, K9 Liability Insurance & Dog Tumor Risk

The Pet Buzz

Play Episode Listen Later Apr 9, 2021 43:50

This week on The Pet Buzz, Petrendologist Charlotte Reed and Michael Fleck, DVM, talk with Vice President of Public Relations and Communications at the American Kennel Club, Brandi Hunter, about the 2020 most popular dog breeds; with Janet Ruiz, Director of Strategic Communication for the Insurance Information Institute, about canine liability insurance; and with Dr. Grace Edmunds, Clinical Veterinary Research Fellow at Bristol Veterinary School, about how a dog's body size and shape could indicate a greater bone tumor risk.

Why You Need an Umbrella Policy

MoneyWise on Oneplace.com

Play Episode Listen Later Mar 26, 2021 24:57

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Filling out the application, a life insurance salesman asked a woman if she knew what she’d get if her husband died. She thought for a moment and replied, Probably a poodle. But insurance is no laughing matter and it’s pretty handy at times. Today, Kingdom Advisors President Rob West explains why a certain type of policy could be a real lifesaver for your finances. An umbrella policy is a type of insurance policy that protects your assets and even yourfutureearnings from catastrophic lawsuits; think of it as a booster policy giving you protection beyond what you have with your home and auto policies. One of the best things about umbrella policies is that they’re inexpensive. Typically, you can add a million dollars of additional coverage for just a fewhundreddollars a year. I lead a quiet life and mind my own business. I don’t have any reason for this kind of coverage. Yes, but most people have at least one reason to get an umbrella policy. For example, let’s say you have a teenage driver. The chances of having an accident go up considerably with a teenage driver, which is why auto insurance premiums are so high for them. An umbrella policy will pay out above those liability limits if your youthful driver injures someone or damages their car or property. Harming someone’s reputation. Let’s say you’re not happy with a home remodeling project and you take it out on the contractor on social media. He or she sues you for loss of business. Would they win? Just fighting the lawsuit would be expensive. Worse, your homeowner’s policy (designed to cover personal injuries) may not cover a judgement against you for harming someone’s reputation. Here’s another one. Let’s say you coach a little league team or some other sport. Do you know what type of coverage the league has in the event a car is damaged by a fly ball? Or worse, what if a child is injured? An umbrella policy would protect you here. Also, make sure your regular homeowner’s policy doesn’t exclude coverage for athletic activities. Some do. Here’s an obvious one that affects almost 40% of households. You own a dog. The Insurance Information Institute says that dog-related injuries in some years reach $700 million and some homeowner’s policies exclude coverage for certain breeds of dogs. So, if you like the idea of your Rottweiler or Pitbull keeping your house safe from burglars, you’d better get an umbrella policy. Say that you have a long commute. Obviously, the more miles you drive, the more likely you are to have an accident (and your auto insurance premiums are probably higher to begin with). It’s possible you could be hit with damages that go beyond the limits of that policy. Other drivers and passengers’ families and estates can sue you for current and future medical expenses, pain, suffering, and lost income. So again, an umbrella policy that costs a few hundred dollars a year is a small price to pay for protecting your assets. On today’s program we also answer your questions: I want to invest my cash wisely. What’s the best way to put my money? I’m a compulsive spender. What would you suggest I do that could help me with this tendency? I’m going to be retired soon. I’m single, never married, and am 68. However, things are going to be getting really tight. What advice do you have to supplement my income? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

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401(k) Rule of 55

MoneyWise on Oneplace.com

Play Episode Listen Later Mar 25, 2021 24:57

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Filling out the application, a life insurance salesman asked a woman if she knew what she’d get if her husband died. She thought for a moment and replied, Probably a poodle. But insurance is no laughing matter and it’s pretty handy at times. Today, Kingdom Advisors President Rob West explains why a certain type of policy could be a real lifesaver for your finances. An umbrella policy is a type of insurance policy that protects your assets and even yourfutureearnings from catastrophic lawsuits; think of it as a booster policy giving you protection beyond what you have with your home and auto policies. One of the best things about umbrella policies is that they’re inexpensive. Typically, you can add a million dollars of additional coverage for just a fewhundreddollars a year. I lead a quiet life and mind my own business. I don’t have any reason for this kind of coverage. Yes, but most people have at least one reason to get an umbrella policy. For example, let’s say you have a teenage driver. The chances of having an accident go up considerably with a teenage driver, which is why auto insurance premiums are so high for them. An umbrella policy will pay out above those liability limits if your youthful driver injures someone or damages their car or property. Harming someone’s reputation. Let’s say you’re not happy with a home remodeling project and you take it out on the contractor on social media. He or she sues you for loss of business. Would they win? Just fighting the lawsuit would be expensive. Worse, your homeowner’s policy (designed to cover personal injuries) may not cover a judgement against you for harming someone’s reputation. Here’s another one. Let’s say you coach a little league team or some other sport. Do you know what type of coverage the league has in the event a car is damaged by a fly ball? Or worse, what if a child is injured? An umbrella policy would protect you here. Also, make sure your regular homeowner’s policy doesn’t exclude coverage for athletic activities. Some do. Here’s an obvious one that affects almost 40% of households. You own a dog. The Insurance Information Institute says that dog-related injuries in some years reach $700 million and some homeowner’s policies exclude coverage for certain breeds of dogs. So, if you like the idea of your Rottweiler or Pitbull keeping your house safe from burglars, you’d better get an umbrella policy. Say that you have a long commute. Obviously, the more miles you drive, the more likely you are to have an accident (and your auto insurance premiums are probably higher to begin with). It’s possible you could be hit with damages that go beyond the limits of that policy. Other drivers and passengers’ families and estates can sue you for current and future medical expenses, pain, suffering, and lost income. So again, an umbrella policy that costs a few hundred dollars a year is a small price to pay for protecting your assets. On today’s program we also answer your questions: I want to invest my cash wisely. What’s the best way to put my money? I’m a compulsive spender. What would you suggest I do that could help me with this tendency? I’m going to be retired soon. I’m single, never married, and am 68. However, things are going to be getting really tight. What advice do you have to supplement my income? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

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First Light - Monday, March 8, 2021

First Light

Play Episode Listen Later Mar 8, 2021 53:02

Today on First Light with Michael Toscano - Prince Harry and Meghan's revealing interview with Oprah Winfrey will certainly have people talking. We'll get the latest on that with national correspondent Clayton Neville. Are car insurance companies discriminating against certain segments of the population? U.S. Representative Bonnie Watson Coleman (D-NJ) is part of a group introducing a bill to combat that. We'll talk to her to get her side of the story, then counter it with Scott Holman of the Insurance Information Institute. Finally, COVID relief is on the cusp of being finalized in Washington. USA Today's congressional reporter Nicholas Wu joins us to share the latest. See omnystudio.com/listener for privacy information.

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Insurance Uncovered: Severe Weather Science

The Hollywood & China Doll Show

Play Episode Listen Later Feb 10, 2021 19:59

Episode 403: It may only be February, but spring and summer storms will be here before you know it. So, are you prepared for the next extreme weather event? Chuck Chamness talks with Guy Carpenter Research Meteorologist Dr. James Waller about the science behind the shifting trends in severe weather events.

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Ep 84 10 Motorcycle Safety Tips For New Riders

Play Episode Listen Later Jan 7, 2021 34:57

Ep 84 10 Motorcycle Safety Tips For New Riders There's no denying that motorcycles are cool, fun and fuel-efficient. But it's also true that riding a motorcycle is more risky than driving a car. The reality is, a crash as a motorcyclist is almost 30 times more likely to be fatal than as a motorist, according to the Insurance Information Institute. There are plenty of dedicated riders who are able to steer clear of accidents and enjoy their bikes without incident–but their success comes from following basic motorcycle safety practices. To make sure you stay on the safe side of riding, here are ten ways to keep your rides incident-free. --- Send in a voice message: https://anchor.fm/hollywoodandchinadollshow/message Support this podcast: https://anchor.fm/hollywoodandchinadollshow/support

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FEMA announces the riskiest counties in the U.S. Where does your county rank?

Anna Davlantes

Play Episode Listen Later Jan 6, 2021

Dr. Michel Léonard, Vice President and Senior Economist, Insurance Information Institute, joins guest host Ilyce Glink to talk about a new tool that FEMA developed called The National Risk Index, which identifies communities most at risk to 18 natural hazards.

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Nutty Year for an Industry PR Pro

Podcasts – Insurance Journal TV

Play Episode Listen Later Dec 21, 2020 25:07

When your job is head of media relations for the Insurance Information Institute, aka Triple-I, you’re on the phone a lot. And these aren’t calls with friends and family. Nope. Imagine earnest or sometimes rabid reporters and journalists constantly on the hunt for a “gotcha” on the latest claims story gone awry. That’s Mike Barry’s world. Get an industry insider’s view of 2020 as Mike describes an unprecedented volume and scope of media inquiries on insurance – hurricanes, wildfires, riots and business interruption coverage disputes. If you’re in the business of insurance consumer education, Mike has a unique lens on how the industry is doing from a public perception standpoint. The post Nutty Year for an Industry PR Pro appeared first on Insurance Journal TV.

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Ep 026 Global Macro and Insurance Outlook with Dr. Michel Leonard

AI Wisdom for Insurance

Play Episode Listen Later Oct 7, 2020 43:02

Host Ron Glozman speaks with Dr. Michel Leonard, Senior. Economist & Vice President, Insurance Information Institute also known as Triple-I as they discuss the short-term and long-term impact of COVID-19 on the global insurance industry. Follow Chisel AI: website: www.chisel.ai LinkedIn: www.linkedin.com/ChiselAI Twitter: twitter.com/chiselai Facebook:www.facebook.com/ChiselAI

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Episode 16: Extreme Precipitation, Floods, & Hurricanes

Let's Talk Global Warming

Play Episode Listen Later Sep 27, 2020 20:06

After years of worsening hurricanes seasons, seemingly never ending rain, and flooding in areas that have never flooded before, have you stopped to wonder why it's all getting so much worse? In this episode, I talk about extreme precipitation, floods, and hurricanes, how they have gotten worse because of global warming, and the consequences of these worsened events. Sources:National Aeronautics and Space Administration (NASA): https://climate.nasa.gov/news/2881/earths-freshwater-future-extremes-of-flood-and-drought/Union Of Concerned Scientists:Flooding/Extreme Precipitation: https://www.ucsusa.org/resources/climate-change-extreme-precipitation-and-floodingHurricanes: https://www.ucsusa.org/resources/hurricanes-and-climate-changeNational Resources Defense Council: https://www.nrdc.org/stories/flooding-and-climate-change-everything-you-need-knowYale Climate Connections: https://yaleclimateconnections.org/2019/07/how-climate-change-is-making-hurricanes-more-dangerous/Ducksters: https://www.ducksters.com/science/earth_science/hurricanes.phpNational Hurricane Center (NHC): https://www.nhc.noaa.gov/surge/The Weather Channel: https://weather.com/storms/hurricane/news/2020-09-21-atlantic-hurricane-season-2020-records Center For Climate and Energy Solutions: https://www.c2es.org/content/hurricanes-and-climate-change/Insurance Information Institute: https://www.iii.org/fact-statistic/facts-statistics-hurricanes#%3Cstrong%3E2020%20Hurricane%20Season%3C/strong%3E Music:“News Theme” by Kevin MacLeod licensed under CC BY. Edited to be shorter but content was not changed. Link to Song Profile: https://incompetech.filmmusic.io/song/4122-news-theme/Link to Author’s Profile: https://incompetech.filmmusic.io/artists/profile/9-kevin-macleod/Link to license: https://creativecommons.org/licenses/by/4.0/legalcod

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August 20. 2020 "Bad Dogs: These Breeds Are the Worst for Your Home Insurance Policy"

Retire with MONEY

Play Episode Listen Later Aug 20, 2020 7:31

by Paul Schrodt Dog bites can cost serious money to settle, and can even put your home insurance policy into peril. Here’s how to make sure you’re covered. Liability claims from dog bites and other dog-related injuries in the U.S. totaled $797 million in 2019, according to the Insurance Information Institute (or Triple I) and State Farm. And while the number of dog-related claims was stable, the average cost per claim increased by 14.7 percent in 2019, to a hefty $44,760.

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Protecting Family and Home from the Elements

Your Lot and Parcel

Play Episode Play 30 sec Highlight Listen Later Aug 14, 2020 25:33

Interview with Janet Ruiz from the Insurance Information Institute.No matter where we reside, we are predisposed to capricious weather.What can we do to protect our family and home from unexpected disasters? In this episode, we are visiting with a Chartered Property Casualty Underwriter where she discusses how we can employ mitigating strategies for our protection. WWW.III.ORG

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Hurricane Preparedness, Moving to Florida, and Living with Hurricanes

The Moving To Florida Show

Play Episode Listen Later Jul 10, 2020 23:34

On today's episode we discuss living in Florida and preparing for hurricane season. If you would like to connect with us about your move to Florida you can reach us at movingtofloridashow@gmail.com. You can also connect with us on social media on Facebook and Instagram: @movingtofloridashow and for Twitter we had to shorten it a little, our handle is @movingtoflshow. Be sure to subscribe to the show if you like our content so that it will automatically download to your device and get you one step closer to moving to Florida!Resources for Hurricane Prep: https://www.ready.gov/hurricanes Official website of the Department of Homeland Security https://www.iii.org/article/preparing-hurricane The Insurance Information Institute https://www.fema.gov/media-library-data/1494007144395-b0e215ae1ba6ac1b556f084e190e5862/FEMA_2017_Hurricane_HTP_FINAL.pdf FEMA

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Save Money on Your Current Insurance Policies

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Play Episode Listen Later May 16, 2020 10:53

Whether it is automobile, homeowners, renters, or life insurance, now is a good time to review your current policies to see how you can save money on premiums and; which policies may need to be adjusted. Janet Ruiz, Director, Strategic Communication, the Insurance Information Institute has tips to help you make remain savvy with your coverage during the Covid-19 pandemic.

Save Money on Your Current Insurance Policies

covid-19 director current save money strategic communications insurance policies insurance information institute

Play Episode Listen Later May 16, 2020 10:53

Whether it is automobile, homeowners, renters, or life insurance, now is a good time to review your current policies to see how you can save money on premiums and; which policies may need to be adjusted. Janet Ruiz, Director, Strategic Communication, the Insurance Information Institute has tips to help you make remain savvy with your coverage during the Covid-19 pandemic.

TMBS E83: Sean Kevelighan, CEO, Insurance Information Institute (Triple-I), Insurance During COVID-19

Tucson Business Radio

Play Episode Listen Later May 6, 2020

INSURANCE EXPERTS SHARE INSIGHTS ON HOW CONSUMERS CAN REMAIN SAVVY WITH THEIR COVERAGE DURING THE COVID-19 GUEST: Sean Kevelighan, CEO, Insurance Information Institute (Triple-I) SEAN KEVELIGHAN: Sean Kevelighan joined the Triple-I as its CEO in 2016. Previously, he was Group Head of Public Affairs for Zurich Insurance Group where he oversaw Government and Industry Affairs […] The post TMBS E83: Sean Kevelighan, CEO, Insurance Information Institute (Triple-I), Insurance During COVID-19 appeared first on Business RadioX ®.

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Insurance Uncovered: COVID-19 and Messaging from Insurers

covid-19 president coronavirus insurance messaging ppp uncovered paycheck protection program insurers insurance information institute namic

Play Episode Listen Later Apr 29, 2020 22:44

Episode 309: Chuck talks with I.I.I. President and CEO Sean Kevelighan about reputational issues for the insurance industry and the importance of messaging in the midst of the coronavirus pandemic. Plus, a judicial advocacy update as more than 50 lawsuits against insurers emerge across the country.

Crisis Leadership Advice from the Top Insurance Communications Advisor

The Connected Insurance Podcast

Play Episode Listen Later Apr 15, 2020 40:46

Jeanne Marie Salvatore, President, JMS Consulting Jeanne Marie Salvatore knows crisis. In her time as the Chief Communications Officer for the Insurance Information Institute she guided leaders through 9/11, Hurricane Katrina, The Great Recession, and more. Recently she’s guided top carriers through the current COVID-19 pandemic. Crises test leaders. They also have a way of demanding that leaders step up to their best performance ever. With more skill, more sensitivity, and more courage. Jeanne shares her expertise to help agency leadership get through this period stronger, not weaker. How to lead your agency when team members are anxious, afraid, and at times overwhelmingly sad How to lead your clients when they’re seeking confidence, comfort, and clarity Mistakes every leader must avoid in times of crisis If you’re looking to excel in difficult times, make this conversation a top priority. Jeanne has advised the top leaders in insurance, and in this podcast she does that for you. Presented by Agency Revolution, the Connected Insurance Podcast provides weekly opportunities for listeners to dive deep into the trends affecting insurance agents and brokers today and to gain proven strategies and tactics for agency growth. Our hosts facilitate thoughtful panels and 1:1 conversations with a variety of prominent thought leaders, with a focus on how to streamline and drive operational efficiency for your independent agency through the intelligent use of technology.

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The Impact of COVID-19 on Independent Agencies

The Connected Insurance Podcast

Play Episode Listen Later Mar 18, 2020 54:38

Robert Hartwig, Director of University of South Carolina Center for Risk and Uncertainty Management This episode is a cannot-miss for every serious insurance professional. Please make this a priority for this week. Chief insurance industry economist, Robert Hartwig, PhD, CPCU, delivers a rational and clear-eyed perspective on how the coronavirus will affect the lives and agencies of the modern insurance agent. Dr. Hartwig shares his expert perspective on: The projected economic impact through the year, and how agencies’ ongoing operations will be affected The impact the virus will have on policies, including workers’ comp, EPLI, business income, E&O, and more How the virus will affect insurance pricing What agents should be doing now to navigate the difficult months ahead Dr. Hartwig is the immediate past president of the Insurance Information Institute. He serves as a regular media spokesperson for the property & casualty insurance industry and is frequently quoted by leading publications including The Wall Street Journal, The New York Times, USA Today, Washington Post, Los Angeles Times, Financial Times, Newsweek, Fortune, Forbes, The Economist and any others. Dr. Hartwig also appears regularly on television, including programs on ABC, CBS, NBC, CNN, CNBC, Fox, PBS, and BBC. He now serves as Clinical Associate Professor of Risk Management, Insurance and Finance in the Darla Moore School of Business at the University of South Carolina and Director of the school’s Center for Risk and Uncertainty Management. Presented by Agency Revolution, the Connected Insurance Podcast provides weekly opportunities for listeners to dive deep into the trends affecting insurance agents and brokers today and to gain proven strategies and tactics for agency growth. Our hosts facilitate thoughtful panels and 1:1 conversations with a variety of prominent thought leaders, with a focus on how to streamline and drive operational efficiency for your independent agency through the intelligent use of technology.

WGLT's Sound Ideas 03/06/20

GLT's Sound Ideas - Full Episodes

Play Episode Listen Later Mar 6, 2020 50:51

State Farm is far from the only insurance company to get out of banking. The one-stop-shopping convergence strategy never lived up to its promise industry-wide. Economist Steve Weisbart of the Insurance Information Institute looks at industry trends as State Farm gets rid of its bank. Plus, a fact check of tax increase campaign claims in the Dan Brady - David Blumenshine State House Primary race. Learn what Democratic 13th District Congressional candidate Stephanie Smith wants to see in healthcare changes. And art answers the call of the wild in a new exhibit Laura Kennedy will share.

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CLIMATE ONE: Building a Resilient Tomorrow

Commonwealth Club of California Podcast

Play Episode Listen Later Feb 18, 2020 51:50

How do we build communities that are more resilient than the ones we were raised in? As severe weather hammers cities and spurs more migration, who will pay to shore up infrastructure and secure the border? Experts at the highest levels of U.S. government are now working to uncover the ways that climate could threaten critical infrastructure and reshape the way communities respond to risk. Meanwhile, as damages increase, so do insurance claims, making homeownership nearly impossible in areas with the greatest risk of fires, floods and hurricanes. Pricing that risk and spreading the costs across society will test American democracy and could further exacerbate the growing wealth gap. Join us for a conversation with Alice Hill, senior fellow for climate change policy at the Council on Foreign Relations and author of Building a Resilient Tomorrow: How to Prepare for the Coming Climate Disruption, and Janet Ruiz, strategic communication director at the Insurance Information Institute. Joining remotely is Sherri Goodman, senior fellow at the Woodrow Wilson International Center and former U.S. deputy under secretary of defense for environmental security. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Homeowners Insurance After a Disaster

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Play Episode Listen Later Jan 12, 2020 14:24

California’s insurers are financing the rebuilding of the state’s wildfire-ravaged communities, but some insurers are reducing their exposure to the state’s risks after 2017-18’s disasters. Michael Barry, Senior Vice President, Head of Media & Public Affairs, Insurance Information Institute talks with me about the affordability and availability of homeowner’s insurance in California as well as the trends impacting the state because of its recent wildfires.

Homeowners Insurance After a Disaster

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Play Episode Listen Later Jan 12, 2020 14:24

California’s insurers are financing the rebuilding of the state’s wildfire-ravaged communities, but some insurers are reducing their exposure to the state’s risks after 2017-18’s disasters. Michael Barry, Senior Vice President, Head of Media & Public Affairs, Insurance Information Institute talks with me about the affordability and availability of homeowner’s insurance in California as well as the trends impacting the state because of its recent wildfires.

The 10 Most Stolen Vehicles in 2018

IEN Radio

Play Episode Listen Later Dec 4, 2019 2:52

This year's Hot Wheels report is out. The annual report from the National Insurance Crime Bureau details the ten most stolen vehicles in the United States. The data comes from information submitted by law enforcement to the National Crime Information Center (NCIC).According to the FBI, 748,841 vehicles were reported stolen in the United States in 2018, which is a 3% decline from 2017. It's about a million less than the high watermark of 1.7 million thefts in 1991.The top ten cars stolen in 2018 were: 2000 Honda Civic: 5,290, (38,426 Honda Civics stolen in total)1997 Honda Accord: 5,029 (36,815)2006 Ford Pickup (Full Size): 3,173 (36,355)2004 Chevrolet Pickup (Full Size): 2,097 (31,566)2017 Toyota Camry: 1,144 (16,906)2017 Nissan Altima: 1,451 (13,284)2017 Toyota Corolla: 1,034 (12,388)2018 GMC Pickup (Full Size): 1,170 (11,708)2001 Dodge/Ram Pickup (Full Size): 1,155 (11,226)2000 Jeep Cherokee/Grand Cherokee: 646 (9,818)According to the Insurance Information Institute, motor vehicle theft in 2018 accounted for about $6 billion in losses. The NICB recommends car owners use four "layers of protection" to guard against vehicle theft. Some seem a little over the top, like kills switches and tracking devices. However, according to the NICB, the easiest and most cost-effective way to thwart would-be thieves is common sense. Take your keys and lock your doors, in that order.

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Steve Dale’s Other World | Protecting Yourself and Your Family, Mark Friedlander of the Insurance Information Institute

Steve Dale's Other World from WGN Plus

Play Episode Listen Later Oct 3, 2019

Insurance isn’t typically the most exciting topic – but increasingly having a trampoline to bounce back has become important for millions of Americans following hurricanes, tornadoes, floods and wildfires. These events are tragically becoming more common and more severe – that’s just the fact. So, what are the best ways to protect yourself and your […]

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Having the right insurance policy crucial - Top tips for Hurricane Season

Business Class News's Podcast

Play Episode Listen Later Aug 8, 2019 26:43

Karl talks to Mark Friedlander, from the Insurance Information Institute, and he tals about the essential things a property owner and business need to think about when preparing for emergency situations that involve insurance.Mark Friedlander, a seasoned insurance industry communications and marketing leader, has been appointed as the Insurance Information Institute's (I.I.I.) new Florida-based communications consultant.Mark Friedlander“Mark Friedlander is a well-respected insurance industry media spokesperson who will effectively serve our member companies throughout Florida,” said Michael Barry, senior vice president and head of media and public affairs, at the I.I.I. “He will be a great resource for media outlets across the state as we continue to focus on helping consumers understand insurance and to address the issues impacting Florida's auto, home, and business insurance markets.”For nearly 60 years, the Insurance Information Institute (I.I.I.) has been the leading independent source of objective information, insight, analysis and referral on insurance for a wide range of audiences, including: Consumers, insurance professionals, the media, government and regulatory organizations, educational institutions and students.The I.I.I.'s mission is to improve public understanding of insurance—what it does and how it works. And with this goal in mind, our website, blog and social media channels offer a wealth of research, white papers, videos, articles, infographics and other resources to inform and educate—while the annual Insurance Fact Book is the definitive research resource of its kind.

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Insurance Uncovered: Crumbling Foundations, Innovation, Telematics