Fire, Homeowners Insurance, Lightning, Risk Management, Technology

Can a Fire-Prevention Device Be a “Gateway Drug” to Home Resilience?

September 18, 2025 Jeff Dunsavage Leave a comment

By Lewis Nibbelin, Contributing Writer, Triple-I

Tying a fire-prevention IoT device to the distribution networks of major insurers may have cracked the code for modifying human behavior toward risk prediction and prevention, says the CEO of Whisker Labs, the producer of Ting.

Ting helps protect homes from electrical fires by using AI to detect arcing – the precursor to most electrical fires. Once connected to an outlet, Ting analyzes 30 million measurements per second to detect tiny electrical anomalies and power-quality problems. On average, Ting detects and mitigates fire hazards in 1 out of every 60 homes it protects.

Whisker Labs works with a growing community of insurers who provide Ting to their customers for free. More than one million Tings are deployed in the United States, and approximately 50,000 are installed each month. In his second appearance on Triple-I’s Executive Exchange video series in two years, Whisker Labs founder and CEO Bob Marshall reported to Triple-I CEO Sean Kevelighan on the product’s results to date.

“One of the cool things we’ve learned over the last couple of years is that insurers have found that Ting is like the gateway drug,” Marshall said. “I mean, if you actually get Ting into your customer’s home and we deliver a great experience to them, they’re much more willing to engage in water-loss prevention after that. So, it’s really critical that the homeowners engage.”

Ease of use has been critical to Ting’s success, Marshall said, pointing out that earlier attempts at similar products were “too complicated for the customer, too complicated for the carrier, and that’s why they didn’t work. With Ting, you just plug it in and it does its thing.”

Recent research demonstrated the efficacy and value provided by Ting. In partnership with Triple-I and Octagram Analytics, Whisker Labs found that Ting resulted in 0.39 fewer electrical fire claims per 1,000 home years of experience, translating to a fire claims reduction benefit of $81 per customer per year by the third year after installation. As Whisker Labs works with its growing community of insurers to extend Ting’s reach, Marshall believes these figures could improve even further.

“What we see in that study is that the claims frequency drops dramatically in the days, weeks, and months after you plug in Ting,” Marshall said, noting that the source for this finding “is not our data – it’s data from all the carriers that we work with.”

Kevelighan agreed that “from a carrier perspective, getting more of these into the community will make the community more resilient and more insurable,” particularly within dense neighborhoods and cities where fires can spread quickly. Such settings highlight the collective responsibility of risk mitigation on consumers as well as insurers, who play a key role in disseminating prevention solutions, Kevelighan stressed.

Though more public education surrounding IoT is needed, Marshall noted that homeowners familiar with Ting’s success are often receptive to additional IoT solutions for other risks, potentially sending ripple effects of risk mitigation throughout the industry. His firm and their research collaborators aim for similar versatility with the Ting study, whose methodology has broad applicability for many types of prevention solutions.

“‘Predict and prevent’ – that’s a vision that, I think, rings true for everybody,” Marshall concluded, because “the best claim is the one that never happens. We just want to be a key part of it and help drive it.”

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Business Risk, Catastrophes, Cyber Risk, Disaster Preparedness, Disaster Resilience, Emerging Risks, Insurers and the Economy, Market Conditions, Technology

As Global Risks Evolve,
So Must Insurance

September 16, 2025 Jeff Dunsavage Leave a comment

By Lewis Nibbelin, Contributing Writer, Triple-I

Economic shifts, geopolitical uncertainties, cybersecurity trends, and mounting climate perils have created an increasingly severe and interconnected risk crisis, according to participants in a members-only Triple-I webinar.

In an environment constrained, for instance, by frequent natural disasters and rising replacement costs, risks no longer develop in isolation. They collide with and compound each other. Their combined impact exceeds the sum of individual risks’ effects. Such interdependence complicates identifying, let alone mitigating, the forces underpinning a specific risk.

“Under this new system that’s emerging, risk can propagate very rapidly through a host of otherwise disconnected networks,” TradeSecure president and cofounder Scott Jones told webinar host Michel Léonard, Triple-I’s Chief Economist and Data Scientist. “This new reality fundamentally challenges the core principles that insurance has relied on for centuries.”

Jones emphasized the growing unpredictability of risk on a global scale, particularly as nations impose export controls, sanctions, investment restrictions, and tariffs for purposes like economic competition. Companies with global footprints may struggle to ascertain these interwoven, sometimes competing regulations, creating compliance concerns and potentially exacerbating supply-chain disruptions.

With the frequency and severity of U.S. cyber claims on the rise, cyberattacks also carry substantial transnational implications. Sophisticated ransomware encounters can exploit businesses of all sizes, propelling privacy liability claims and related third-party litigation.

TradeSecure vice president and cofounder Michael Beck explained how the almost universal accessibility of malware – harnessed by criminal syndicates, activist groups, or even lone hackers – presents “a new class of systemic non-physical disruption” that could undermine “the entire system’s liquidity and stability.”

“A coordinated non-state cyberattack wouldn’t just steal money – it could stop the flow of money, causing many transaction failures and possibly triggering a wave of claims far beyond what traditional cyber policies are designed to handle,” Beck said.

Though insurers as well as business owners and consumers consider cyber incidents a chief risk concern, personal cyber take-up rates remain low, with the broader cyber insurance market facing its third consecutive year of declining rates. Misunderstandings surrounding cyber risk and benefits of coverage fuel this discrepancy, revealing a gap between agent perceptions of product value and that of their customers.

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Calls for Insurance-Price Legislation Would Hurt Policyholders, Not Help

September 10, 2025 Jeff Dunsavage Leave a comment

Increased legislative involvement in regulating homeowners’ insurance pricing and rates – as recently called for by some officials in Illinois – would hurt insurance affordability in the state, rather than helping consumers as intended, Triple-I says in its latest Issues Brief.

Rising premiums are a national issue. They reflect a combination of costly climate-related weather events, demographic trends, and rising material and labor costs to repair and replace damaged or destroyed property. Average insured catastrophe losses have been increasing for decades, fueled in part by natural disasters and population shifts into high-risk areas. More recently, these and other losses to which the property/casualty insurance industry is vulnerable were exacerbated by inflation related to the pandemic and Russia’s invasion of Ukraine. Tariffs and changes in U.S. economic policies have since put even more upward pressure on costs.

These increasing costs – if not addressed – threaten to erode the policyholder surplus insurers are required to keep on hand to pay claims. If surplus falls below a certain level, insurers have no choice but to increase premium rates or adjust their willingness to assume risks in certain areas.

To avoid this, many insurers have filed with state regulators for rate increases – requests that often meet with resistance from consumer advocacy groups and legislators. Illinois would not be the first state to try to ease consumers’ pain by constraining insurers’ ability to accurately set coverage prices to reflect increasing levels of risk and costs.

Practicality, not politics

Such efforts, while perhaps politically popular, confuse one symptom (higher premiums) of a growing risk crisis with its underlying cause (increasing losses and rising costs). Using the blunt instrument of legislation to address the complexities and sensitivities of underwriting and pricing would tend to disrupt the market and further hurt insurance affordability – and, in some areas, availability.

Rather than target insurers with misguided legislation, the brief says, states would be wiser to work with the industry to improve their risk profiles by investing in mitigation and resilience. The brief describes the causes of higher premium rates nationally and in Illinois and how other states have successfully collaborated to address those causes and reduce upward pressure on – and eventually bring down –premium rates.

“Triple-I welcomes the opportunity to collaborate with state policymakers to develop constructive approaches to risk mitigation and resilience that will benefit communities and consumers,” the brief says.

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Auto Insurance, Legal Environment

Revealing Hidden Cost
to Consumers of Auto Litigation Inflation

September 4, 2025 Jeff Dunsavage Leave a comment

By William Nibbelin, Senior Research Actuary, Triple-I

Motor vehicle tort cases in federal and state courts generated $42.8 billion in “excess value” from 2014 to 2023, according to new analysis by Triple-I.

“Excess value” may sound like a good thing, but it’s not. It represents an additional cost of motor vehicle civil litigation – above and beyond what it would have been if prior trends in court filings had continued. From 1995 to 2007, filings declined, and from 2007 to 2014 they were flat.

The report illustrates the impact of litigation inflation on insurance premiums for all drivers. It also underscores the challenges related to accurately quantifying and comparing state-by-state experience.

Lawsuits push premium up

As Triple-I has previously reported, litigation trends are a major force driving up auto insurance premiums. As claims costs rise – whether due to rising repair costs, litigation, or other factors – premiums must increase to ensure that insurers have enough policyholder surplus to pay future, higher claims.

Policyholder surplus is not a nice-to-have extra. It is the money state regulators require insurers to maintain so they will be able to keep their promises to pay policyholders. In addition, credit rating agencies expect insurers to keep even larger surpluses than the states mandate to enable the insurers to borrow at more favorable interest rates when needed.

Interestingly, motor vehicle tort settlement amounts appear to have decreased on average between 2014 and 2023. While actual settlement amounts are not reported, the “amount in controversy” – legalese for the amount demanded by the plaintiff – serves as a proxy for filings disposed as settlements. The average amount in controversy decreased from $748,000 in the first of the three decades under consideration to $674,000 in the third.

However, the increased volume of cases during the period drove the overall excess value to $984.6 million at the federal level alone.

State courts present a challenge

The report estimates that state courts handled approximately 5.0 million motor vehicle tort cases from 2014 to 2023, generating an excess value of $41.8 billion – dwarfing the federal court impact. This analysis, however, is challenged by the state-by-state variety of definitions and criteria for data collection.

“Because states maintain different definitions and criteria for data collection, most state civil case data is either unavailable or incomplete,” the report says.

The report concludes that its findings align with previous research by Triple-I and the Casualty Actuarial Society, which quantified increasing inflation on auto liability insurance at $118.9 billion for 2014-2023, representing both litigation and economic inflation.

“As we continue to analyze the evolving landscape of motor vehicle litigation, it’s clear that a deeper, data-driven understanding of both national and state trends is crucial,” said Patrick Schmid, Triple-I’s chief insurance officer. “Only with more transparent and comprehensive data can we craft effective solutions that benefit both policyholders and the broader insurance market. Future research should focus on bridging the gaps in state-level information and exploring the causal factors behind rising litigation and its impacts.”

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Homeowners Insurance, Risk Management, Roof Condition, Technology

Easing Home Upkeep to Control Insurance Costs

September 4, 2025 Jeff Dunsavage Leave a comment

By Lewis Nibbelin, Contributing Writer, Triple-I

With home repair and remodeling costs rising 61 percent over the past decade, many homeowners are delaying or forgoing routine maintenance for older homes. In a recent Executive Exchange discussion with Triple-I CEO Sean Kevelighan, PreFix founder and CEO James Bilodeau discussed how his Texas-based company can help insurers promote such maintenance to mitigate more expensive losses down the line.

PreFix pairs clients with individual repair technicians to deliver personalized, year-round home repair, including two annual maintenance visits for filter replacements and comprehensive home inspections, Bilodeau said.

For maintenance visits, Bilodeau explained, PreFix will “clean your AC condenser and condensate line; change your air and water filters; flush the sediment out of your water heater; clean the lint out of your dryer outtake; sanitize your washer and dishwasher with a natural cleansing agent; and change all the batteries in your smoke alarms,” among other tasks.

The firm also modifies its services based on insurer preferences and the specific risk profile of homes in a given area.

“We’re able to offer highly granular customized data collection on all of the homes that we service through direct observation of issues that can correlate to non-cat losses,” Bilodeau said, noting identification of corroded water valves, overhanging tree branches, and unsecured exterior doors can facilitate “resolution quickly, before extensive damage happens.”

By continuously monitoring and mitigating these risks, Bilodeau believes his firm can help lower underwriting costs and premiums, as well as support smart home telematics adoption and catastrophe risk modeling.

“While aggregation is useful – which is what many providers do – many of the component inputs like home inspection data degrade quickly over two to five years,” Bilodeau said. “Inaccuracy can then be exacerbated when the data is extrapolated to other homes using inference.”

Kevelighan added that initial inspections as part of the home buying process often overlook or fail to communicate the true risks a property faces, leaving homeowners unaware of risks until catastrophe strikes.

“If you can enter risk management into the process of home purchasing much sooner and help the customer understand what they are purchasing beyond the four walls of their house and the community that it’s in, that could very much create a win-win for the insurer and the customer,” Kevelighan said.

Kevelighan and Bilodeau agreed that removing friction from home maintenance is imperative not only to better accommodate consumers, but to facilitate the insurance industry’s shift beyond repairing and replacing damaged property to predicting and preventing damage to begin with. Solutions like PreFix highlight how proactive loss mitigation necessarily involves engages all affected parties that have a stake in mitigation and resilience.

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