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For Immediate Release
Midwest Press Office, Scott Holeman, 785-760-3777, ScottH@iii.org

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MALVERN, Pa., Sept. 10, 2025 – Calls in Illinois for legislative intervention in homeowners’ insurance underwriting and price setting, though well-intentioned, would likely reduce both affordability and availability of coverage, according to a new Issues Brief published today by the (Triple-I).

The report highlights more constructive, long-term solutions focused on mitigation, resilience and collaboration between policymakers and the insurance industry.

“While calls for rate regulation may appear politically appealing, it is critically important to appreciate that recent increasing insurance rates are a reflection of the risk, rather than the cause,” said Sean Kevelighan, CEO, Triple-I. “Premium increases reflect real, escalating costs, from natural disasters to inflationary pressures to legal system abuse. What’s more, Illinoisans pay less than the national average for insurance, reflecting a relatively healthy marketplace with strong competition. Any attempts to artificially manipulate actuarially proven pricing methods would only put the state’s market in jeopardy, as we are seeing in other states.” ������

Key Findings from Triple-I’s Issues Brief:

• Premiums are rising nationally, and Illinois homeowners’ insurance is more affordable than the national average and nearly as accessible as Utah, the most affordable state.
• Premiums reflect long-term trends, such as climate-related disasters, demographic shifts, rising labor and material costs and global inflationary pressures that drive up the cost of claims by increasing rebuilding expenses.
• Legislative fixes may backfire: Proposals that limit insurers’ ability to set actuarially sound rates based on risk may shrink market participation, as seen in other states, reducing coverage options for Illinois residents.
• Constructive alternatives exist: Triple-I suggests the state invest in risk mitigation, supportive infrastructure, reforms to curb lawsuit abuse, and using strategies that have proven effective in other jurisdictions.

Illinois’ property/casualty insurance sector plays a vital economic role in the Prairie State. In 2021, it contributed an estimated $41.9 billion to the state’s gross domestic product, supported over 155,000 direct jobs and helped fund critical public infrastructure through bond investments.

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About the ̽����ѡ Information Institute

Since 1960, the��̽����ѡ Information Institute��(Triple-I) has been the trusted voice of risk and insurance, delivering unique, data-driven insights to educate, elevate and connect consumers, industry professionals, policymakers and the media. An affiliate of��, Triple-I represents a diverse membership accounting for nearly 50% of all U.S. property/casualty premiums written. Our members include mutual and stock companies, personal and commercial lines, primary insurers and reinsurers – serving regional, national and global markets.

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About The Institutes

��are a global not-for-profit comprising diverse affiliates that educate, elevate and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting and preventing losses to create a more resilient world.

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