Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: Riskiest states for auto theft, pets and renter’s insurance, Thanksgiving and fire safety.
Riskiest states for auto theft
According to the Insurance Information Institute and FBI data, vehicle thefts have trended downwards since 1991, falling about 55% from 1.7 million thefts in 1991 to 773,139 in 2017. Auto theft rates further declined 3.1% in 2018 with 748,841 vehicles stolen. View the slideshow 10 states with the most motor vehicle thefts in 2018, by Danielle Ling for Property Casualty 360:
Pets and renter’s insurance go together
Excerpted from Shana Whitmarsh’s Bankrate article, Pets and renter’s insurance: why you need it: Dogs are beloved family-members in about 85 million U.S. homes. According to Zillow’s 2018 Consumer Housing Trends Report, 30% of renters have dogs. However, the Insurance Information Institute’s 2018 Insurance Pulse Survey found that only 46% of renters in the U.S. have renters insurance. Renters have an additional responsibility to make sure they are covered in the event of an accident or dog bite in their homes because they’re living in dwellings they don’t own.
Insurance challenges for senior living facilities
Excerpted from Andrea Wells’ Insurance Journal article, Senior Living Market Explodes During Challenging Times: The senior population continues growing at a time when the insurance market for senior living operations is under strain and both trends are expected to continue. Experts working in the sector note that professional liability and general liability premiums have skyrocketed in the past year or two and there’s no end in sight. Property and commercial auto rates are also seeing steady increases.
Keep fire safe this Thanksgiving
According to the National Fire Protection Association, an estimated 2,000 residential fires happen each Thanksgiving Day, causing an average of five deaths, 25 injuries and $21 million in property damage. And, according to InsuranceQuotes.com, it is, statistically, the number-one day for kitchen fires and cooking-related insurance claims. Read more in Insurance experts: Thanksgiving is No. 1 holiday for kitchen fire catastrophes, on WTOP.com.
From all of us, Happy Thanksgiving
The Friday Five is taking next week off to celebrate Thanksgiving. We’ll see you the first week in December. In the meantime, please enjoy these interesting facts about Thanksgiving, courtesy of PMC Insurance Group:
- Turkey wasn’t served at the first Thanksgiving feast. Instead, deer, venison, ducks, geese, oysters, lobster, eel and fish were most likely on the menu. Pumpkins were also probably served, just not in pie form.
- Benjamin Franklin wanted the turkey to be America’s national bird. In a letter to his daughter, he claimed that the bald eagles had “bad moral character,” while he believed that turkeys were a “much more respectable bird.”
- The first Macy’s Thanksgiving Day parade took place in 1924. The parade featured 400 employees marching down the streets of New York City. While the parade didn’t have the huge balloon floats we know and love, it did feature live animals from the Central Park Zoo.