Correct! When insurers pay out more in claims than they collect in premiums, that is called an underwriting loss. Insurers traditionally have a small underwriting loss and instead make their profit off invested premiums and reserves.

Correct! Home and auto policies are examples of short-tail risks.

Correct! This is called a policyholder surplus.

Correct! Most often, the focus is on the PML associated with a specific frequency of occurrence. This can be expressed as a percent chance or, more often, it is reported in terms of the expected frequency of a loss that large, as in a 1-in-100-year hurricane.

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Correct! All of these are great resources.

Correct! This industry group can be a great resource for any future stories regarding home losses due to natural disasters and windstorms.

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Correct! ISO is a trade bureau through which insurance companies share claims and loss data, and it’s also a great source of statistics, research, and analysis about the insurance industry.

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Correct! These rating agencies provide access to look up the financial rating of insurers, get basic information on the company, and find the rating analyst who knows the inside scoop.

Correct! NAIC is a nonprofit organization of state insurance regulators. Public access sites provide basic insurance financial status and complaint reports and pay-for-view detailed financial reports.

Correct! As always, be aware of the potential bias of the party you are interviewing. It’s best to get a range of perspectives on issues.

Correct! Consumer complaints are one of the many resources available on public access sites through insurance regulators. You can check the National Association of Insurance Commissioners (NAIC) for more on this.

Correct! Above all else, this beat is about people. The human connection in every insurance story, when properly demonstrated, will always attract a large and attentive audience. What the reader requires is a translator.

Correct! If regulators can’t tell you, ask to see the rate filing, and learn how to determine which territories cover your community.

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Correct! Because insurance is the sale of nothing but a promise – words that can be manipulated – it is a highly regulated industry.

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