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California’s insurers still feeling effects of 2017-2018 Wildfires: Triple-I
25th September 2023
California’s homeowners insurers paid out more than twice as much in claims and expenses as they collected in premiums across 2017 and 2018, a legacy which has played a significant part in impacting 2023’s market conditions, according to the Insurance Information Institute (Triple-I). A new brief from Triple-I notes that insurers have ... Read the full article
US P&C insurance industry set for profitability boost in 2024: Swiss Re
22nd September 2023
The US Property & Casualty (P&C) insurance industry is anticipated to transition from a challenging 2022 to a more favourable 2024, with improved profitability driven by higher premiums and increasing interest rates, as indicated by the Swiss Re Institute's report. However, the industry has yet to reach the tipping point where ... Read the full article
New rules enable insurers in California to better balance loss costs and expenses with pricing
22nd September 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, insurance companies will not write insurance, especially ... Read the full article
Allstate estimates cat losses for August of $641m
21st September 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for the month of August of $641 million, of which approximately half were related to the Maui wildfire. The primary insurer's August catastrophe losses include 18 events, and losses were partially offset by favourable reserve reestimates for prior events. After this, Allstate's cat ... Read the full article
Home insurer departure across several US states creates challenges & opportunities: J.D. Power
20th September 2023
Across the United States, homeowners and renters have been receiving letters from their insurance providers letting them know they are being dropped, as a combination of catastrophic events, rising costs and regulatory pressures have majorly strained property and casualty (P&C) insurance business models. According to J.D. Power's 2023 US Home Insurance ... Read the full article
US P&C insurance sector will be “hard pressed” to match 2022 CR amid underwriting losses: Fitch
15th September 2023
While premiums grew for the U.S. P&C insurance sector in the first half the year, carriers continued to report significant underwriting losses, and the segment will be "hard pressed" to match the 102.8% combined ratio posted in full-year 2022, according to Fitch Ratings. According to the ratings agency, results are anticipated ... Read the full article
Delos Insurance Solutions secures $7.3 million in seed extension round
14th September 2023
In a significant move to address the pressing issue of homeowners' insurance availability in wildfire-prone areas, Delos Insurance Solutions has announced a successful $7.3 million seed extension funding round. The financing, led by IA Capital Group and joined by notable investors such as Blue Bear Capital, Gallatin Point Capital, Avanta Ventures, ... Read the full article
Commissioner Lara outlines “next steps for sustainability” in California market
14th September 2023
"In California, our ongoing partnership with the Governor and Legislature to improve conditions for the consumers, homeowners, and businesses that make up our insurance marketplace is critical to crafting lasting solutions," suggests the state's Insurance Commissioner Ricardo Lara. These comments come as part of a statement in which Lara discussed the ... Read the full article
reThought Flood acquires CyberBoxer and secures $1m investment
14th September 2023
reThought Flood, a technology-centric underwriting agency specialising in US flood risk, has unveiled two significant developments poised to strengthen its position in the insurance industry. In a strategic move, reThought has finalised an agreement to acquire CyberBoxer, a prominent insurTech company renowned for its expertise in data science, modeling, artificial intelligence ... Read the full article
Orion180 launches homeowner insurance business in Alabama and Mississippi
13th September 2023
Launched in 2018, Orion180, a premier provider of insurance solutions began issuing homeowners insurance in noncoastal areas of Alabama and Mississippi this month. These insurance policies have been issued through its admitted insurer Orion180 Select Insurance Co. Orion180 Select offers homeowners coverage through nearly 2,000 independent agency distribution partners in Alabama and ... Read the full article
Being ‘multidisciplinary’ is key for ICW Re: Mirek Wieczorek
13th September 2023
Mirek Wieczorek, Head of Reinsurance at ICW Group Insurance Companies, has emphasized the company's versatile capabilities, describing it as "multidisciplinary" and well-prepared to thrive not only in conventional traditional markets but also in the realm of less traditional, customized, bespoke programs. In an interview with Reinsurance News, Wieczorek highlighted ICW Re's ... Read the full article
MSI expands partnership with ZestyAI to all western wildfire states
13th September 2023
After successfully utilising ZestyAI's Z-FIRE model to evaluate property-level wildfire risk for homeowners' insurance underwriting and rating in California, Millennial Specialty Insurance (MSI) will now expand ZestyAI's climate risk models to all western wildfire states for enhanced data-driven wildfire risk analysis. Commenting on the expanded partnership, Naimish Patel, President, Homeowner’s Insurance ... Read the full article
Demonstrating value of insurance products, a main driver of the protection gap: AM Best
12th September 2023
With re/insurers facing a growing protection gap, they are struggling to demonstrate the value of their products as well as to price them in a way they can provide suitable returns, according to Greg Carter, Managing Director, Analytics EMEA & Asia Pacific at AM Best. Speaking at the AM Best briefing ... Read the full article
HCI Group says Idalia not expected to result in reinsurance recoveries
11th September 2023
HCI Group, Inc. expects claims and resulting pre-tax gross losses from the impacts of Hurricane Idalia to be within the reinsurance retention limits for both Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company. Hurricane Idalia made landfall in Keaton Beach, Florida as a Category 3 storm on August ... Read the full article
Rising home premiums & reduced availability could impact California and Florida housing markets: Fitch
8th September 2023
In a recent report, Fitch Ratings has warned that the increasing premiums and reduced availability of homeowners' property insurance in California and Florida could have far-reaching effects on housing markets, development activities, overall economic growth, and local government tax bases over time. This situation arises as insurers re-evaluate their exposures in ... Read the full article