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Allstate estimates cat losses for July at $313 million
17th August 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax. According to Allstate, July's catastrophe losses include 18 events estimated at $349 million, primarily related to geographically widespread wind and hail events. This was partially offset by favourable reserve reestimates for prior events, the ... Read the full article
Hawaii wildfires insured losses will be at least $1bn, says Moody’s
15th August 2023
Moody's estimates that insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers with significant homeowners and commercial property market share in Lahaina, a town on the island of Maui’s western coast. The Pacific Disaster Center and FEMA recently estimated that 2207 structures ... Read the full article
AM Best takes various credit actions on Allstate and its subsidiaries
10th August 2023
AM Best has taken various credit rating actions on the Allstate Insurance Corporation and its subsidiaries and assigned a stable outlook to most of them. The credit rating agency has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) ... Read the full article
New US Flood Map provides “much needed” change in ability to understand flood risk: Fathom
9th August 2023
"For those in the business of assessing, taking on and managing risk, the data available via the US Flood Map provides a much needed and significant step change in the ability to understand flood risk in the US," suggests Dr Matthew Jones, Chief Product Officer at Fathom, a global leader ... Read the full article
Porch discloses Vesttoo-linked charge of $48.2m in Q2 results
9th August 2023
Software-driven financial services firm Porch Group has revealed exposure to reinsurance contracts arranged via Vesttoo and has thus realised a charge of $48.2 million in its Q2 results. Porch noted that in Q3, Homeowners of America (HOA), a subsidiary of Porch Group, discovered that Vesttoo, which arranged capital for one of ... Read the full article
HCI Group posts Q2’23 net income vs year-ago loss
9th August 2023
Florida-based insurtech HCI Group has reported a net income of $14.9 million in the second quarter of 2023, compared to a net loss of $8.5 million in the second quarter of 2022. Adjusted net income was $14.2 million for the quarter, compared to an adjusted net loss of $5.4 million in ... Read the full article
Inflation & cat losses to drive 2023 underwriting loss for P&C industry
4th August 2023
The overall P&C industry is expected to finish the year with a net combined ratio of 102.2, almost identical to the 2022 result, with poor personal lines underwriting performance as the key driver in both years, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) ... Read the full article
The Hanover posts $69.2m net loss for Q2, despite solid performance from Specialty segment
3rd August 2023
The Hanover Insurance Group has recorded a net loss of $69.2 million in the second quarter of 2023, compared to net income of $22.7 million in the prior-year quarter. Operating loss for the quarter was $68.3 million, compared to operating income of $83.9 million in the previous year's quarter. At the same time, The ... Read the full article
Greenlight Re reports Q2 net income of $49.9m as GWP increase 15%
3rd August 2023
Greenlight Re has reported that net income in Q2 was $49.9 million, up from $14.8 million in the same quarter last year, while gross premiums written increased 15% to $154.9 million. According to Greenlight Re, the $20.2 million increase in GWP relates primarily to new opportunities, improved property and general liability ... Read the full article
Allstate sees Q2 net loss of $1.4bn driven by heavy cat losses of $2.7bn
2nd August 2023
Allstate Corporation has reported a Q2 net loss applicable to common shareholders of $1.4 billion, chiefly driven by increased underwriting losses due to a massive catastrophe hit, which totalled $2.7 billion for the quarter. Compared, Allstate's catastrophe losses in Q2 last year were $1.1 billion, marking a substantial increase of 143.3% ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
US P/C industry suffers $25.7bn underwriting loss in 2022: AM Best
21st July 2023
In 2022, the U.S. property/casualty (P/C) industry experienced a significant setback as it reported a staggering $25.7 billion net underwriting loss, according to a recently released AM Best report. The main reason behind this downturn was the substantial deterioration in the underwriting results of the personal lines segment, particularly in the ... Read the full article
Insured losses from hurricanes have increased over the past 15 years: Triple-I
21st July 2023
US population growth in hurricane-prone states, as well as the increasingly heavy rainfall that accompanies these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to a new brief issued by the Insurance Information Institute (Triple-I) New research from Triple-I's latest Issues Brief shows that the ... Read the full article
The Hanover expects Q2 loss amid catastrophe losses of $262 million
21st July 2023
The Hanover Insurance Group, Inc. has announced a preliminary estimate for Q2 catastrophe losses of approximately $262 million, before taxes, with the firm expecting to report a Q2 2023 combined ratio of 111.3%. These losses were driven primarily by the 19 convective storms across multiple states, with hail damage representing the ... Read the full article
Allstate estimates total catastrophe losses for Q2 at $2.7bn
20th July 2023
The Allstate Corporation has estimated catastrophe losses for the month of June at $1.01 billion or $799 million, after-tax, bringing total catastrophe losses for Q2 to $2.7 billion, pre-tax. According to Allstate, the June month catastrophe losses included 18 events estimated at $1.13 billion, with approximately 60% of the losses related ... Read the full article