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Kin targets Florida homeowners with new flood solution
22nd January 2020
Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article
Tokio Marine to expand into Brazilian mortgage & homeowners insurance market
7th January 2020
Tokio Marine Holdings, Inc. has announced the execution of a definitive agreement between its subsidiary, Tokio Marine Seguradora S.A., and Caixa Seguridade Participações S.A, an insurance holding unit of Caixa Econômica Federal, to establish a joint venture insurer to underwrite mortgage and homeowners insurance. Caixa Econômica Federal is a Brazilian state-owned ... Read the full article
Homeowners segment boosted by lower cat losses in 2019: AM Best
2nd January 2020
Following two years of elevated catastrophe losses, a significant decline in activity during 2019 has helped to boost the homeowners insurance segment, according to AM Best. Analysts noted that the re/insurance industry more broadly has had some respite from catastrophe losses in 2019 despite threats from numerous storms, as well as ... Read the full article
Florida AoB reforms prompt homeowners discounts from Kin Insurance
5th December 2019
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced two new discounts for Florida homeowners, which it says were made possible by recent reforms to assignment of benefits (AoB) laws. The Responsible Repair Discount will offer an 18% discount on the water peril ... Read the full article
Homeowners sector increasingly targeting insurtech efficiencies: AM Best
19th November 2019
Companies in the US homeowners market are increasingly relying on insurtech to boost efficiency and agility in the face of challenging market dynamics, according to analysts at AM Best. Analysts observed that effective use of technology in this sector has helped to lower transaction costs and expand access to customers. The cost ... Read the full article
U.S. homeowners insurers improve CR in 2018 on lower cats: A.M. Best
5th November 2019
Although still above-average, a reduction in the level of catastrophe losses during 2018 was the main driver of an improved combined ratio reported by U.S. homeowners insurers in the year, according to A.M. Best. U.S. homeowners carriers posted a combined ratio of 103.7% in 2018, which, is an improvement of 3.1% ... Read the full article
Rate increases persist but slow in robust US homeowners market: Aon
22nd October 2019
The US homeowners sector remains robust in spite of the devastating and costly impacts of 2017 and 2018 catastrophe events, with further premium growth expected in 2019, according to re/insurance broker Aon's annual Homeowners ROE Outlook report. The report finds that US homeowners direct written premiums increased to USD 98 billion ... Read the full article
Insurtech Hippo raises $100m, targets over 80% of US homeowners
24th July 2019
Hippo Insurance, a California-based insurtech focused on US home insurance, has secured $100 million from a Series D funding round. Led by global technology investment firm Bond, the funding will be used to expand Hippo’s geographic footprint, deepen its direct-to-consumer product portfolio, and grow distribution networks of industry partners. More specifically, the ... Read the full article
Florida AOB reforms could reduce homeowners rate need by 15%: Citizens
30th April 2019
Citizens Property Insurance Corporation has praised Florida lawmakers for passing legislation to curtail unnecessary litigation and assignment of benefits (AOB) abuse, which it claims will provide relief for property insurance policyholders in the state. Actuaries estimated that the reforms would reduce the statewide average rate need from 25.2% to 10.1% for ... Read the full article
California homeowners’ market hardens after wildfire losses: MarketScout
23rd January 2019
California homeowners’ rates climbed in the fourth quarter of 2018 as insurers reacted to historic levels of wildfire losses, according to data from MarketScout. Analysts noted that the market appears to be hardening, with rates for homes under $1 million increasing by 3% and by 2% for homes under $1 million. Additionally, ... Read the full article
Citizens proposes 8.2% rate increases for Florida homeowners in 2019
11th December 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has proposed to increase its average premium rates by 8.2% in 2019, driven by costly water-damage claims in South Florida. If approved by the Citizens Board of Governors and the Florida Office of Insurance Regulation, the increase would impact personal lines policyholders from ... Read the full article
Chubb management highlights adverse large loss trend in homeowners
16th November 2018
Management at global insurer and reinsurer Chubb have highlighted an adverse large loss trend in homeowners business, and the firm is taking underwriting actions and rate increases to offset the impacts. Chubb recently announced its financial results for the third-quarter of 2018, which revealed catastrophe losses of $450 million and ... Read the full article
U.S homeowners’ growth to fall short of overall economy: Aon
30th October 2018
The latest Homeowners’ RoE Outlook report from Aon’s Reinsurance Solutions business has forecast continued growth in U.S homeowners’ insurance premiums, but suggested that it may not be enough for the market to keep pace with the overall U.S economy. Aon found that U.S homeowners’ direct written premiums increased from $91 billion ... Read the full article
Favourable 2017 reinsurance market insulated homeowners insurers: A.M. Best
29th June 2018
Homeowners insurers were able to absorb 2017’s devastating catastrophe losses with relative ease due to the favourable reinsurance environment that has prevailed in recent years, according to A.M. Best. The rating agency found that the reported combined ratio for homeowners insurers in 2017 was 107.1, which was only marginally higher than ... Read the full article
Citizens defers increased rate package for Florida homeowners
19th June 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has announced that its Board of Governors has voted to defer action on a proposed 2019 rate package that includes a statewide average increase of 7.9% for personal lines policyholders. The company says the proposed rate increases reflect the impact of escalating nonweather related ... Read the full article
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