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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

U.S. homeowners insurance remains growth engine, says Aon

18th October 2017

U.S. homeowners insurance has remained a growth engine within the otherwise highly saturated U.S. re/insurance markets, with premiums expected to reach $93 billion in 2017, according to Aon’s Homeowner’s ROE Outlook report. This represents a $2 billion growth in premiums from 2016, and shows rate of market growth has been stable ... Read the full article

Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse

25th September 2017

Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article

National General enters into auto & homeowners quota shares with panel of reinsurers

13th July 2017

National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article

Flood Re helps flood hit homeowners access more insurance options

4th July 2017

Flood Re, the UK's government-backed flood reinsurance scheme, said that it has provided reinsurance to back almost 130,000 insurance policies since its launch and assisted homeowners to get more quotes and options when looking to purchase insurance. At the end of its first full year of operations, Flood Re said that ... Read the full article

Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates

18th April 2017

Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article

“Florida insurers facing multiple storms” – KBRA

18th August 2022

New research by KBRA says that Florida property insurers are facing storms on multiple fronts as the 2022 Atlantic hurricane season approaches its peak. The company’s work refers to the updated Atlantic hurricane season forecast that was released by Colorado State University at the beginning of the month. That work called ... Read the full article

AM Best downgrades Bankers credit ratings

18th August 2022

AM Best has downgraded the credit ratings of the members of the Bankers Insurance Group. The firm said that it was switching the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bbb” (Good). The group’s members are Bankers Insurance Company ... Read the full article

Insurtech startups shift focus to profitability: S&P

17th August 2022

A recent S&P Global Market Technology report suggests insurtech startups have shifted from a "growth at all costs" mentality to one more focused on profitability. Full-stack companies, or those that have licensed carrier subsidiaries, will require profitable underwriting and investing to achieve this goal, though the report says this may prove ... Read the full article