Reinsurance News
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Florida House of Representatives pass bill targeting AOB reforms
12th April 2019
The Florida House of Representatives has passed legislation designed to tackle the state's assignment of benefits (AOB) issue, increasing the likelihood that needed reforms are enacted into law this year. At the same time, the House passed a bill that looks to increase the reimbursement of loss adjustment expenses (LAE) that ... Read the full article
Significant Brevard County hailstorms to cost HCI Group up to $7m
9th April 2019
A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article
Higher reconstruction costs suggest increased underinsurance: CoreLogic
9th April 2019
CoreLogic's 2019 Insurance Coverage Adequacy Report highlights elevated reconstruction costs in a number of disaster-prone regions between 2016 and 2018. The report examines potential underinsurance issues in certain parts of the U.S. that are susceptible to natural catastrophe events. According to CoreLogic, its findings further highlight the need for insurers to make ... Read the full article
Lower cats, but elevated attritional losses to hit P&C re/insurers in Q1: Analysts
8th April 2019
While Catastrophe activity in the first-quarter of 2019 was muted when compared with other Q1s, elevated attritional losses in the period is expected to pressure the margins of some Property and Casualty (P&C) insurers and reinsurers, warn Goldman Sachs analysts. Specifically, analysts highlight the potential for exposure to large non-cat losses for ... Read the full article
Cape Analytics announces AI-driven wildfire risk solution
5th April 2019
Cape Analytics, a re/insurance data analytics provider, has announced an Artificial Intelligence (AI)-driven solution that allows home insurance carriers to systematically assess wildfire vulnerability for properties across the US. The defensible space solution, complementary to leading wildfire risk models and scoring tools, leverages AI and geospatial imagery to provide detailed information ... Read the full article
KBRA highlights rising insured losses from U.S tornadoes
3rd April 2019
A recent report from Kroll Bond Rating Agency (KBRA) has highlighted a trend of rising re/insured losses resulting from tornadoes in the U.S. Analysts pointed to recent data from Munich Re showing that the average annual insured losses resulting from tornadoes has more than doubled over the last few decades, with ... Read the full article
American Family to acquire Auto & Home unit from Ameriprise Financial
3rd April 2019
American Family Insurance Mutual Holding Company, a Wisconsin-based property and casualty (P&C) insurance group, has entered an agreement to acquire Ameriprise Auto & Home (AAH) from its parent, Ameriprise Financial, for $1.05 billion. Based in De Pere, Wisconsin, AAH is a P&C insurance provider that primarily sells its products through a ... Read the full article
Velocity Risk Underwriters expands offering to North Carolina & New York
3rd April 2019
Coastal-focused property insurer, Velocity Risk Underwriters, LLC, recently announced the expansion of its home insurance offerings to provide homeowners policies in both North Carolina and New York. The firm is licenced in 50 states as a general agency and underwrites property programs via A rated carriers. In the aftermath of hurricane Harvey and ... Read the full article
Munich Re U.S to offer new personal lines homesharing product
2nd April 2019
Munich Reinsurance America, Inc. (Munich Re U.S) has announced that it plans to offer a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S. The coverage will help to enhance a personal lines homeowner, renter or condo insurance policy by filling ... Read the full article
Technology key to Spinnaker’s role as conduit for risk and capital
29th March 2019
Spinnaker Insurance Company, a program and fronting start-up, sees the adoption and use of technology throughout the value chain as critical to its business model as it looks for increased scale. Spinnaker was launched in 2015, and focuses on writing property and casualty exposed programs from U.S. homeowners and specialty business ... Read the full article
Technology is Swiss Re’s solution to market challenges: Ojeisekhoba
25th March 2019
Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article
USAA joins Roost’s smart-home telematics program
21st March 2019
USAA, a provider of insurance for U.S military personnel, has joined the Home Telematics Program (HTP) of Roost, a California-based company that specialises in smart-home technology. Operating in partnership with broker Willis Towers Watson, the HTP applies advanced analytics to produce insights regarding the effect of home telematics on loss mitigation ... Read the full article
Hurricane Michael claims exceed $6bn: FLOIR
19th March 2019
The Florida Office of Insurance Regulation (FLOIR) has revealed that insurance claims from Hurricane Michael have now exceeded $6 billion, up from the $5.53 billion of insurance claims recorded in early February. According to figures from the FLOIR, which is based on claims data reported by insurers that operate in the ... Read the full article
FEMA announces changes to NFIP pricing structure: Reports
19th March 2019
The Federal Emergency Management Agency (FEMA) has announced changes to the National Flood Insurance Program (NFIP), a move that could increase costs for some homeowners, reports Bloomberg. Under the new initiative, called Risk Rating 2.0, NFIP premiums will be tied to the actual flood risk of individual homes, instead of the ... Read the full article
Insurtech firm Hippo Insurance integrates Verisk solutions
8th March 2019
Hippo Insurance, a California-based insurtech company focused on home insurance, has announced that it has integrated Verisk solutions into its full range of products. By using data from Verisk, Hippo says it can automatically fill in the information needed to quote and bind a home insurance policy and supply customers with ... Read the full article