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Industry reserves continue to weaken in 2018: Morgan Stanley
6th May 2019
Industry reserves continued to weaken in 2018, according to actuarial analysis by Morgan Stanley, which indicated a $9.8 billion deficiency for the P&C industry, representing a year-on-year deterioration of over $5 billion. Morgan Stanley estimates an actuarially reasonable range of reserves between $625.2 billion and $657.7 billion. Industry carried reserves of $631.7 ... Read the full article
Carriers better able to estimate loss costs after AOB reform: Fitch
29th April 2019
Fitch Ratings believes that insurance carriers in Florida will be able to better estimate loss costs following the passage of a new bill designed to curtail unnecessary litigation and assignment of benefits (AOB) abuse in the state. The reforms will limit the ability of third-party service vendors to take advantage of ... Read the full article
Florida insurers welcome reform to address AOB abuse
25th April 2019
The Florida Property & Casualty Association has commended the Florida Legislature for passing a reform that aims to address assignment of benefits (AOB) abuse in the state. The legislation is expected to help stabilise the recent explosion in AOB litigation and provide policyholders with the tools to protect themselves against predatory ... Read the full article
Universal’s operating income drops in Q1 due to higher losses
25th April 2019
Florida-based property and casualty (P&C) insurer Universal Insurance Holdings, Inc. has posted its results for the first quarter of 2019, which show a 20.5% drop in adjusted operating income due primarily to a $37.17 million increase in losses and loss adjustment expenses. Universal’s combined ratio was 87.2% in Q1 2019, compared ... Read the full article
Reinsurance supports premium growth, improved combined ratio for Travelers in Q1
18th April 2019
U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article
Former NAIC heads welcome expansion in private U.S flood market
17th April 2019
Former National Association of Insurance Commissioners (NAIC) presidents Ted Nickel and John Huff have said they are encouraged by the recent expansion of the private flood insurance market and regulation in the U.S. “The Midwest continues to suffer from the effects of devastating floods, yet few homeowners have the necessary flood ... Read the full article
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