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Triple-I comes out in support of risk-based pricing

15th September 2022

A new paper from Triple-I says that risk-based pricing allows insurers to offer the lowest premiums to policyholders with the most-favourable risk factors. The paper, Trends and Insights: Risk-Based Pricing of Insurance, states that risk-based pricing also allows insurers to offer higher premiums for less-favourable risks. Triple-I said in the report ... Read the full article

Florida and four Western US states at most risk for wildfire damage in 2022

14th September 2022

Florida, Texas, Colorado, California and New Mexico are the top five US states at most risk of wildfire damages in 2022, according to a report by CoreLogic, a property information, analytics and data-enabled solutions provider. The Wildfire Report for 2022 tracks wildfire risks in 15 Western US states and Florida. It ... Read the full article

AM Best turns negative on US personal lines and auto

8th September 2022

AM Best has revised its market segment outlook from stable to negative on the U.S. personal lines insurance segment following a significant deterioration in the reported results of personal automobile insurers. Other major factors include rising loss cost severity, pricing pressures, and elevated reinsurance costs, says Best. It notes that the liability ... Read the full article

Germany sees €3bn of nat cat losses in H1: GDV

8th September 2022

The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022. GDV General Manager, Jörg Asmussen said, “So far, 2022 has been an above-average claims year. The winter storm series "Ylenia", "Zeynep" and "Antonia" in February alone caused almost 50% ... Read the full article

VYRD teams up with Verisk

30th August 2022

VYRD is partnering up with Verisk to launch a new homeowner insurance venture in Florida. The firm said that it was using Verisk’s LightSpeed for Homeowners platform to help streamline the process of obtain quotes for homeowners. Its initial focus, said the company, will be on those customers who are challenged ... Read the full article

ALIRT warns of “bellwether” regulatory trends in US cat states

24th August 2022

Analysts at insurance research firm ALIRT have warned that the industry should remain attentive to the experience of residual market mechanisms in the most catastrophe-prone US states, which it says are an “important bellwether of availability and affordability trends.” In a new report, ALIRT assessed the residual homeowners market trends in ... Read the full article

Florida market remains under strain from man-made crises

23rd August 2022

The legacy that arose from Hurricane Andrew’s landfall in Florida is under strain from the effects of man-made crises today, says a new report. The report, It’s Not Just the Weather: The Man-Made Crises Roiling Property Insurance Markets, posits that there are new and growing crises in many US states arising ... 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

Combined ratio for P&C this year ‘to worsen to 100.7’

15th August 2022

The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. This is according to the latest underwriting projections by actuaries at the Triple-I and Milliman, who said that loss pressures ... Read the full article

UK Insurers brace themselves for rise in claims amidst sizzling temperatures: Global Data

12th August 2022

Extremely high temperatures coupled with a lack of rain are set to create perfect conditions for wildfires across the UK. GlobalData has warned insurers to brace themselves for a rise in home insurance claims as flames spread to inhabited areas. The Met Office has issued another extreme heat warning for parts ... Read the full article

Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings

12th August 2022

A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article

Florida Citizens surpasses 1 million insurance policies

11th August 2022

Florida’s residual market insurer, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013. Florida Citizens had added on average 32,000 new policies to its portfolios every month through 2021. The ... Read the full article

LV=GI warns over the impact of record temperatures on claims

11th August 2022

UK insurer LV=General Insurance (LV=GI) - bought by Allianz in 2019 - has warned that UK fire and subsidence claims will rise this year due to extreme heat. LV=GI said it was dealing with claims worth £1.2 million after the heatwave of 17 to 20 July, according to a The Guardian ... Read the full article