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Technology unlocking ‘un-modellable’ catastrophe risks, says CoreLogic’s Larsen
21st August 2018
Recent advances in technology and data analysis have opened new opportunities in catastrophe risk modelling, allowing companies to tackle perils that were previously considered ‘un-modellable’, according to Tom Larsen, Senior Director, Content Strategy at CoreLogic. Larsen explained that risk models support re/insurers in many aspects of loss mitigation for large catastrophes, ... Read the full article
Property remodelling surge creates insurance blindspot: BuildFax
8th August 2018
An almost 60% rise in property remodelling since 2009 has resulted in a misalignment between insurance premiums and risk exposure, according to a new report by BuildFax, a provider of property condition and history insights. Leveraging 23 billion data points, BuildFax observed a 58.9% increase in residential remodelling activity from 2009 ... Read the full article
Insurance Council of Australia backs $20mn cyclone-resilience project
31st July 2018
The Insurance Council of Australia (ICA) has lent its support to a AUD $20 million (USD $15 million) Household Resilience Program for homes in North Queensland’s cyclone belt, recently introduced by the region’s Palaszczuk Government. The program will provide funding for owners of homes built before 1984 to improve their safety ... Read the full article
Swiss Re partnership targets property protection gap in Florida
30th July 2018
Swiss Re has partnered with Florida-based homeowners insurer Security First to provide policyholders with increased protection from water damage, including flood coverage. Ratings are to be based on Swiss Re’s proprietary flood model and priced according to the individual risk exposure. This allows for a more sophisticated delineation of premiums based on ... Read the full article
FEMA urges at-risk Floridians to secure & maintain flood insurance
25th July 2018
As the hurricane season reaches its midway-point, the U.S Federal Emergency Management Agency (FEMA) has called on Floridians to secure and maintain flood insurance. FEMA states that only half of Florida homeowners in high-risk areas had insurance against flooding before hurricane Irma made landfall late last year. Concurrently, however, the National Flood ... Read the full article
Seeman Holtz continues U.S expansion with new acquisitions
23rd July 2018
Seeman Holtz Property & Casualty, Inc. (SHP&C) has continued its expansion in the U.S with the acquisitions of Central Insurance Advisors, LLC in Florida and Transway Insurance Agency, LLC in Texas. The company says the acquisition of these new independent agencies will strengthen its local commercial insurance platforms and allow it ... Read the full article
InsurTech Hippo reports solid growth and expansion of its senior leadership
13th July 2018
California-based InsurTech firm Hippo has recorded solid growth in recent times, tripling its written premiums quarter-over-quarter and with total insured property value now exceeding $10 billion. The InsurTech company has a focus on improving customer experience, and by leveraging its modern home insurance solution, which combines its patented AI framework with ... Read the full article
U.S. commercial lines increase by 2.5% in Q2: MarketScout
12th July 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by an average of 2.5% in the second-quarter of 2018, which is above the 2% recorded in the first-quarter of this year. According to MarketScout's Q2 2018 U.S. commercial P&C market barometer and analysis from Keefe, Bruyette ... Read the full article
Kingstone renews reinsurance treaties under increased coverage
9th July 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has renewed its reinsurance coverage for the treaty year beginning July 1, 2018. KICO has entered into various reinsurance agreements with multiple reinsurers, which include increased coverage, improved terms, ... Read the full article
Federated National Insurance rebrands to FedNat, renews quota share program
4th July 2018
FedNat Holding Company, formerly known as Federated National Holding Company, has rebranded Federated National Insurance Company, its largest insurance subsidiary, under the FedNat name, and has agreed to the terms of its new smaller quota share reinsurance programme for 2018-2019. The subsidiary, now known as FedNat Insurance Company (FNIC), changed its ... Read the full article
Liberty Mutual in new $278mn Limestone Re collateralised reinsurance deal
29th June 2018
U.S primary insurer Liberty Mutual has secured $278 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction with Limestone Re, a Bermuda domiciled segregated account company. Acting as a sidecar vehicle for Liberty Mutual, Limestone Re issued a series of participating notes to investors in a ... Read the full article
Assurant secures $1.3bn property catastrophe reinsurance program
29th June 2018
New York-headquartered Assurant Inc. has secured a $1.3 billion 2018 catastrophe reinsurance program that protects nearly 3 million homeowners and renters policyholders against severe weather events. The main reinsurance program provides the firm with $985 million of coverage in excess of a $120 million retention. The 2018 U.S. program includes U.S. per-occurrence ... Read the full article
U.S P&C personal lines losses rise for fourth straight year: Fitch Ratings
25th June 2018
Underwriting losses in the U.S P&C personal lines segment grew for the fourth consecutive year in 2017, according to a new report by Fitch Ratings. The industry statutory personal lines combined ratio rose to 103.8% in 2017 despite continued favourable written premium growth and moderate improvement in the personal auto segment, ... Read the full article
Emerging technologies to continue driving personal insurance landscape: Fitch
19th June 2018
A new report by Fitch Ratings has outlined the ways in which emerging technologies are to continue shaping the personal insurance landscape. Fitch determined that auto Insurance is the segment most frequently manipulated and influenced by tech innovation with current improvements to safety - rear-facing cameras, sensors, parking assist, collision avoidance ... Read the full article
Amazon sizes up potential home insurance move, property market reacts
8th June 2018
With it only a matter of time until Amazon officially takes its long-rumoured dive into insurance, supposed insider-information published by news website The Information linking the e-commerce giant to the home insurance market quickly reverberated throughout the industry. The rumoured offering from Amazon is planned to tie in with its connected ... Read the full article