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Florida’s state insurer and reinsurer face no near-term risks from Ian: Fitch
17th November 2022
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks to their capacity to service debt as a result of expected losses arising from Hurricane Ian. However, the firm said in a statement, increasing storm frequency and severity will erode ... Read the full article
Delos launches program to expand wildfire insurance in California
15th November 2022
Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners. It will also provide full home insurance policies to homeowners currently on the California Fair Access to Insurance ... Read the full article
P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel
11th November 2022
Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article
SageSure and Gooshead partner up to launch Elevate
10th November 2022
Insurance provider SageSure and personal lines insurance agency Goosehead are to partner up and launch a reciprocal exchange called Elevate. The Texas-domiciled Elevate will look to protect homeowners in coastal states. It is exclusively available for distribution by Goosehead producers enrolled with SageSure, Elevate homeowners' insurance is developed, underwritten, and serviced by ... Read the full article
HCI Group reports $51.5mn net loss in Q3 results
9th November 2022
HCI Group has reported a net loss of $51.5 million in the third quarter of 2022, compared to a net loss of $4.9 million from the third quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $57.3 million compared to a ... Read the full article
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
Allstate reports $694mn net loss in Q3 results
3rd November 2022
Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net income of $508 million in the prior year quarter, primarily due to an underwriting loss and equity valuation declines. The company’s adjusted net loss for the quarter was $420 million, compared to ... Read the full article
Wright Flood acquires IAT Insurance Group’s flood policy book
2nd November 2022
Wright National Flood Insurance Company has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina. Beginning in early 2023, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program ... Read the full article
APCIA highlights need for flood insurance & investment in resiliency
1st November 2022
On the ten-year anniversary of Superstorm Sandy, the American Property Casualty Insurance Association (APCIA) released a statement attributed to Don Griffin, department vice president of policy, research, and international highlighting the need for flood insurance and increased investment in resiliency. The widespread devastation brought by superstorm Sandy to the Northeast of ... Read the full article
Kin receives $145mn in debt financing
31st October 2022
Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article
ID theft coverage becoming essential for insurers: AM Best
28th October 2022
A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article
Centauri reports Ian losses ran less than halfway up its reinsurance tower
24th October 2022
Jamie Sahara, President of Applied Underwriters, speaking on behalf of its sister company, Centauri, has suggested that the firm continues to stand strong following Hurricane Ian, having run less than halfway up its catastrophe reinsurance tower. Sahara cited the firm's prudent reinsurance approach, as well as staff dedication as a show ... Read the full article
Greenlight Re to invest in short-term rental insurer Safely
20th October 2022
Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection. The short-term home rental market has grown rapidly as seen with the rise of booking platforms like Airbnb and Vrbo. With this, concerns have grown among homeowners about the possibility ... Read the full article
Potential insured flood losses pushed above NFIP’s median: Morgan Stanley
20th October 2022
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article
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