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California looks to expand use of cat models to wildfire, terrorism, & flood: Commissioner Lara
20th March 2024
In a move to help drive back a developing insurance crisis across the state of California, that has witnessed companies pulling back on underwriting property insurance there, or exiting the state completely, Insurance Commissioner Ricardo Lara has unveiled a regulation to allow for an expanded use of catastrophe models to ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Porch Group sees net loss improvement in Q4 2023
8th March 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prior year. The company also reported a revenue less cost ... Read the full article
Safepoint’s new reciprocal exchange Manatee gets ‘A’ rating by Demotech
8th March 2024
Safepoint Group's newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of 'A', Exceptional, by Demotech, Inc. Manatee was formed to focus on providing insurance solutions to Florida homeowners and business owners. Joseph L. Petrelli, President and Co-founder, Demotech, Inc., commented: "Insurers without sufficient representative operating ... Read the full article
P&C execs optimistic about earnings outlook: KBW
7th March 2024
In Keefe, Bruyette & Woods, Inc, (KBW) recent analysis of the 2024 Association of Insurance and Financial Analysts (AIFA) conference, they found that management teams across virtually all Property & Casualty (P&C) sub-sectors are appropriately optimistic about their earnings outlook. KBW highlights that brokers are optimistic about their growth prospects, stating, ... Read the full article
State Farm experiences premium growth while reporting underwriting losses in 2023
5th March 2024
Auto and homeowners insurer State Farm has announced its 2023 financial results, reporting earned premium of $87.6 billion and a combined underwriting loss of $14.1 billion across its P&C group of companies. This result compared to an underwriting loss of $13.2 billion on earned premium of $74.3 billion in 2022. According to ... Read the full article
Aviva & Howden team up to insure solar subscription service start-up
4th March 2024
Aviva, an insurance and financial services company, has partnered up with Howden to provide bespoke insurance to Sunsave, a start-up which offers homeowners solar panels on a subscription service. From what we understand, the insurer and broker worked together with Sunsave to create a bespoke construction and operation cover policy for ... Read the full article
Energy Raven emerges as an independent entity from American Family Insurance
4th March 2024
Energy Raven has officially launched from American Family Insurance, where it was originally incubated. According to Energy Raven it was initially conceived as an internal corporate innovation project, it has now emerged as a nationally scaled company, supported by American Family Insurance. Dan Reed, Managing Director and President of American Family Ventures, ... Read the full article
Excessive litigation worsens auto insurance costs, says Triple-I
29th February 2024
The Insurance Information Institute (Triple-I) recently released a report highlighting how excessive litigation exacerbates the long-standing issue of rising auto insurance costs. The report outlines how dangerous driving conditions and economic factors have steadily driven up insurance expenses over the years. However, the situation is worsened by aggressive attorneys who escalate ... Read the full article
Sedgwick’s intl. claims fraud strategy saves clients nearly £50m in 2023
26th February 2024
Sedgwick, the global provider of technology-enabled risk, benefits and integrated business solutions, has revealed that efforts tied to the organisation's international claims fraud strategy saved its clients £49.4 million in 2023. Q123 saw continued double-digit inflation, which placed added financial pressure on motorists, homeowners and businesses alike. This also contributed towards an ... Read the full article
Neptune addresses outdated NFIP limits with new excess flood insurance product
21st February 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what's provided by the National Flood Insurance Program (NFIP). With this excess flood policy, customers can get coverage beyond the maximum limit offered by the NFIP. This means they ... Read the full article
ICA declares Valentine’s Day storms in Victoria as a “significant event”
16th February 2024
The Insurance Council of Australia (ICA) has declared the Valentine’s Day storms that struck the Australian state of Victoria as a ‘Significant Event’, escalating insurers response for impacted customers. In a recent statement released by the company, it reveals that insurers have received 9,947 claims related to the storm, which saw ... Read the full article
VIU by HUB partners with HoneyQuote to provide expanded regional insurance options
16th February 2024
Chicago-domiciled VIU by HUB, an omnichannel insurance brokerage platform, has partnered with HoneyQuote, a Florida home and condo insurance marketplace, to provide expanded regional carrier options and specialized advice for Floridians seeking personal insurance. This partnership comes with the background of increasing rates and diminished choice in one of the costliest ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
AM Best suggests pretty significant flood protection gap in California from recent storms
12th February 2024
Recent storms in California have caused heavy flooding in the state resulting in significant economic losses, many of which may not be insured, warned David Blades, associate director, industry research and analytics at AM Best. He stated: “After long periods of drought in California over the past couple decades, the state ... Read the full article