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MSI and MS Transverse launch new high net worth homeowners program
29th September 2023
Millennial Specialty Insurance, LLC (MSI), an indirect subsidiary of BRP Group, Inc., has launched a new homeowners program catering to High-Net-Worth (HNW) customers in collaboration with MS Transverse. The enhancements to the policy include flexibility to insure homes with a replacement value of up to $10 million, choice of deductibles ranging ... Read the full article
Homeowners deal with rising insurance rates as floods, wildfires & storms become more common
22nd September 2023
A growing number of US citizens are facing difficulties in affording insurance on their homes, a problem that is only expected to worsen because insurers and lawmakers are said to have underestimated the impact of climate change, a new report from First Street Foundation says. According to the report, 39 million ... Read the full article
AM Best negative on US homeowners, says return to underwriting profit unlikely in 2023
18th September 2023
Global ratings agency AM Best has revised its outlook for the U.S. homeowners segment to negative from stable, citing the deterioration of underwriting results, rising loss costs, inflation, firm reinsurance market conditions, and the retreat from catastrophe-exposed states. AM Best notes that its negative outlook reflects a number of ongoing challenges ... Read the full article
RAA releases white paper addressing California homeowners insurance crisis
8th September 2023
In response to the ongoing crisis in California's homeowners insurance market, the Reinsurance Association of America (RAA) has released a comprehensive white paper offering insights and recommendations to address the challenges posed by wildfire-related risks and changing environmental conditions. Since the devastating wildfire losses experienced in 2017 and 2018, the insurance ... Read the full article
OIR approves Orion180 to enter homeowners and wind market
5th September 2023
The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market. Recently, FLOIR approved the companies to form property and casualty (P&C) insurers in Florida. Orion180 is a provider of insurance solutions that was launched ... Read the full article
Florida’s homeowners insurance market faces strains amid hurricane season challenges: Moody’s
31st August 2023
As the 2023 Atlantic hurricane season unfolds, the homeowners insurance market in Florida is grappling with a series of formidable challenges, according to a recent Moody's report. These include elevated catastrophe exposures, dwindling insurance capacity, surging total insured values, and more expensive reinsurance coverage. While there was enough reinsurance capacity available for ... Read the full article
Fair Plan to offer discounts for homeowners taking steps to protect against wildfire
14th August 2023
The California Fair Plan Association is set to introduce new home hardening discounts for policyholders who take steps to make their homes safer from wildfires. The discounts will be effective from August 23, 2023. While residents of the state continue to struggle with the impacts of climate-fueled natural disasters across California, the ... Read the full article
Homeowners insurance premiums surge amidst rising reinsurance costs: KBW
2nd August 2023
Homeowners insurance companies are implementing rate increases, largely driven by anticipated rises in reinsurance rates and reinsurance attachment points, according to KBW analysts. These adjustments are contributing to heightened volatility in earnings and varying impacts on individual insurers, against the backdrop of a challenging year of domestic weather events. KBW analysts have ... Read the full article
Florida homeowners insurance market shows signs of rebound amid market reforms: ALIRT
25th July 2023
In the midst of years of tumultuous market conditions, Florida's homeowners insurance sector seems to be experiencing an encouraging upturn, signaling a possible rebound for the beleaguered industry, according to a recent report by ALIRT Insurance Research. Over the past few years, Florida's property insurance market has been grappling with significant ... Read the full article
Lightning strikes resulted in over $950m in homeowners insurance claims in 2022: Triple-I
16th June 2023
In 2022, lightning strikes caused over $950 million in homeowners insurance claims across the United States, according to the Insurance Information Institute (Triple-I). The data, released to coincide with Lightning Safety Awareness Week (June 18-24), revealed that more than 62,000 policyholders filed claims, with California alone accounting for $125 million of ... Read the full article
HCI expands coverage for TypTap & Homeowners Choice at June renewal
2nd June 2023
Florida-based insurtech HCI Group has increased the reinsurance coverage for both its TypTap and Homeowners Choice subsidiaries at the June renewal. HCI has secured two reinsurance towers for its two insurance subsidiaries by entering into contracts with multiple private reinsurance companies and with the State Board of Administration of Florida, which ... Read the full article
Velocity Risk stops writing all homeowners business
2nd June 2023
Velocity Risk Underwriters, the catastrophe-exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace. Effective May 26th, Velocity Risk Underwriters has ceased writing new homeowners insurance business and has begun the process of exiting all of its homeowner programs, our sister publication Artemis ... Read the full article
Homeowners renewal rate increases accelerate in March: KBW
12th April 2023
Analysts at KBW have reported that homeowners renewal rate increases are picking up steam, having accelerated to an estimated 5.9% in March. KBW notes that most homeowners insurers are raising rates, likely due at least in part to expected increases to both reinsurance rates and reinsurance attachment points, with the combined ... Read the full article
HCI launching Tailrow as Florida homeowners insurance startup
11th April 2023
Insurance focused holding company HCI Group, Inc. is looking to establish a new Florida domestic homeowners insurer, named Tailrow Insurance Company, Reinsurance News has learned. HCI Group already owns Florida licensed insurer Homeowners Choice, insurtech property and flood insurance specialist TypTap, and reinsurance focused unit Claddaugh. Tailrow Insurance Company is expected to ... Read the full article
Hurricane Ian magnifies Florida homeowners’ re/insurance vulnerability: Fitch
6th December 2022
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses. The rating agency suggests that losses will resonate through the primary and assumed reinsurance markets with ... Read the full article
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