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Florida’s homeowners insurers are facing multiple crises: Triple-I

11th August 2022

An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article

Florida homeowners market still in “free fall” – ALIRT

26th July 2022

The Florida homeowners insurance markets remain in ‘a sort of free fall’, says a new note from ALIRT Insurance Research. The note, an update on the domestic insurer market in the US state, says that a number of factors are buttressing the ongoing narrative that is the market’s decline in recent ... Read the full article

SURE picks up 14,000 FedNat homeowners policies in South Carolina

7th July 2022

SureChoice Underwriters Reciprocal Exchange (SURE), a carrier partner of insurtech company SageSure, has assumed more than 14,000 South Carolina homeowners policies from FedNat Insurance Company. This announcement comes after FedNat completed a £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between ... Read the full article

Reinsurance Pool modelling data reveals 1/4 of Australian homeowners will see premium increases

4th July 2022

The Australian Reinsurance Pool Corporation has released the modelling data used to design the Northern Australia Reinsurance Pool, revealing the impact the scheme is likely to have on premiums across the region.  The report indicates up to 24 per cent of residential home policyholders in Queensland with minimal cyclone ... Read the full article

Homeowners risk being underinsured amid high inflation & increased building costs: APCIA

10th May 2022

A recent survey for the American Property Casualty Insurance Association (APCIA), reveals that a majority of insured homeowners have not taken important steps to ensure their insurance coverage is keeping pace with both rising inflation and increased building costs, which could potentially leave policyholders underinsured if catastrophe strikes. The survey was ... Read the full article

United (UPC) suspends new homeowners business in Florida

11th February 2022

United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article

KBW predicts homeowners’ rates to accelerate soon

7th February 2022

Despite homeowners’ rate increases being lower, analysts at KBW have said they expect them to accelerate soon. Predicting a period comparable to that between 2007 and 2009, KBW said that the accelerating broad rate increases will come as a response to ‘persistently accelerating loss cost trends’, excluding catastrophes. Writing in its latest ... Read the full article

US tornados to hit commercial multiperil, homeowners lines: AM Best

14th December 2021

AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article

Hippo launches homeowners association insurance product

27th July 2021

Home insurer Hippo has announced its expansion into commercial Insurance, with the launch of a tailored homeowners association (HOA) product. The product is designed to provide broader protection alongside a streamlined claims process. Commercial customers will have access to Hippo’s personalised coverage, backed by the company’s data-driven underwriting, satellite and aerial imagery, ... Read the full article

German floods show climate challenge for homeowners insurers: Moody’s

22nd July 2021

Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article

HCI details 2021 reinsurance plan for Homeowners Choice & TypTap

19th July 2021

Florida-based insurtech HCI Group has detailed the 2021 reinsurance coverage that it has secured for its two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. (Homeowners Choice) and TypTap Insurance Company (TypTap). The 2021-2022 Homeowners Choice Florida reinsurance program provides coverage up to $967.6 million for catastrophic losses in ... Read the full article

BRP names Naimish Patel President of Homeowners Insurance Group

21st June 2021

Independent insurance distribution firm BRP has announced the appointment of Naimish Patel as President of its newly established Homeowners Insurance Group, which now sits within Millennial Specialty Insurance. Patel reports to Jim Roche, Founder and Managing Partner of MSI, and will build and lead a new team dedicated to scaling a ... Read the full article

Porch Group completes Homeowners of America takeover

7th April 2021

Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article

Heaviest volume of Uri claims from homeowners, commercial property & auto: AM Best

22nd February 2021

AM Best analysts believe the heaviest volume of claims from winter storm Uri will be in the homeowners, commercial property, and auto lines of business. Uri has caused significant disruption across a number of southern US states, especially Texas, which has faced record-low temperatures and had seen several inches of snow ... Read the full article

Homeowners insurance to show modest underwriting loss: Fitch

19th February 2021

Global rating agency, Fitch Ratings has released a report which suggests that the U.S. P&C industry will to shift to a modest statutory underwriting loss in homeowners’ insurance for 2020 reported results. U.S personal lines underwriters have been faced with unique challenges in the homeowners’ line, with losses rising as a ... Read the full article