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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

Vast majority of at risk homeowners doubt their wildfire coverage: NAMIC

23rd November 2022

A combined study from the National Association of Mutual Insurance Companies (NAMIC) and the Ohio State University has found that only 19% of nearly 600 homeowners across 10 states with an increased risk of fire are certain they have enough insurance to cover damages. Further, 59% of respondent homeowners in fire-risk ... Read the full article

Florida generates the most homeowners premiums in the US: AM Best

22nd November 2022

Florida is the US state with most premiums in homeowners insurance lines, AM Best analysts have revealed. Despite being only the third more populous state, it generated $12.4 billion of homeowners direct premium in 2021. That is more than California, the most populous state, with $11.2 billion of homeowners direct premium, ... Read the full article

Homeowners view extreme weather as a growing threat, survey finds

2nd November 2022

Homeowners in hurricane-prone coastal states and around the US believe severe weather is increasing and that their property is at growing risk from weather events, a new survey by the National Association of Mutual Insurance Companies (NAMIC) has found. However, the survey also found that, for the most part, US homeowners ... Read the full article

FutureProof expands team to support Florida E&S homeowners product launch

31st October 2022

FutureProof Technologies has announced two key hires to support the launch of a Florida E&S homeowners product through its algorithmic underwriting MGA. Andrea Ferrari joins FutureProof as Director of Underwriting, while Michael DSouza joins as Director of Catastrophe and Portfolio Management. FutureProof notes that Ferrari brings extensive experience from underwriting both admitted ... Read the full article

Economic picture “exudes turmoil” for homeowners insurers: Aon

7th October 2022

The global macroeconomic picture continues to “exude turmoil” with negative impacts to homeowners insurers, Aon has said as part of its new Homeowners Return on Equity report. Analysts noted that the inflationary environment has had significant implications for reinsurance market capacity and utilization. Inflation adjusted values and claims payments drove both modelled ... Read the full article

Severe weather events pose uncertainty for US homeowners segment: AM Best

4th October 2022

According to a new report from AM Best, the US homeowners insurance segment could come under pressure with 2022 results expected to be impacted by Hurricane Ian. The hurricane, which made landfall Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article

Large, nationwide homeowners insurers have most cat exposure to hurricane Ian

27th September 2022

Analysis shows that some of the nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach west-central Florida as a major Category 3 storm Wednesday evening local time. After making landfall in Cuba's Pinar del Río ... Read the full article

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