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CDI completes review of KCC US Wildfire Model

1st August 2025

Karen Clark & Company (KCC), a provider of catastrophe risk modelling solutions, has announced that the California Department of Insurance (CDI) has completed its review of KCC’s US Wildfire Reference Model Version 3.0 under the newly established Pre-Application Required Information Determination Procedure (PRID). This development paves the way for insurers to ... Read the full article

Allstate reports significant rise in net income to $2.1bn for Q2’25

31st July 2025

The Allstate Corporation, a provider of personal property and casualty insurance in the United States, has announced robust financial results for the second quarter of 2025, highlighted by substantial underwriting income improvement across the business and improved profitability. Across the group, net income increased to $2.1 billion from $301 million in ... Read the full article

UK property insurers paid £1.6bn in claims during Q2 driven by adverse weather: ABI

30th July 2025

Property insurers paid out £1.6 billion in claims during the second quarter of 2025, a 7% increase compared to the previous quarter, as they helped homeowners and businesses recover from unexpected events and costly disruptions, according to the ABI. The ABI reported that adverse weather drove a significant portion of these ... Read the full article

Eventual raises $7.5m to bring stability to US real estate insurance

28th July 2025

Eventual, a company focused on improving financial stability for real estate owners, has announced that it has raised $7.5 million in funding and introduced Premium Lock, a product designed to provide long-term predictability for property insurance premiums. This development addresses ongoing issues in the American property insurance market, which has become ... Read the full article

Canadian Personal Auto & Property premium rates continued to rise in Q2’25

25th July 2025

Applied Systems has released the second quarter of 2025 results of the Applied Rating Index, the Canadian insurance industry’s premium rate index, showing year-over-year and quarter-over-quarter increases in average premium rate changes for both Personal Auto and Personal Property lines. In Q2’25, Personal Auto premium rate change increased 14.9% compared to ... Read the full article

CDI completes review of Verisk’s wildfire model to help address California’s coverage crisis

25th July 2025

The California Department of Insurance (CDI) has completed its review of the Verisk Wildfire Model for the US, approving it for use by insurers in assessing wildfire risk and property insurance ratemaking—marking it as the first catastrophe model to successfully complete evaluation under the state’s new regulatory framework. This marks a ... Read the full article

Texas flash floods to have limited impact on re/insurers: Cotality

22nd July 2025

Although the recent deadly flash floods in Texas are estimated to have caused $1.1 billion in damage to residential buildings, Cotality believes the event will likely have a limited impact on primary insurers and reinsurers, due to the region’s low flood insurance penetration. Providing some background on the event, a new ... Read the full article

US private flood insurance growth helps close the nation’s protection gap: Fitch

22nd July 2025

The US private flood insurance market is growing, addressing the nation’s significant gap between economic and insured losses from flood events, which remain largely underinsured despite being one of the costliest perils for homeowners, a recent report by Fitch Ratings has revealed. In the US, flood insurance historically had a very ... Read the full article

Casualty insurers to be impacted by Los Angeles wildfires: Moody’s

18th July 2025

The insurance industry is bracing for a multi-million dollar impact, with casualty insurers facing significant liabilities from various potential triggers following the devastating wildfires that impacted Los Angeles in January 2025 - which burned over 50,000 acres and 20,000 structures and claimed 30 lives - according to a recent report ... Read the full article

Travelers returns to underwriting gain in Q2‘25

17th July 2025

US primary insurer The Travelers Companies, Inc. has announced its results for the second quarter of 2025, reporting an underwriting gain of $1.022 billion, a significant improvement compared to the prior year quarter’s loss of $65 million, as net income grew 183% year-on-year. The insurer’s net income increased to $1.509 billion ... Read the full article

Insurance rates continue to climb in Q2’25, according to Novatae Risk Group

17th July 2025

Insurance rates across the US continued their upward trend in the second quarter of 2025, according to new data released by MarketScout, a national insurance distribution and underwriting company, in collaboration with Novatae Risk Group, a specialty insurance brokerage and risk advisory firm. For commercial insurance, average rates rose by 2.8% ... Read the full article

Descartes Insurance hires Hélène Martin to support Credit & Political Risk expansion

10th July 2025

Descartes Insurance, the risk-carrying subsidiary of Descartes, a specialist in parametric insurance solutions, has expanded its offerings to corporate clients and public institutions to include Credit and Political Risk Insurance (CPRI), further diversifying its business. To drive its expansion into this new line of business, Descartes has brought on Hélène Martin, ... Read the full article

Neptune Flood expands premium capacity to over $400m for 2025

9th July 2025

Neptune Flood, a provider of private flood insurance in the US, has announced it will have more than $400 million in premium capacity for 2025. This marks a significant jump from the $300 million secured in 2024 and highlights the company’s sustained growth within the private flood insurance sector. Neptune’s capacity now ... Read the full article

Texas floods may cause up to $22bn in economic loss, says AccuWeather

8th July 2025

AccuWeather has estimated that the catastrophic flash flood disaster in Texas has caused an estimated $18 billion to $22 billion in total damage and economic loss. According to the firm, these figures include the cost of search and recovery efforts, the extensive cleanup ahead, insurance claims and impacts on future tourism ... Read the full article

Florida insurance market expands with two new companies amid continued stabilisation

30th June 2025

Florida Insurance Commissioner Mike Yaworsky has announced the addition of two new insurance companies approved to write residential policies in the state, reflecting continued progress in Florida’s insurance market. Since major legislative reforms were enacted, the market has stabilised and expanded, now including 14 new insurers operating within Florida. The state’s domestic ... Read the full article

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