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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
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