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Admiral supports Flood Re’s build back better initiative to enhance flood resilience
28th February 2025
Insurance provider Admiral has joined the Flood Re Build Back Better scheme through its household insurance policies, offering an important step towards improving flood resilience. The scheme aims to increase a property’s flood resistance or resilience, allowing qualifying policies to access additional funding after a flood claim to ... Read the full article
$2.15trn in US property value at risk of wildfire damage: ZestyAI
27th February 2025
$2.15 trillion worth of U.S. residential property is at high risk of wildfire damage, according to a new AI-powered analysis from ZestyAI. The study examined 126 million properties nationwide, finding that 4.3 million homes face significant wildfire risk—extending well beyond traditionally high-risk areas. ZestyAI used AI models trained on data from more ... Read the full article
HCI’s Tailrow assumes 14,000 policies from Citizens
25th February 2025
Florida-domiciled insurtech, HCI Group, Inc.’s sponsored reciprocal insurer, Tailrow Insurance Exchange, has successfully assumed just under 14,000 policies totalling approximately $35 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insurance Corporation. HCI confirms the assumption of policies by Tailrow became effective on February 18th, 2025. Tailrow has plans to ... Read the full article
QBE NA partners with InnSure to support pilot program to address flood risk
24th February 2025
The QBE North America Foundation has partnered with nonprofit InnSure and the City of Salem, Massachusetts, to implement a pilot program aimed at increasing resilience to climate-driven flood risks. The program will explore ways to reduce flood vulnerabilities for both individual homeowners and renters, as well as the broader community, particularly ... Read the full article
US P&C industry results improve in 2024 despite $2.6bn underwriting loss: AM Best
20th February 2025
The US property and casualty (P&C) insurance industry saw a significant improvement in its 2024 results, with momentum expected to continue into 2025, despite an estimated net underwriting loss of $2.6 billion in 2024, according to a recent AM Best report. AM Best attributes part of this progress to higher interest ... Read the full article
Strong potential LA wildfires very serious in terms of market impact: Conduit Re
19th February 2025
Executives from Bermuda-based Conduit Re have emphasised the significant impact of the California wildfires on the re/insurance market, highlighting the potential for the event to halt rate declines ahead of crucial upcoming renewals. Speaking at a briefing following the release of the firm's 2024 results, Neil Eckhart, Executive Chairman, described ... Read the full article
Collaboration key to narrowing protection gap: David Howden
18th February 2025
David Howden, Founder and CEO of Howden, explains that the insurance industry, regulators, and policymakers must collaborate to bridge the insurance protection gap, safeguard financial stability, and ensure a long-term, resilient insurance market. Factors such as the frequency of pay-outs, difficulty raising premiums, and the assumption that the government will cover ... Read the full article
Neptune Flood proposes roadmap to shift NFIP policies to private market
18th February 2025
Neptune Flood, a provider of private flood insurance in the United States, has unveiled a roadmap for transitioning National Flood Insurance Program (NFIP) policies to the private market, in order to reduce the government’s financial exposure to flood risk. In its latest report, Neptune Flood found two main structural issues that ... Read the full article
Assurant’s California wildfire losses could exceed $150m cat reinsurance retention
14th February 2025
In its outlook for 2025, US specialty insurance group Assurant has reported that its catastrophe losses from the California wildfires are expected to “approach or slightly exceed” its per-event catastrophe reinsurance program retention of $150 million. The firm issued this update on the impact of the Los Angeles wildfires as part ... Read the full article
AIG ‘grateful’ for partnerships after ‘very strong’ Jan 1 2025 reinsurance renewals: CEO Zaffino
12th February 2025
Global insurer AIG had another strong renewal season at 1.1 2025, with Chairman and Chief Executive Officer (CEO), Peter Zaffino, stating that since the reinsurance sector's major reset at the January 2023 renewals, the firm's consistency, strategy, placement, and execution has positioned it "very favourably." Zaffino discussed the primary insurer's 1.1 ... Read the full article
Mercury’s CoR strengthens as premiums rise in 2024
12th February 2025
Mercury General Corporation, a provider of auto and homeowners insurance, reported robust underwriting growth in the fourth quarter of 2024, reflecting continued premium expansion and improved profitability. The company achieved strong growth, with net premiums earned rising to $1.35 billion in Q4 2024, a 18% increase from $1.14 billion in the ... Read the full article
Suncorp posts H1’25 net profit as natural hazard costs stay within budget
12th February 2025
Australian insurer Suncorp has reported net profit after tax of A$1.1 billion for H1 of its 2025 financial year, while gross written premium in its General Insurance business increased by 8.9% compared to the same period in the prior year. According to Suncorp, this net profit result includes a one-off gain ... Read the full article
Demotech assigns Financial Stability Rating of A to Mangrove
11th February 2025
Demotech, Inc., a rating agency and financial analysis firm, has assigned Mangrove Property Insurance Company (Mangrove) a Financial Stability Rating of A, Exceptional. Mangrove, a newly established Florida insurer led by Stephen Weinstein, was approved by the Florida Office of Insurance Regulation in January 2025 to provide property and casualty ... Read the full article
Howden Re calls for public-private collaboration to bridge California’s protection gap
11th February 2025
Following the California wildfires, Howden Re, the global reinsurance, capital markets, and strategic advisory arm of Howden, has released a protection gap-focused report emphasising regulatory reforms, risk-based pricing, enhanced risk mitigation, and public-private collaboration as the "only viable path" to restoring stability in the state's insurance market. As per the report, ... Read the full article
BrightShore Insurance launches comprehensive coastal coverage in New Jersey
11th February 2025
BrightShore Insurance Company, a newly launched provider, is addressing the insurance needs of coastal homeowners in New Jersey. By offering a single policy that combines traditional homeowners insurance with full flood protection, BrightShore aims to tackle the common issue of inadequate flood coverage. BrightShore, managed by the skilled team at ShoreOne Insurance ... Read the full article
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