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AM Best highlights strain on re/insurers from California wildfires and rising FAIR Plan policies

10th February 2025

AM Best, a credit rating agency specialising in the insurance sector, reports that the recent surge of wildfires across Southern California has deepened existing challenges for insurers, worsening underwriting performance, increasing reinsurance exposure, and destabilising the market. Since January 7, 2025, over 30 wildfires—including the Palisades and Eaton fires—have scorched the ... Read the full article

Allstate expects $900m in reinsurance recoveries from LA wildfires

6th February 2025

U.S. primary insurer Allstate has estimated that its gross losses from the Los Angeles, California wildfires will be $2 billion, and after reinsurance recoveries of $900 million under its per-occurrence tower, the firm is projecting a net loss of $1.1 billion from the event. The insurer's LA wildfire loss estimate comes ... Read the full article

Orion180 launches FLEX Home Insurance in Texas

6th February 2025

Insurance solutions provider Orion180 has launched FLEX Home Insurance in Texas, giving policyholders more control over homeowners’ coverage. FLEX offers a customisable approach to homeowners’ insurance, allowing policyholders to tailor coverage to their specific needs and financial goals. Ken Gregg, CEO of Orion180, stated, “We believe insurance should be adaptable to the ... Read the full article

Rising demand for flood insurance as 90% seek full coverage after 2024 hurricanes: Neptune Flood survey

31st January 2025

Neptune Flood, a provider of private flood insurance in the United States, has released findings from its fifth annual Neptune Consumer Survey of Flood Awareness, which highlights growing demand for tailored flood insurance solutions. Conducted in collaboration with the University of South Florida St. Petersburg Customer Experience Lab, the survey provides insights ... Read the full article

No market hysteria but LA wildfire loss could temper reinsurance rate reductions seen at Jan 1: MMC

30th January 2025

Executives at global broking group Marsh McLennan (MMC) said today that although it's too early to tell exactly what impact the recent Los Angeles, California wildfires will have on the property market, moving forward, the magnitude of industry loss could temper risk-adjusted reinsurance rate reductions witnessed at the January 1st ... Read the full article

Chubb estimates $1.5bn loss from LA wildfires amid reduced California exposure

29th January 2025

During insurer Chubb Limited’s fourth-quarter 2024 earnings call, Chairman and CEO Evan Greenberg confirmed that the company expects $1.5 billion in net pre-tax losses from the recent Los Angeles, California wildfires. Despite the scale of the losses, Greenberg does not anticipate a broader impact on property insurance pricing, emphasising that overall ... Read the full article

Reinsurance sector to assume at least 30% of total insured losses from LA wildfires: Moody’s

29th January 2025

Based on preliminary insured loss estimates, Moody's has said it expects the reinsurance sector to assume at least 30% of total insured losses from the devasting Palisades and Eaton wildfires in Los Angeles. As we've extensively covered, the highest loss estimate for the wildfires so far comes from CoreLogic, at ... Read the full article

State Farm pays almost $500m to customers from LA wildfires

28th January 2025

As of January 27, 2025, auto and homeowners insurer State Farm has received over 10,100 claims for home and auto damage caused by the California wildfires, and has already paid nearly half a billion dollars to customers. This marks a significant increase from the 6,700 claims received as of January ... Read the full article

Enact secures additional XOL reinsurance coverage for 25/26 book years

28th January 2025

Enact has revealed that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $225 million and $260 million of additional excess of loss (XOL) reinsurance coverage. These credit risk transfer (CRT) transactions cover a portion of the expected new insurance written for the 2025 book year (policies written from ... Read the full article

Weinstein leads Mangrove into Florida market following OIR approval

27th January 2025

Mangrove Property Insurance Company, a newly formed Florida insurer led by industry expert Stephen Weinstein, has been approved by Florida’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance to the state's homeowners. Mangrove, reportedly established with the vision of providing sustainable, long-term P&C solutions tailored to the ... Read the full article

LA wildfires likely to heavily impact insurance rates: S&P

24th January 2025

According to a recent report from S&P Global Ratings, the ongoing Los Angeles wildfires could significantly impact homeowners, with insurance rates in the region likely to be heavily impacted. S&P predicts that, following the event, property insurers will likely increase rates and/or limit coverage options. These measures may extend beyond California ... Read the full article

KCC estimates insured loss from LA wildfires at close to $28bn

23rd January 2025

Karen Clark & Company (KCC) has estimated that the insured loss (from privately insured and FAIR plan policies) to residential, commercial, and industrial properties, and autos from the Palisades and Eaton Fires in Los Angeles will be close to $28 billion. This estimate, which is based on the high-resolution KCC US ... Read the full article

Travelers posts stronger underwriting gain for 2024 despite rise in cat losses

22nd January 2025

Primary insurer Travelers has reported improved underwriting results for both the fourth quarter and full year 2024, as an increase in net favorable prior year reserve development more than offset a rise in catastrophe losses for both periods. Travelers has today reported net income of $2.1 billion for Q4'24 and $5 ... Read the full article

LA fires: Average insured claim estimated at $1.9m with 17,027 structures destroyed or damaged

20th January 2025

The wildfires still burning in parts of the Palisades and Eaton areas of Los Angeles, California, have now damaged or destroyed more than 17,000 structures, with an average insured loss per structure of an estimated $1.9 million, based on the mid-point of initial insured loss estimates from catastrophe risk modellers. As ... Read the full article

Moody’s downgrades Mercury’s ratings on California nat cat exposure