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New reinsurance regulation launched to increase home insurance access in California wildfire-risk areas
31st December 2024
A new regulation has been launched aimed to expand insurance access for Californians amid increasing climate risks, this includes increased coverage for wildfire-prone regions by factoring reinsurance costs into the provision of this insurance. Under the Net Cost of Reinsurance in Ratemaking Regulation, all homeowners insurance companies will be required to ... Read the full article
Green Shield Risk Solutions partners with Technosylva to transform wildfire risk management
31st December 2024
Green Shield Risk Solutions, a provider of risk management and insurance solutions, has announced a strategic partnership with Technosylva, a company specialising in catastrophic event simulation, risk analysis, and operational response that supports electric utilities and government agencies worldwide. This partnership marks a significant milestone, with Green Shield becoming the first ... Read the full article
Private insurers uniquely positioned to close US flood coverage gap: Neptune Flood
24th December 2024
In a new report analysing the U.S. residential flood insurance market, Neptune Flood has underlined the critical role private insurers can play in addressing the nation’s growing flood coverage gap. According to the firm's research, more than 20 million homes in the U.S. face moderate to severe flood risk, yet only ... Read the full article
P&C pricing growth to slow and sustained strong cat reinsurance profitability expected in 2025: KBW
18th December 2024
KBW predicts a mixed outlook for the Property & Casualty (P&C) insurance sector in 2025. While pricing growth is expected to slow overall, with declines in commercial property and reinsurance rates, commercial casualty lines should see modest acceleration. Personal auto insurance rates will likely decelerate rapidly, while homeowners insurance rates increases ... Read the full article
Farmers to reopen offering multiple lines coverage to new California customers
13th December 2024
Farmers Insurance has announced it will resume offering coverage for multiple lines of insurance in California to new customers, in a phased reintroduction beginning December 14, 2024. Farmers Insurance’s expanded coverage will include condominium and renters, which will reopen from December 14, 2024; umbrella will reopen from December 24, 2024; landlord ... Read the full article
Property sees signs of softening, but remains fragile: Amwins
13th December 2024
The property market remains in a delicate state, although a general softening trend is evident, Amwins’ analysts have stated in its latest State of the Market Report This year has seen a series of significant weather events, with Hurricanes Helene and Milton causing substantial property damage. Helene, primarily an inland flood ... Read the full article
Guy Carpenter launches new parametric solutions research project for California & Florida
13th December 2024
Guy Carpenter, Marsh McLennan's reinsurance broking arm, has launched a new research project to explore using parametric insurance solutions to insure communities across California and Florida for wildfire and hurricane risks. The research is in collaboration with Guy Carpenter’s Parametric Advisory and Public Sector teams, the Institute of Environment at Florida ... Read the full article
Orion180 announces launch of personalised Residential Flood Insurance product
13th December 2024
Orion180, a provider of insurance solutions, has recently announced the launch of its new Residential Private Flood Insurance product. Orion180’s Private Flood Insurance product provides customisable and extensive coverage options for homeowners across all flood zones. Designed with the flexibility to meet the specific needs of both agents and policyholders, it pairs ... Read the full article
Goldman Sachs predicts orderly 2025 reinsurance renewals
12th December 2024
Goldman Sachs anticipates a stable and orderly reinsurance renewal season in 2025, with property catastrophe pricing expected to decline by 5-15 percentage points at the January 1st renewals. This prediction is based on insights from W.R. Berkley (WRB) and discussions with major insurance carriers. WRB, a property and casualty insurer, forecasts ... Read the full article
American Integrity Insurance appoints Jon Ritchie as President
6th December 2024
American Integrity Insurance Group, a provider of residential property insurance in Florida, has announced the promotion of Jon Ritchie to President. Ritchie, who joined the company in 2019 as Chief Operating Officer, has reportedly been instrumental in driving American Integrity’s growth and success, thanks to his leadership and strategic vision. In his ... Read the full article
PERILS revises insured loss estimate for southern Germany floods to €1.58bn
6th December 2024
Zurich-based catastrophe insurance data provider PERILS has revised its industry loss estimate for the third time, confirming the total cost of the floods in southern Germany, which occurred between May 31st and June 6th, 2024, at €1,582 million. To recap, southern Germany experienced severe flooding in the states of Baden-Wuerttemberg and ... Read the full article
Sola raises $3.7m in seed round to provide affordable natural disaster insurance
6th December 2024
Insurtech company Sola has closed its seed round, bringing total funding to $3.7 million, furthering its mission of providing affordable, reliable natural disaster insurance to homeowners and businesses. Sola aims to tackle the challenges of a volatile home insurance market, where rising premiums and denied coverage have left many homeowners frustrated. Wesley ... Read the full article
Mortgage insurer Enact enters into two quota share reinsurance agreements
4th December 2024
Enact Mortgage Insurance Corporation, the flagship legal entity of mortgage insurer Enact Holdings, Inc., has entered into two quota share reinsurance agreements with a broad panel of highly rated reinsurers, subject to certain conditions. Under these agreements, Enact will cede approximately 27% of a portion of expected new insurance written from ... Read the full article
Insurance industry “supercycle” likely to continue into 2025: ALIRT
3rd December 2024
The US property and casualty (P&C) insurance industry is experiencing a prolonged period of robust financial strength, with no clear end in sight. According to insurance research firm ALIRT, both commercial and personal lines are seeing record-high composite scores, indicating exceptional financial health. "We see no reason why this current supercycle ... Read the full article
EIOPA seeks feedback on awareness tool to address climate-related property risks
2nd December 2024
The European Insurance and Occupational Pensions Authority (EIOPA), which oversees the regulation and supervision of the insurance and pensions sectors in the European Union, is seeking feedback on its consultation paper regarding the creation of an awareness tool. This tool is intended to assist European citizens in understanding how vulnerable their ... Read the full article
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