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Hurricane Fiona insured losses depend on recovery and resilience, says AM Best
22nd September 2022
Hurricane Fiona has damaged infrastructure and interrupted business operations in Puerto Rico and the Dominican Republic, though a report from AM Best suggests insured losses are expected to be manageable as companies have taken significant action in managing their risk profiles since Maria in 2017. Making landfall in Puerto Rico on ... Read the full article
Reinsurer losses related to Florida specialists climb, says AM Best
22nd September 2022
According to a recent report by ratings agency AM Best, reinsurer losses related to Florida specialists continue to climb despite the fact there have been no significant storms in the region. Florida’s personal property specialists show a significantly higher dependency on reinsurance than the industry average, says Best, with premiums assumed ... Read the full article
Enact Mortgage secures $201mn credit risk transfer
20th September 2022
Enact Holdings has announced that its flagship entity, Enact Mortgage Insurance Corporation has secured $201 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portfolio of existing mortgage insurance policies written from January 1, 2022 through June 30, 2022, and is effective from ... Read the full article
Commissioner Lara submits wildfire safety regulation to drive down insurance cost
16th September 2022
California Insurance Commissioner, Ricardo Lara, has submitted an insurance pricing regulation to the California Office of Administrative Law that would recognize, and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the ... Read the full article
Triple-I comes out in support of risk-based pricing
15th September 2022
A new paper from Triple-I says that risk-based pricing allows insurers to offer the lowest premiums to policyholders with the most-favourable risk factors. The paper, Trends and Insights: Risk-Based Pricing of Insurance, states that risk-based pricing also allows insurers to offer higher premiums for less-favourable risks. Triple-I said in the report ... Read the full article
Florida and four Western US states at most risk for wildfire damage in 2022
14th September 2022
Florida, Texas, Colorado, California and New Mexico are the top five US states at most risk of wildfire damages in 2022, according to a report by CoreLogic, a property information, analytics and data-enabled solutions provider. The Wildfire Report for 2022 tracks wildfire risks in 15 Western US states and Florida. It ... Read the full article
AM Best turns negative on US personal lines and auto
8th September 2022
AM Best has revised its market segment outlook from stable to negative on the U.S. personal lines insurance segment following a significant deterioration in the reported results of personal automobile insurers. Other major factors include rising loss cost severity, pricing pressures, and elevated reinsurance costs, says Best. It notes that the liability ... Read the full article
Germany sees €3bn of nat cat losses in H1: GDV
8th September 2022
The German Insurance Association (GDV) has said that natural catastrophe events caused damages of around €3bn in the first half of 2022. GDV General Manager, Jörg Asmussen said, “So far, 2022 has been an above-average claims year. The winter storm series "Ylenia", "Zeynep" and "Antonia" in February alone caused almost 50% ... Read the full article
VYRD teams up with Verisk
30th August 2022
VYRD is partnering up with Verisk to launch a new homeowner insurance venture in Florida. The firm said that it was using Verisk’s LightSpeed for Homeowners platform to help streamline the process of obtain quotes for homeowners. Its initial focus, said the company, will be on those customers who are challenged ... Read the full article
ALIRT warns of “bellwether” regulatory trends in US cat states
24th August 2022
Analysts at insurance research firm ALIRT have warned that the industry should remain attentive to the experience of residual market mechanisms in the most catastrophe-prone US states, which it says are an “important bellwether of availability and affordability trends.” In a new report, ALIRT assessed the residual homeowners market trends in ... Read the full article
Florida market remains under strain from man-made crises
23rd August 2022
The legacy that arose from Hurricane Andrew’s landfall in Florida is under strain from the effects of man-made crises today, says a new report. The report, It’s Not Just the Weather: The Man-Made Crises Roiling Property Insurance Markets, posits that there are new and growing crises in many US states arising ... Read the full article
“Florida insurers facing multiple storms” – KBRA
18th August 2022
New research by KBRA says that Florida property insurers are facing storms on multiple fronts as the 2022 Atlantic hurricane season approaches its peak. The company’s work refers to the updated Atlantic hurricane season forecast that was released by Colorado State University at the beginning of the month. That work called ... Read the full article
AM Best downgrades Bankers credit ratings
18th August 2022
AM Best has downgraded the credit ratings of the members of the Bankers Insurance Group. The firm said that it was switching the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bbb” (Good). The group’s members are Bankers Insurance Company ... Read the full article
Insurtech startups shift focus to profitability: S&P
17th August 2022
A recent S&P Global Market Technology report suggests insurtech startups have shifted from a "growth at all costs" mentality to one more focused on profitability. Full-stack companies, or those that have licensed carrier subsidiaries, will require profitable underwriting and investing to achieve this goal, though the report says this may prove ... Read the full article
Combined ratio for P&C this year ‘to worsen to 100.7’
15th August 2022
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. This is according to the latest underwriting projections by actuaries at the Triple-I and Milliman, who said that loss pressures ... Read the full article