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US state residual property markets see policy count double in 5 years, AM Best
22nd October 2024
According to AM Best, US residual property insurance markets have seen a far greater influx of personal lines business that far exceeds its commercial lines counterpart, with much of the new business written in states worst affected by the growing frequency and severity of secondary peril losses. In a new report, ... Read the full article
Insurance industry on alert as 91% of executives see climate change as a major threat: Conning
22nd October 2024
A new report by Conning, a provider of investment management and insurance research, titled "Climate Risk: An Imminent Threat to Business," highlights the growing importance of assessing and managing both physical and transitional climate change risks within the insurance industry. The report, based on a survey of insurance executives, reflects Conning's ... Read the full article
Insurance pool PAID selects Moody’s to help model and manage earthquake risk in Romania
18th October 2024
Pool-ul de Asigurare împotriva Dezastrelor Naturale (PAID), an insurance pool against natural disasters established in Romania in 2009, has chosen Moody’s to help the company model and manage earthquake risk in Romania. PAID is an insurance organisation that consists of twelve insurers forming a pool to provide Romanian homeowners with compulsory ... Read the full article
Travelers returns to underwriting profit in Q3’24 despite rise in catastrophe losses
17th October 2024
The Travelers Companies has today reported an underwriting gain of $685 million for the third quarter of 2024 despite a rise in catastrophe losses, net of reinsurance, to $939 million, while substantial net favorable prior year reserve development and higher net investment income also contributed to a rise in net ... Read the full article
Climate-related disclosure data can help reveal insurers’ business-critical risk insights: Quiroga, Swiss Re
16th October 2024
Insurance and reinsurance companies can use climate-related disclosure data to reveal business-critical risk insights, point to growth opportunities and lift the quality of their underwriting, according to Swiss Re’s Paloma Quiroga. In a recent interview with Reinsurance News, Quiroga, Head Risk Consulting & Analytics explained that insurers face an array of ... Read the full article
Slowing US housing market remains a major challenge for title insurers, AM Best
15th October 2024
For the second-straight year, the US title insurance sector witnessed its volume of direct premium written decline, falling 32% to $14.3 billion in 2023, which according to AM Best, reflects housing and macroeconomic trends. It's important to highlight that as mortgage interest rates began to fall in 2020, housing started to ... Read the full article
Building resilience in APAC through $2 trillion annual infrastructure investment: Swiss Re
15th October 2024
Jimmy Lim, Head of Engineering Underwriting Asia at Swiss Re, stated that the Asian Development Bank estimates the Asia-Pacific (APAC) region needs to invest almost USD 2 trillion each year in infrastructure. This substantial investment is critical to supporting economic growth, addressing poverty, and combating climate change. As Lim states, "This represents ... Read the full article
Hippo expands home builder access to New Homes Program in California, Florida & Texas
14th October 2024
Home insurance firm Hippo has announced it will expand home builder access to its New Homes Program in California, Florida, and Texas by the end of the year. Hippo's New Homes Program expects to provide access to insurance for almost 50,000 additional new homes, which accounts for more than a third ... Read the full article
US commercial insurance reports composite rate increase of 3.8% in Q3’24: MarketScout
14th October 2024
The US commercial insurance sector saw a composite rate increase of 3.8% in Q3 2024, with property insurance up 5.7% and commercial auto and transportation risks experiencing the highest rise at 7.3%. MarketScout notes that although insurers expected significant impacts from Hurricane Helene, much of the damage appears to be flood-related, ... Read the full article
Triple-I & Milliman reveals US P&C H1’24 are underwriting results better than expected
11th October 2024
According to the latest forecasting report by the Insurance Information Institute (Triple-I) and collaborating partner, Milliman, the first-half economic and underwriting results for the US property and casualty (P&C) industry were better than expected. The report, Insurance Economics and Underwriting Projections: A Forward View discloses that the net combined ratio (NCR) ... Read the full article
Resilience in Florida’s property insurance market amid hurricane challenges
11th October 2024
After Hurricanes Helene and Milton made landfall along Florida’s coast, Insurance Commissioner Michael Yaworsky shared encouraging updates regarding the state’s property insurance market. Recent announcements from Progressive, State Farm, and the approval of several new property insurers highlight the positive impact of Florida’s major 2023 reforms. Despite scaling back operations in other ... Read the full article
William Malone to serve as Vice President, Head of Agency at Hippo
10th October 2024
Home insurance firm Hippo has appointed 25-year industry veteran, William Malone as the Vice President, Head of Agency effective immediately. Malone will lead Hippo's sales, account management, and customer support functions. He has previously served in sales leadership positions at Chubb, Hartford, Liberty Mutual, and GEICO. Rick McCathron, Chief Executive Officer and ... Read the full article
Hurricane Milton threatens tens of billions in insured losses, reinsurers also to be impacted: RBC Capital Markets
9th October 2024
With its projected path and intensity, Hurricane Milton has the potential to become one of the most expensive storms to hit Florida, analysts at RBC Capital Markets, the investment banking arm of Royal Bank of Canada, predict. Currently, Hurricane Milton remains a Category 4 storm within the Gulf of Mexico, having ... Read the full article
Verisk estimates Helene’s insured losses could reach $11bn excluding NFIP
9th October 2024
According to the Extreme Event Solutions group at Verisk, industry-insured losses due to wind, storm surge, and hurricane precipitation-induced flood from Hurricane Helene will range between $6 billion and $11 billion, excluding the National Flood Insurance Program (NFIP). To recap, Helene, a Category 4 storm with 140 mph winds made landfall ... Read the full article
CoreLogic pegs total insured wind & flood losses from Helene at up to $17.5bn
7th October 2024
Catastrophe risk modeller CoreLogic has revised its estimate of total insured losses from Hurricane Helene to between $10.5 - $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP). According to CoreLogic, insured flood loss from the NFIP and private insurance for residential and commercial properties ... Read the full article
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