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Guidewire HazardHub provides risk data as wildfire season continues in the US
23rd August 2024
Guidewire, a provider of software solutions to the insurance industry, has announced the release of critical data and maps detailing wildfire risk in the United States, with this being available at the national, state, and local levels. Wildfire season typically runs from spring to fall, but varies by region, typically impacting ... Read the full article
Puerto Rico insurers should be able to navigate Ernesto losses: AM Best
20th August 2024
AM Best expects that Puerto Rico-domiciled insurers should be able to navigate losses caused by Hurricane Ernesto, with property losses anticipated to be moderate and contained within reinsurance limits. Based on initial discussions with its rated companies, the rating agency has noted that most of the damage caused by Hurricane Ernesto ... Read the full article
Toronto/Ontario flash flooding drives $940m in insured damage: CatIQ
20th August 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), commented, “The insurance ... Read the full article
Previsico survey finds most businesses lack a flood action plan
19th August 2024
In the face of the escalating threat of climate change, a recent survey by Previsico, a company specialising in real-time flood forecasting and water management, reveals that 54% of organisations in both the public and private sectors do not have a plan to address the rising risk of flooding. A majority ... Read the full article
ICA and PIA urge Australia to reform land use for natural hazard protection
16th August 2024
The Insurance Council of Australia (ICA) and the Planning Institute of Australia (PIA), representing the insurance sector and urban planning professionals respectively, are calling on governments at all levels to address growing housing challenges by reducing the risks associated with natural hazards. At the 2024 National Industry Roundtable on Land Use ... Read the full article
Florida insurers better protected ahead of active hurricane season: KBRA
15th August 2024
Insurers in Florida are preparing for an active Atlantic storm season in 2024 by purchasing increased reinsurance limits and coverage to protect their balance sheets, according to a recent KBRA report. The report also highlighted that a combination of recent regulatory reforms and insurers obtaining extensive rate increases, have attracted reinsurers ... Read the full article
More than 2.6 million homes across 14 US states at moderate to very high risk of wildfire damage, CoreLogic
14th August 2024
More than 2.6 million homes across 14 US states are at moderate to very high risk of wildfire damage during 2024's wildfire season, with a total reconstruction cost of $1.3 trillion, according to a new report from CoreLogic, a provider of property insights and innovative solutions. Data from the report shows ... Read the full article
Florida’s Yaworsky affirms strengthening property market as Progressive commits
12th August 2024
As Florida's property insurance market improves on the back of reforms, Insurance Commissioner Michael Yaworsky has revealed that Progressive is committed to investing in the state, just days after Hurricane Debby’s landfall in the Big Bend area. The news follows announcements by State Farm and the most recent approval of the ... Read the full article
Hippo reports 88% YoY growth in revenues in Q2 2024
9th August 2024
Home insurance firm Hippo has announced its financial results for the second quarter of 2024 reporting revenue growth of 88% year over year (YoY), with premium retention more in-line with risk-retention. At $90 million, up from $48 million in Q2 2023, revenue growth in Q2 outpaced Total Generated Premium (TGP) growth, ... Read the full article
Assurant sees net income increase 21% in Q2 2024
8th August 2024
US specialty insurance group Assurant has reported a GAAP net income of $188.7 million for the second quarter of 2024, representing a 21% increase compared to the $156.3 million reported in the same period last year. According to the company, this increase was mainly due to a lower after-tax loss from ... Read the full article
CINICO launches new home insurance policy with Parametric Coverage
8th August 2024
The Cayman Islands National Insurance Company (CINICO) has announced it is now offering home insurance policy with Parametric Coverage. This parametric solution was created to pay out pre-agreed amounts automatically to cover incidental expenses, without the need to submit a claim in the event of a hurricane of a Category 3 ... Read the full article
Porch Group sees $110.8m of revenues, files updated application to form Reciprocal
8th August 2024
Porch Group, a homeowners insurance and vertical software platform, has reported total revenue of $110.8 million, which increased 12% compared to the same period the prior year, with an improved net loss of $64.3 million in the second quarter of 2024. In Q2 2024 the firm’s net loss grew compared to ... Read the full article
Thousands more move into fire and flood-prone areas in the US: Redfin
7th August 2024
Areas in the US endangered by wildfires, flooding, and extreme heat saw thousands more people moving in than out in 2023, according to a recent Redfin report. High-fire-risk counties in the US experienced 63,365 more people move in than out, with a significant portion moving to fire-prone Texas. However, this trend was ... Read the full article
Hurricane Season Spurs Automation & Exposure Management Advancements in LatAm: Pro Global
31st July 2024
With the 2024 hurricane season in full effect, this time of the year is always interesting for the re/insurance industry due to the number of opportunities and challenges it poses for many different countries/regions. Reinsurance News recently spoke to Martin Smith, President of Pro Global, Latin America (LatAm) about some of ... Read the full article
New Zealand insurance industry set to go through transformation period following NHI Act implementation
31st July 2024
New Zealand insurance carriers need to update their claims handling processes and ensure their staff are trained accordingly in order to adapt to the changes brought by the implementation of the Natural Hazards Insurance Act 2023 (NHI Act). Gallagher Bassett has prioritised training and upskilling its staff to ensure they are ... Read the full article
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