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CAPE to enhance AI-powered property intelligence products with Vexcel partnership

21st June 2024

CAPE Analytics, a provider of AI-powered property insights, has partnered with Vexcel, a provider of aerial imaging, to increase its coverage to over 99% of US households and adds access to post-disaster imagery. The new partnership provides CAPE with aerial imagery at a resolution, accuracy, coverage, and recency to boost its ... Read the full article

Florida’s American Integrity expands into Georgia property insurance market

19th June 2024

Tampa, Florida headquartered property insurer, American Integrity Insurance, is set to grow its footprint with expansion into the State of Georgia, establishing its presence in the region with the launch of a HO-5 homeowners policy for homes up to five years old. The move into Georgia comes two years after American ... Read the full article

ICA welcomes NSW budget’s major investments in resilience and flood protection

18th June 2024

The Insurance Council of Australia (ICA), the representative body for the Australian insurance industry, praised the New South Wales (NSW) Government's 2024-25 budget for its significant resilience funding, aimed at improving community protection and insurance affordability. Andrew Hall, CEO, Insurance Council of Australia, commented: "Today’s budget announcements are important investments in ... Read the full article

DeSantis’ new $237mn budget to strengthen the Florida Office of Insurance Regulation

14th June 2024

Florida’s governor Ron DeSantis’ 2024-2025 Focus on Florida's Future budget invests millions in the Florida Office of Insurance Regulation's (OIR) to bolster residential home mitigation programs in the state. The OIR has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of ... Read the full article

Catastrophe losses may raise rates, reduce homeowner protection: S&P

10th June 2024

As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article

Moody’s changes outlook of US P&C personal insurance sector to stable

5th June 2024

Moody's has changed the outlook for the US property & casualty (P&C) personal insurance sector to stable from negative, reflecting continued improvement in underwriting results. According to the rating agency, insurers in this sector have "significantly increased pricing" in both personal auto and homeowners to address high auto repair and construction ... Read the full article

Swiss Re calls for industry focus on European catastrophe loss creep issue

5th June 2024

Swiss Re has proposed an industry focus on the issue of loss creep after natural catastrophe events in Europe, calling it an industry-wide phenomenon, which shows the "pressing need" for a more precise reserve setting after nat cat events. The reinsurance giant explained that achieving this requires up-to-date valuations of what ... Read the full article

Toka Tū Ake EQC renews record reinsurance program of $9.2bn

5th June 2024

EQC Toka Tū Ake, or New Zealand’s Earthquake Commission (EQC) in a record move has secured a whopping reinsurance tower of $9.2 billion from 1st June 2024 to protect homeowners from the impact of natural hazards, helping to ensure home insurance remains affordable in the country. The renewal includes $225 million ... Read the full article

CoreLogic reports 32.7 million homes at risk ahead of active hurricane season

31st May 2024

Ahead of the 2024 Atlantic Hurricane Season, CoreLogic, a provider of property information and analytics, has released its 2024 Hurricane Risk Report to help insurers and risk managers prepare for the upcoming season. The report reveals that over 32.7 million homes from Texas to Maine are at risk of moderate to ... Read the full article

HCI expands reinsurance coverage across subsidiaries at June renewal

31st May 2024

Florida-based insurtech HCI Group has increased its reinsurance coverage across both its reinsurance towers, securing over $2.7 billion in aggregate limit at the June 1 renewal. Similar to the previous year, HCI established two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap. Reinsurance Tower 1 covers all Homeowners Choice ... Read the full article

Florida market improving though reinsurance dependancy remains: AM Best

30th May 2024

Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that "skews" higher than the broader overall property segment, AM Best has noted that their results improved in 2023. It's no secret that Florida insurers have been suffering from ... Read the full article

Strong demand for reinsurance at midyear renewals as pricing moderates: Fitch

30th May 2024

Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and exposure growth. According to the rating agency's most recent report on the matter, increased demand at the ... Read the full article

Climate change adaptation and transition to net zero present huge growth opportunities for insurers: Aon

24th May 2024

Aon’s Strategy and Technology Group (STG) has identified more than $20bn in potential premium growth by 2030 related to environmental megatrends, and has highlighted the importance of understanding the climate risks and opportunities to help clients through prevention and mitigation. Insurers have a crucial role to play in helping individuals, businesses ... Read the full article

Slide finalises $1.86bn 2024 reinsurance program

22nd May 2024

Full-stack homeowners insurtech, Slide Insurance, has completed its $1.86 billion reinsurance program for the upcoming 2024 Atlantic hurricane season, reinforcing its ability to protect homeowners across Florida and South Carolina. According to Slide, its reinsurance program exceeds all regulatory and rating agency requirements, and protects the carrier to the 175-year return ... Read the full article

AEGIS London launches wind buy-back for US private coastal homes

22nd May 2024

Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back. For those unaware, wind deductible buy-backs are purchased by clients to lower deductibles for wind and named storm damage to their private homes in the US. A buyback deductible is an ... Read the full article