Reinsurance News
Your search for “homeowners”
Severe weather events pose uncertainty for US homeowners segment: AM Best
4th October 2022
According to a new report from AM Best, the US homeowners insurance segment could come under pressure with 2022 results expected to be impacted by Hurricane Ian. The hurricane, which made landfall Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article
Large, nationwide homeowners insurers have most cat exposure to hurricane Ian
27th September 2022
Analysis shows that some of the nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach west-central Florida as a major Category 3 storm Wednesday evening local time. After making landfall in Cuba's Pinar del Río ... Read the full article
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
Florida homeowners market still in “free fall” – ALIRT
26th July 2022
The Florida homeowners insurance markets remain in ‘a sort of free fall’, says a new note from ALIRT Insurance Research. The note, an update on the domestic insurer market in the US state, says that a number of factors are buttressing the ongoing narrative that is the market’s decline in recent ... Read the full article
SURE picks up 14,000 FedNat homeowners policies in South Carolina
7th July 2022
SureChoice Underwriters Reciprocal Exchange (SURE), a carrier partner of insurtech company SageSure, has assumed more than 14,000 South Carolina homeowners policies from FedNat Insurance Company. This announcement comes after FedNat completed a £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between ... Read the full article
Reinsurance Pool modelling data reveals 1/4 of Australian homeowners will see premium increases
4th July 2022
The Australian Reinsurance Pool Corporation has released the modelling data used to design the Northern Australia Reinsurance Pool, revealing the impact the scheme is likely to have on premiums across the region. The report indicates up to 24 per cent of residential home policyholders in Queensland with minimal cyclone ... Read the full article
Homeowners risk being underinsured amid high inflation & increased building costs: APCIA
10th May 2022
A recent survey for the American Property Casualty Insurance Association (APCIA), reveals that a majority of insured homeowners have not taken important steps to ensure their insurance coverage is keeping pace with both rising inflation and increased building costs, which could potentially leave policyholders underinsured if catastrophe strikes. The survey was ... Read the full article
United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
KBW predicts homeowners’ rates to accelerate soon
7th February 2022
Despite homeowners’ rate increases being lower, analysts at KBW have said they expect them to accelerate soon. Predicting a period comparable to that between 2007 and 2009, KBW said that the accelerating broad rate increases will come as a response to ‘persistently accelerating loss cost trends’, excluding catastrophes. Writing in its latest ... Read the full article
US tornados to hit commercial multiperil, homeowners lines: AM Best
14th December 2021
AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article
Hippo launches homeowners association insurance product
27th July 2021
Home insurer Hippo has announced its expansion into commercial Insurance, with the launch of a tailored homeowners association (HOA) product. The product is designed to provide broader protection alongside a streamlined claims process. Commercial customers will have access to Hippo’s personalised coverage, backed by the company’s data-driven underwriting, satellite and aerial imagery, ... Read the full article
German floods show climate challenge for homeowners insurers: Moody’s
22nd July 2021
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article
HCI details 2021 reinsurance plan for Homeowners Choice & TypTap
19th July 2021
Florida-based insurtech HCI Group has detailed the 2021 reinsurance coverage that it has secured for its two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. (Homeowners Choice) and TypTap Insurance Company (TypTap). The 2021-2022 Homeowners Choice Florida reinsurance program provides coverage up to $967.6 million for catastrophic losses in ... Read the full article
BRP names Naimish Patel President of Homeowners Insurance Group
21st June 2021
Independent insurance distribution firm BRP has announced the appointment of Naimish Patel as President of its newly established Homeowners Insurance Group, which now sits within Millennial Specialty Insurance. Patel reports to Jim Roche, Founder and Managing Partner of MSI, and will build and lead a new team dedicated to scaling a ... Read the full article
Porch Group completes Homeowners of America takeover
7th April 2021
Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article