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State Farm experiences premium growth while reporting underwriting losses in 2023
5th March 2024
Auto and homeowners insurer State Farm has announced its 2023 financial results, reporting earned premium of $87.6 billion and a combined underwriting loss of $14.1 billion across its P&C group of companies. This result compared to an underwriting loss of $13.2 billion on earned premium of $74.3 billion in 2022. According to ... Read the full article
Aviva & Howden team up to insure solar subscription service start-up
4th March 2024
Aviva, an insurance and financial services company, has partnered up with Howden to provide bespoke insurance to Sunsave, a start-up which offers homeowners solar panels on a subscription service. From what we understand, the insurer and broker worked together with Sunsave to create a bespoke construction and operation cover policy for ... Read the full article
Energy Raven emerges as an independent entity from American Family Insurance
4th March 2024
Energy Raven has officially launched from American Family Insurance, where it was originally incubated. According to Energy Raven it was initially conceived as an internal corporate innovation project, it has now emerged as a nationally scaled company, supported by American Family Insurance. Dan Reed, Managing Director and President of American Family Ventures, ... Read the full article
Excessive litigation worsens auto insurance costs, says Triple-I
29th February 2024
The Insurance Information Institute (Triple-I) recently released a report highlighting how excessive litigation exacerbates the long-standing issue of rising auto insurance costs. The report outlines how dangerous driving conditions and economic factors have steadily driven up insurance expenses over the years. However, the situation is worsened by aggressive attorneys who escalate ... Read the full article
Sedgwick’s intl. claims fraud strategy saves clients nearly £50m in 2023
26th February 2024
Sedgwick, the global provider of technology-enabled risk, benefits and integrated business solutions, has revealed that efforts tied to the organisation's international claims fraud strategy saved its clients £49.4 million in 2023. Q123 saw continued double-digit inflation, which placed added financial pressure on motorists, homeowners and businesses alike. This also contributed towards an ... Read the full article
Neptune addresses outdated NFIP limits with new excess flood insurance product
21st February 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what's provided by the National Flood Insurance Program (NFIP). With this excess flood policy, customers can get coverage beyond the maximum limit offered by the NFIP. This means they ... Read the full article
ICA declares Valentine’s Day storms in Victoria as a “significant event”
16th February 2024
The Insurance Council of Australia (ICA) has declared the Valentine’s Day storms that struck the Australian state of Victoria as a ‘Significant Event’, escalating insurers response for impacted customers. In a recent statement released by the company, it reveals that insurers have received 9,947 claims related to the storm, which saw ... Read the full article
VIU by HUB partners with HoneyQuote to provide expanded regional insurance options
16th February 2024
Chicago-domiciled VIU by HUB, an omnichannel insurance brokerage platform, has partnered with HoneyQuote, a Florida home and condo insurance marketplace, to provide expanded regional carrier options and specialized advice for Floridians seeking personal insurance. This partnership comes with the background of increasing rates and diminished choice in one of the costliest ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
AM Best suggests pretty significant flood protection gap in California from recent storms
12th February 2024
Recent storms in California have caused heavy flooding in the state resulting in significant economic losses, many of which may not be insured, warned David Blades, associate director, industry research and analytics at AM Best. He stated: “After long periods of drought in California over the past couple decades, the state ... Read the full article
Kin raises $15m in financing from new investor, Activate Capital
6th February 2024
Kin, the digital, direct-to-consumer home insurance organisation, has announced the closing of $15 million in financing from new investor Activate Capital, a growth-stage VC firm that is heavily focused on the sustainable, resilient transformation of the global economy. Kin noted that the investment was made at an increased valuation “greater than $1 ... Read the full article
Farm bureau insurers experience growth despite underwriting challenges: AM Best
5th February 2024
A recent report from AM Best reveals that the U.S. property/casualty (P/C) farm bureau segment has witnessed a 13% increase in premiums over the past two years, largely fueled by personal auto, homeowners, and farmowners’ business lines. The report notes that this growth aligns with the overall expansion of the P/C ... Read the full article
North American insurers expected to balance growth opportunities: Fitch
2nd February 2024
With recession at bay and inflation beginning to cool off, North American insurers are expected to balance growth opportunities while weathering potential impediments to growth this year, according to Fitch Ratings analysts and external panelists at the agency’s Insurance Insights 2024 North America investor forum. Fitch noted that the sector outlooks for ... Read the full article
KBRA revises Conifer’s outlook to stable, downgrades credit ratings
2nd February 2024
Credit rating agency KBRA has downgraded Conifer Holdings and its subsidiaries credit ratings, and revised its negative outlook to stable. Conifer Insurance Company (CIC) financial strength ratings (IFSR) were downgraded to BBB from BBB+ for, and to BBB- from BBB+ for White Pine Insurance Company (WPIC) (together, referred to as Conifer). Additionally, ... Read the full article
Insurance industry faces challenges amidst severe weather and economic trends: Triple-I/Milliman
1st February 2024
In a recent virtual webinar, the Insurance Information Institute (Triple-I) and Milliman shared underwriting projections and insights into the property/casualty insurance industry, shedding light on challenges and trends shaping the sector. The forecast for the 2023 net combined ratio for the property/casualty industry is 103.9, with commercial lines outperforming personal lines. Commercial ... Read the full article
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