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U.S. commercial P&C rates up by an average of 2% in Q4: MarketScout

8th January 2018

Analysis from MarketScout reveals that U.S. commercial property and casualty (P&C) insurance rates increased by an average of 2% in the fourth-quarter of 2017, compared with a 1% increase in the previous quarter and a 1.3% decline in Q4 2016. After the devastating impacts of third-quarter 2017 catastrophe events, underlined by ... Read the full article

AmWINS to acquire personal lines specialty MGA Seacoast Brokers

3rd January 2018

Specialty insurer AmWINS Group has reached an agreement to acquire personal lines specialty MGA Seacoast Brokers, LLC, with the transaction due to close following regulatory approval. Steven DeCarlo, Chief Executive Officer of AmWINS, said; “the addition of Seacoast to our AmWINS Access division significantly increases our personal lines products and services. “Seacoast’s ... Read the full article

California wildfires could trigger higher reinsurance rates: A.M. Best

22nd December 2017

Lines of business impacted by the California wildfires may see an uptick in pricing which could trigger higher reinsurance costs as pricing for perils such as smoke, ash, and brush fire may have to be re-evaluated along will terms and conditions for replacement cost values and living expenses, according to ... Read the full article

Australian government won’t intervene on cyclone re/insurance

19th December 2017

The Australian Turnbull Government has said that it "will not intervene directly in the insurance market" as a way to reduce insurance premiums in regions at high risk of impact from tropical cyclones, a Minister said yesterday. Under consideration had been the establishment of a mutual cyclone reinsurance company, backed by ... Read the full article

Canopius agrees to cede risks to Flood Re

14th December 2017

Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK's Government-backed flood reinsurance scheme. The agreement aims to enable UK homeowners living in flood prone areas with access to more effective insurance solutions. The UK Government has pledged support of the Flood Re scheme until 2039, ... Read the full article

U.S. property & casualty personal insurance outlook stable for 2018: Moody’s

14th December 2017

The U.S. property and casualty (P&C) personal insurance industry has been given a stable outlook for 2018, with carriers’ strong capitalisation and adequate earnings capacity having offset losses from a heavy catastrophe year. "Insurers' risk management and capital resources are holding up well against Hurricanes Harvey, Irma and Maria, and the ... Read the full article

2017 California wildfire season could cost $180 billion: AccuWeather

12th December 2017

AccuWeather has warned that the 2017 California wildfire season could result in an economic cost of up to $180 billion, as the so-called Thomas wildfire adds to the expected $10 billion+ insured loss from the October California wildfires. Founder, President and Chairman of AccuWeather, Dr. Joel Myers, said; "Even before this spate ... Read the full article

Florida market forecast for growth into 2018: KBW

11th December 2017

Florida (FL) homeowners insurers’ underwriting margins are forecast for expansion next year, with assignment of benefits (AoB) related loss inflation expected to stabilise and Florida insurers passing reinsurance rate increases onto policyholders, according to Keefe, Bruyette & Woods (KBW). Although Florida insurers will see reinsurance rates rise, KBW said they can pass ... Read the full article

After losses, primary carriers may use more reinsurance: Fitch

6th December 2017

Following the major catastrophe losses of recent months in the United States, Caribbean and Mexico, primary insurance carriers may be inclined to use an increased amount of reinsurance to manage their exposures. Fitch ratings believes that an increased demand for catastrophe and property reinsurance protection could be one of the outcomes ... Read the full article

Palomar Specialty expands U.S. Flex Choice earthquake product

21st November 2017

Palomar Specialty has expanded its innovative Flex Choice residential earthquake product that allows customisation of residential earthquake cover to specific needs into Arkansas, Tennessee, Kentucky, Illinois, Indiana, and Utah. Flex Choice offers a variety of coverage alternatives and deductible options for homeowners and is distributed through independent agents and wholesale brokers. "Palomar ... Read the full article

Milliman to design new flood risk rating plan for NFIP

16th November 2017

The Federal Emergency Management Agency (FEMA) has selected flood risk innovator Milliman to design a new rating plan for National Flood Insurance Programme (NFIP) policies nationwide. The U.S. government programme to provide homeowners with flood insurance, NFIP, has recently been reauthorised and is undergoing reforms after it was hit with an ... Read the full article

RMS puts wine country wildfire losses at up to $8 billion

30th October 2017

RMS has provided an updated economic and insured loss estimate for damages caused by wildfires across the Sonoma, Napa, Solano, Lake, and Mendocino counties of California, of between $6 billion and $8 billion. The estimate includes losses due to property damage, contents and business interruption as a result of fires to ... Read the full article

AIR puts California wildfires insured loss at up to $3 billion

27th October 2017

Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate for the California wildfires, of between $2 billion and $3 billion. The fires started in early October, 2017, and AIR's estimate includes insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California, and includes damages ... Read the full article

California wildfires threaten a $4.6 billion+ industry loss: Moody’s

17th October 2017

Rating agency Moody's expects the recent California wildfires to be among the costliest on record for U.S. P&C insurers, with losses running into a credit negative close to $4.6 billion based on historical events and the number of structures damaged. "Assuming CAL FIRE’s estimate of 5,700 structures destroyed and an average ... Read the full article

Hiscox Re and ILS looks to narrow flood protection gap with FloodXtra

17th October 2017

In an effort to address the flood protection gap (disparity between economic and insured losses post-event), Hiscox Re and ILS has launched FloodXtra, a new solution for U.S. personal lines flood insurers. The flood protection gap in the U.S. was highlighted recently by hurricanes Harvey and Irma, a reminder to the ... Read the full article