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HCI reports estimated Q3 losses
23rd October 2020
Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article
Cat losses dent FedNat’s Q3 net income; Delta to trigger agg reinsurance
19th October 2020
FedNat Holding Company estimates that catastrophe weather losses incurred in the third-quarter of 2020 will reduce its net income for the period by approximately $29 million, primarily driven by the impacts of Hurricanes Laura and Sally. The $29 million total is after-tax and net of all recoveries, including reinsurance. Alongside losses ... Read the full article
CoreLogic pegs onshore Delta wind, storm surge losses at up to $1.2bn
14th October 2020
Catastrophe risk modeller CoreLogic has pegged the insured wind losses for residential and commercial properties in Louisiana and Texas from hurricane Delta at between $0.5 billion and $0.9 billion. The analysis examined onshore losses for residential homes and commercial properties and incorporates contents and business interruption, but does not include broader economic ... Read the full article
Mercury Insurance launches two programs to protect Californians from wildfires
13th October 2020
With wildfire season well underway and the peak of the season yet to arrive, Mercury Insurance has announced two new programs to help Californians better protect their homes and families if they live in areas prone to wildfires. The insurer will be offering a discount of up to 18% if the ... Read the full article
Commercial property rates up 7% in Q3: MarketScout
8th October 2020
Commercial property rates increased by 7% during the third quarter of 2020, according to data from MarketScout, the US electronic insurance exchange and specialty MGA. The firm found that re/insurance rates increased by 6.25% on average in Q3, with rate increases on every line of coverage and industry class. The largest rate ... Read the full article
HCI’s TypTap begins first phase of US expansion
6th October 2020
Florida insurtech insurer and subsidiary of HCI Group, TypTap Insurance Company, has launched Phase One of its planned nationwide expansion in the US, which the company first announced in early August. TypTap’s Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida. The ... Read the full article
Kin Insurance enters California to relieve wildfire strain
2nd October 2020
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced it will begin serving homeowners throughout California. The expansion comes in response to the state’s recent increase in wildfire activity and the strain it has created for many homeowners. Kin notes that, in 2018, insurance ... Read the full article
California authorities to work with insurers on wildfire mitigation
30th September 2020
California Governor Gavin Newsom has directed state authorities to work with Insurance Commissioner Ricardo Lara to explore ways that communities and the re/insurance industry can work together to better mitigate wildfire risks. Newsom’s instructions came alongside his signing of two new bills that expand consumer protections related to additional living expenses, ... Read the full article
Munich Re partners with property tech firm Spruce on US title insurance
30th September 2020
Munich Re has partnered with property technology firm Spruce to help bring cost-effective title insurance fueled by automation to the U.S. market. The partnership will see Munich Re leverage Spruce's proprietary API-driven technology. In addition, US homeowners, investors, and lenders will continue to have access to Spruce's digital real estate transaction process. Spruce ... Read the full article
UK must take flood risk more seriously, says Flood Re CEO
28th September 2020
Flood Re Chief Executive Officer (CEO) Andy Bord has said that the UK “must take flood-risk more seriously,” and stressed the urgency of building a more flood resilient country. In a recent interview with Reinsurance News, Bord discussed how Flood Re is working with the government to address the challenges facing ... Read the full article
CoreLogic report highlights opportunity in flood under-insurance
25th September 2020
A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article
Hurricane Sally to trigger FedNat’s reinsurance cover
23rd September 2020
Florida based primary insurer FedNat expects its payouts for hurricane Sally to exceed its single-event aggregate reinsurance retention of $25 million. Sally made landfall near Gulf Shores, Alabama, on September 16 as a Category 2 hurricane impacting both Alabama and the Florida Panhandle. The storm quickly diminished after landfall as it crept northeast ... Read the full article
Aon warns of rising secondary peril losses for re/insurers
21st September 2020
Re/insurance broker Aon has warned that secondary perils are accounting for an increasingly significant portion of global catastrophe losses and pose notable challenges for insurance and reinsurance companies. While tropical cyclones often attract the most focus given the high financial toll that landfalling events can cause, losses from secondary perils cannot ... Read the full article
Hurricane Sally losses will largely fall to NFIP: AM Best
18th September 2020
Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article
2020 already third highest year for insured Cali wildfire losses: Moody’s
17th September 2020
At nearly $5 billion, 2020 is already the third-highest year for California insured wildfire losses behind 2017 and 2018, according to Moody’s Investors Service. In a new report, Moody’s says wildfires across California, Oregon, Washington and other western states have damaged or destroyed around 9,657 homes and commercial structures and burned ... Read the full article