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Loggerhead introduces “much-needed” capacity to Florida homeowners market

3rd January 2024

Socotra has revealed that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home. With Progressive Home reportedly set to non-renew some 115,000 policies in the state of Florida, ... Read the full article

Slide acquires renewal rights for 86,000 Farmers Insurance Homeowners Policies in Florida

13th October 2023

Slide Insurance, the full-stack homeowners insurtech, has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance. The transaction, however, does not include Farmers Insurance renters, auto, or umbrella policies. It has been confirmed, that to facilitate a seamless transition, Farmers agents across Florida will be offered an appointment with ... Read the full article

Florida homeowners premiums unlikely to reduce amid reinsurance costs & inflation: KCC

11th October 2023

A new report authored by Karen Clark, Co-founder and CEO of Karen Clark & Company (KCC), explores the concern among Florida homeowners of increasing insurance premiums, which in turn is driving demand for legislative actions to reduce costs. On the back of hurricanes, other weather-related events, inflation, and excess litigation, insured losses ... Read the full article

Homeowners renewal rates surge in September 2023: KBW

5th October 2023

In a recent report, KBW (Keefe, Bruyette & Woods) has unveiled that homeowners' insurance renewal rates have experienced a significant uptick in September 2023. The estimated industry-wide renewal rate change for homeowners' insurance policies stood at a remarkable +9.2% year-over-year (YoY) during September. This represents a notable acceleration from August, which saw ... Read the full article

MSI and MS Transverse launch new high net worth homeowners program

29th September 2023

Millennial Specialty Insurance, LLC (MSI), an indirect subsidiary of BRP Group, Inc., has launched a new homeowners program catering to High-Net-Worth (HNW) customers in collaboration with MS Transverse. The enhancements to the policy include flexibility to insure homes with a replacement value of up to $10 million, choice of deductibles ranging ... Read the full article

Homeowners deal with rising insurance rates as floods, wildfires & storms become more common

22nd September 2023

A growing number of US citizens are facing difficulties in affording insurance on their homes, a problem that is only expected to worsen because insurers and lawmakers are said to have underestimated the impact of climate change, a new report from First Street Foundation says. According to the report, 39 million ... Read the full article

AM Best negative on US homeowners, says return to underwriting profit unlikely in 2023

18th September 2023

Global ratings agency AM Best has revised its outlook for the U.S. homeowners segment to negative from stable, citing the deterioration of underwriting results, rising loss costs, inflation, firm reinsurance market conditions, and the retreat from catastrophe-exposed states. AM Best notes that its negative outlook reflects a number of ongoing challenges ... Read the full article

RAA releases white paper addressing California homeowners insurance crisis

8th September 2023

In response to the ongoing crisis in California's homeowners insurance market, the Reinsurance Association of America (RAA) has released a comprehensive white paper offering insights and recommendations to address the challenges posed by wildfire-related risks and changing environmental conditions. Since the devastating wildfire losses experienced in 2017 and 2018, the insurance ... Read the full article

OIR approves Orion180 to enter homeowners and wind market

5th September 2023

The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market. Recently, FLOIR approved the companies to form property and casualty (P&C) insurers in Florida. Orion180 is a provider of insurance solutions that was launched ... Read the full article

Florida’s homeowners insurance market faces strains amid hurricane season challenges: Moody’s

31st August 2023

As the 2023 Atlantic hurricane season unfolds, the homeowners insurance market in Florida is grappling with a series of formidable challenges, according to a recent Moody's report. These include elevated catastrophe exposures, dwindling insurance capacity, surging total insured values, and more expensive reinsurance coverage. While there was enough reinsurance capacity available for ... Read the full article

Fair Plan to offer discounts for homeowners taking steps to protect against wildfire

14th August 2023

The California Fair Plan Association is set to introduce new home hardening discounts for policyholders who take steps to make their homes safer from wildfires. The discounts will be effective from August 23, 2023. While residents of the state continue to struggle with the impacts of climate-fueled natural disasters across California, the ... Read the full article

Homeowners insurance premiums surge amidst rising reinsurance costs: KBW

2nd August 2023

Homeowners insurance companies are implementing rate increases, largely driven by anticipated rises in reinsurance rates and reinsurance attachment points, according to KBW analysts. These adjustments are contributing to heightened volatility in earnings and varying impacts on individual insurers, against the backdrop of a challenging year of domestic weather events. KBW analysts have ... Read the full article

Florida homeowners insurance market shows signs of rebound amid market reforms: ALIRT

25th July 2023

In the midst of years of tumultuous market conditions, Florida's homeowners insurance sector seems to be experiencing an encouraging upturn, signaling a possible rebound for the beleaguered industry, according to a recent report by ALIRT Insurance Research. Over the past few years, Florida's property insurance market has been grappling with significant ... Read the full article

Lightning strikes resulted in over $950m in homeowners insurance claims in 2022: Triple-I

16th June 2023

In 2022, lightning strikes caused over $950 million in homeowners insurance claims across the United States, according to the Insurance Information Institute (Triple-I). The data, released to coincide with Lightning Safety Awareness Week (June 18-24), revealed that more than 62,000 policyholders filed claims, with California alone accounting for $125 million of ... Read the full article

HCI expands coverage for TypTap & Homeowners Choice at June renewal

2nd June 2023

Florida-based insurtech HCI Group has increased the reinsurance coverage for both its TypTap and Homeowners Choice subsidiaries at the June renewal. HCI has secured two reinsurance towers for its two insurance subsidiaries by entering into contracts with multiple private reinsurance companies and with the State Board of Administration of Florida, which ... Read the full article

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