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Chubb management highlights adverse large loss trend in homeowners
16th November 2018
Management at global insurer and reinsurer Chubb have highlighted an adverse large loss trend in homeowners business, and the firm is taking underwriting actions and rate increases to offset the impacts. Chubb recently announced its financial results for the third-quarter of 2018, which revealed catastrophe losses of $450 million and ... Read the full article
U.S homeowners’ growth to fall short of overall economy: Aon
30th October 2018
The latest Homeowners’ RoE Outlook report from Aon’s Reinsurance Solutions business has forecast continued growth in U.S homeowners’ insurance premiums, but suggested that it may not be enough for the market to keep pace with the overall U.S economy. Aon found that U.S homeowners’ direct written premiums increased from $91 billion ... Read the full article
Favourable 2017 reinsurance market insulated homeowners insurers: A.M. Best
29th June 2018
Homeowners insurers were able to absorb 2017’s devastating catastrophe losses with relative ease due to the favourable reinsurance environment that has prevailed in recent years, according to A.M. Best. The rating agency found that the reported combined ratio for homeowners insurers in 2017 was 107.1, which was only marginally higher than ... Read the full article
Citizens defers increased rate package for Florida homeowners
19th June 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has announced that its Board of Governors has voted to defer action on a proposed 2019 rate package that includes a statewide average increase of 7.9% for personal lines policyholders. The company says the proposed rate increases reflect the impact of escalating nonweather related ... Read the full article
U.S. homeowners insurance remains growth engine, says Aon
18th October 2017
U.S. homeowners insurance has remained a growth engine within the otherwise highly saturated U.S. re/insurance markets, with premiums expected to reach $93 billion in 2017, according to Aon’s Homeowner’s ROE Outlook report. This represents a $2 billion growth in premiums from 2016, and shows rate of market growth has been stable ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
National General enters into auto & homeowners quota shares with panel of reinsurers
13th July 2017
National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article
Flood Re helps flood hit homeowners access more insurance options
4th July 2017
Flood Re, the UK's government-backed flood reinsurance scheme, said that it has provided reinsurance to back almost 130,000 insurance policies since its launch and assisted homeowners to get more quotes and options when looking to purchase insurance. At the end of its first full year of operations, Flood Re said that ... Read the full article
Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates
18th April 2017
Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article
AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks
9th June 2023
Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article
Incline P&C Group secures $125 million investment from Braemont Capital to drive expansion
8th June 2023
Incline P&C Group, the leading insurance program market services firm, has secured a significant investment of $125 million from Braemont Capital. Braemont, known for partnering with exceptional companies during their growth inflection points, aims to support Incline in expanding its platform and remaining at the forefront of innovation in the insurance ... Read the full article
Florida Governor DeSantis signs new consumer protection legislation
7th June 2023
Florida Governor Ron DeSantis signed new consumer protection legislation that will “expand the state’s home hardening and hazard mitigation programs, and further protect consumers against bad actors.” DeSantis also announced the approval of an additional $100m in the 2023–24 General Appropriations Act for the My Safe Florida Home Program which provides ... Read the full article
Florida reinsurance market shows signs of recovery with strong rate momentum: Berenberg
5th June 2023
In a positive turn of events for the Florida reinsurance market, industry analysts from investment bank Berenberg have reported that the market is experiencing strong rate momentum and renewed interest from reinsurers. The current rate increases and expected profitability have attracted players such as Berkshire Hathaway, DE Shaw, Ariel Re, and ... Read the full article
CSU increases number of anticipated hurricanes for 2023 Atlantic season
2nd June 2023
An updated 2023 Atlantic hurricane season forecast recently released by Colorado State University (CSU) envisions a “near-average” level of tropical cyclone activity in the Atlantic basin between June and November. Led by Phil Klotzbach, PhD, a non-resident scholar at the Insurance Information Institute (Triple-I), the CSU forecast team released its initial 2023 seasonal outlook on April 13. The updated ... Read the full article
Hippo completes $110m debut catastrophe bond
1st June 2023
Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., has announced the successful sponsorship of Mountain Re Ltd. Series 2023-1 catastrophe bond. As part of the transaction, Spinnaker is entering into a reinsurance contract with Mountain Re that offers protection against a variety of perils, including named storms, fire ... Read the full article
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