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$15bn Florence losses could support P&C pricing, says Morgan Stanley
17th September 2018
Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article
Florence losses will be comfortably absorbed by P&C sector: Moody’s
17th September 2018
Insured losses resulting from Hurricane Florence may dampen third-quarter earnings but will generally be comfortably absorbed by the property and casualty (P&C) re/insurance sector, with no foreseeable impact on the overall pricing environment, according to Moody’s. Hurricane Florence made landfall as a Category 1 storm in North Carolina on Thursday night, ... Read the full article
Hurricane Florence losses will be manageable, say re/insurance analysts
14th September 2018
Analysts are confident that re/insured losses from Hurricane Florence will be manageable, with many firms now expecting losses to fall in the lower ends of initial estimates as the category 1 storm continues to weaken. Analysts from both Goldman Sachs and S&P Global Ratings said they believe Florence will ... Read the full article
H1 natural catastrophes will have “limited impact” on reinsurers: S&P
6th September 2018
Losses relating to natural catastrophe events that have occurred thus far in 2018 are likely to have only a “limited impact” on reinsurers, with primary insurers and the U.S National Flood Insurance Program (NFIP) expected to bear the majority of the costs, according to a recent report by S&P Global ... Read the full article
U.S P&C re/insurers given H1 boost following 2017 catastrophes, Fitch Ratings
29th August 2018
A decrease in natural catastrophe losses relative to 2017 helped drive positive mid-year results for U.S property and casualty (P&C) re/insurers, according to a report by Fitch Ratings. Operating performance moderately improved for P&C re/insurers during H1 2018 thanks to improved core loss ratios, lower catastrophe-related losses and lower taxes along ... Read the full article
Flooding and landslides begin as Category 3 Hurricane Lane nears Hawaii
24th August 2018
Parts of Hawaii have experienced flash-flooding and landslides as downgraded Category 3 Hurricane Lane approaches the U.S state, bringing winds of 125mph (200km/h) and heavy rainfall, and causing reinsurance market exposure through aggregate contracts. Lane continues to weaken as it draws closer to the Hawaiian islands, although its outer bands have ... Read the full article
Technology unlocking ‘un-modellable’ catastrophe risks, says CoreLogic’s Larsen
21st August 2018
Recent advances in technology and data analysis have opened new opportunities in catastrophe risk modelling, allowing companies to tackle perils that were previously considered ‘un-modellable’, according to Tom Larsen, Senior Director, Content Strategy at CoreLogic. Larsen explained that risk models support re/insurers in many aspects of loss mitigation for large catastrophes, ... Read the full article
Property remodelling surge creates insurance blindspot: BuildFax
8th August 2018
An almost 60% rise in property remodelling since 2009 has resulted in a misalignment between insurance premiums and risk exposure, according to a new report by BuildFax, a provider of property condition and history insights. Leveraging 23 billion data points, BuildFax observed a 58.9% increase in residential remodelling activity from 2009 ... Read the full article
Insurance Council of Australia backs $20mn cyclone-resilience project
31st July 2018
The Insurance Council of Australia (ICA) has lent its support to a AUD $20 million (USD $15 million) Household Resilience Program for homes in North Queensland’s cyclone belt, recently introduced by the region’s Palaszczuk Government. The program will provide funding for owners of homes built before 1984 to improve their safety ... Read the full article
Swiss Re partnership targets property protection gap in Florida
30th July 2018
Swiss Re has partnered with Florida-based homeowners insurer Security First to provide policyholders with increased protection from water damage, including flood coverage. Ratings are to be based on Swiss Re’s proprietary flood model and priced according to the individual risk exposure. This allows for a more sophisticated delineation of premiums based on ... Read the full article
FEMA urges at-risk Floridians to secure & maintain flood insurance
25th July 2018
As the hurricane season reaches its midway-point, the U.S Federal Emergency Management Agency (FEMA) has called on Floridians to secure and maintain flood insurance. FEMA states that only half of Florida homeowners in high-risk areas had insurance against flooding before hurricane Irma made landfall late last year. Concurrently, however, the National Flood ... Read the full article
Seeman Holtz continues U.S expansion with new acquisitions
23rd July 2018
Seeman Holtz Property & Casualty, Inc. (SHP&C) has continued its expansion in the U.S with the acquisitions of Central Insurance Advisors, LLC in Florida and Transway Insurance Agency, LLC in Texas. The company says the acquisition of these new independent agencies will strengthen its local commercial insurance platforms and allow it ... Read the full article
InsurTech Hippo reports solid growth and expansion of its senior leadership
13th July 2018
California-based InsurTech firm Hippo has recorded solid growth in recent times, tripling its written premiums quarter-over-quarter and with total insured property value now exceeding $10 billion. The InsurTech company has a focus on improving customer experience, and by leveraging its modern home insurance solution, which combines its patented AI framework with ... Read the full article
U.S. commercial lines increase by 2.5% in Q2: MarketScout
12th July 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by an average of 2.5% in the second-quarter of 2018, which is above the 2% recorded in the first-quarter of this year. According to MarketScout's Q2 2018 U.S. commercial P&C market barometer and analysis from Keefe, Bruyette ... Read the full article
Kingstone renews reinsurance treaties under increased coverage
9th July 2018
Kingstone Companies, a multi-line regional property and casualty (P&C) insurance holding company, has announced that its wholly-owned subsidiary, Kingstone Insurance Company (KICO), has renewed its reinsurance coverage for the treaty year beginning July 1, 2018. KICO has entered into various reinsurance agreements with multiple reinsurers, which include increased coverage, improved terms, ... Read the full article
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