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Carriers better able to estimate loss costs after AOB reform: Fitch

29th April 2019

Fitch Ratings believes that insurance carriers in Florida will be able to better estimate loss costs following the passage of a new bill designed to curtail unnecessary litigation and assignment of benefits (AOB) abuse in the state. The reforms will limit the ability of third-party service vendors to take advantage of ... Read the full article

Florida insurers welcome reform to address AOB abuse

25th April 2019

The Florida Property & Casualty Association has commended the Florida Legislature for passing a reform that aims to address assignment of benefits (AOB) abuse in the state. The legislation is expected to help stabilise the recent explosion in AOB litigation and provide policyholders with the tools to protect themselves against predatory ... Read the full article

Universal’s operating income drops in Q1 due to higher losses

25th April 2019

Florida-based property and casualty (P&C) insurer Universal Insurance Holdings, Inc. has posted its results for the first quarter of 2019, which show a 20.5% drop in adjusted operating income due primarily to a $37.17 million increase in losses and loss adjustment expenses. Universal’s combined ratio was 87.2% in Q1 2019, compared ... Read the full article

Reinsurance supports premium growth, improved combined ratio for Travelers in Q1

18th April 2019

U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article

Former NAIC heads welcome expansion in private U.S flood market

17th April 2019

Former National Association of Insurance Commissioners (NAIC) presidents Ted Nickel and John Huff have said they are encouraged by the recent expansion of the private flood insurance market and regulation in the U.S. “The Midwest continues to suffer from the effects of devastating floods, yet few homeowners have the necessary flood ... Read the full article

Florida House of Representatives pass bill targeting AOB reforms

12th April 2019

The Florida House of Representatives has passed legislation designed to tackle the state's assignment of benefits (AOB) issue, increasing the likelihood that needed reforms are enacted into law this year. At the same time, the House passed a bill that looks to increase the reimbursement of loss adjustment expenses (LAE) that ... Read the full article

Significant Brevard County hailstorms to cost HCI Group up to $7m

9th April 2019

A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article

Higher reconstruction costs suggest increased underinsurance: CoreLogic

9th April 2019

CoreLogic's 2019 Insurance Coverage Adequacy Report highlights elevated reconstruction costs in a number of disaster-prone regions between 2016 and 2018. The report examines potential underinsurance issues in certain parts of the U.S. that are susceptible to natural catastrophe events. According to CoreLogic, its findings further highlight the need for insurers to make ... Read the full article

Lower cats, but elevated attritional losses to hit P&C re/insurers in Q1: Analysts

8th April 2019

While Catastrophe activity in the first-quarter of 2019 was muted when compared with other Q1s, elevated attritional losses in the period is expected to pressure the margins of some Property and Casualty (P&C) insurers and reinsurers, warn Goldman Sachs analysts. Specifically, analysts highlight the potential for exposure to large non-cat losses for ... Read the full article

Cape Analytics announces AI-driven wildfire risk solution

5th April 2019

Cape Analytics, a re/insurance data analytics provider, has announced an Artificial Intelligence (AI)-driven solution that allows home insurance carriers to systematically assess wildfire vulnerability for properties across the US. The defensible space solution, complementary to leading wildfire risk models and scoring tools, leverages AI and geospatial imagery to provide detailed information ... Read the full article

KBRA highlights rising insured losses from U.S tornadoes

3rd April 2019

A recent report from Kroll Bond Rating Agency (KBRA) has highlighted a trend of rising re/insured losses resulting from tornadoes in the U.S. Analysts pointed to recent data from Munich Re showing that the average annual insured losses resulting from tornadoes has more than doubled over the last few decades, with ... Read the full article

American Family to acquire Auto & Home unit from Ameriprise Financial

3rd April 2019

American Family Insurance Mutual Holding Company, a Wisconsin-based property and casualty (P&C) insurance group, has entered an agreement to acquire Ameriprise Auto & Home (AAH) from its parent, Ameriprise Financial, for $1.05 billion. Based in De Pere, Wisconsin, AAH is a P&C insurance provider that primarily sells its products through a ... Read the full article

Velocity Risk Underwriters expands offering to North Carolina & New York

3rd April 2019

Coastal-focused property insurer, Velocity Risk Underwriters, LLC, recently announced the expansion of its home insurance offerings to provide homeowners policies in both North Carolina and New York. The firm is licenced in 50 states as a general agency and underwrites property programs via A rated carriers. In the aftermath of hurricane Harvey and ... Read the full article

Munich Re U.S to offer new personal lines homesharing product

2nd April 2019

Munich Reinsurance America, Inc. (Munich Re U.S) has announced that it plans to offer a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S. The coverage will help to enhance a personal lines homeowner, renter or condo insurance policy by filling ... Read the full article

Technology key to Spinnaker’s role as conduit for risk and capital

29th March 2019

Spinnaker Insurance Company, a program and fronting start-up, sees the adoption and use of technology throughout the value chain as critical to its business model as it looks for increased scale. Spinnaker was launched in 2015, and focuses on writing property and casualty exposed programs from U.S. homeowners and specialty business ... Read the full article