You searched for homeowners - Page 46 of 83

HCI Group reports $51.5mn net loss in Q3 results

9th November 2022

HCI Group has reported a net loss of $51.5 million in the third quarter of 2022, compared to a net loss of $4.9 million from the third quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $57.3 million compared to a ... Read the full article

Cutbacks in capacity & price hikes to follow Ian: Risk Strategies

7th November 2022

A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article

Allstate reports $694mn net loss in Q3 results

3rd November 2022

Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net income of $508 million in the prior year quarter, primarily due to an underwriting loss and equity valuation declines. The company’s adjusted net loss for the quarter was $420 million, compared to ... Read the full article

Wright Flood acquires IAT Insurance Group’s flood policy book

2nd November 2022

Wright National Flood Insurance Company has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina. Beginning in early 2023, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program ... Read the full article

APCIA highlights need for flood insurance & investment in resiliency

1st November 2022

On the ten-year anniversary of Superstorm Sandy, the American Property Casualty Insurance Association (APCIA) released a statement attributed to Don Griffin, department vice president of policy, research, and international highlighting the need for flood insurance and increased investment in resiliency. The widespread devastation brought by superstorm Sandy to the Northeast of ... Read the full article

Kin receives $145mn in debt financing

31st October 2022

Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article

ID theft coverage becoming essential for insurers: AM Best

28th October 2022

A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article

Centauri reports Ian losses ran less than halfway up its reinsurance tower

24th October 2022

Jamie Sahara, President of Applied Underwriters, speaking on behalf of its sister company, Centauri, has suggested that the firm continues to stand strong following Hurricane Ian, having run less than halfway up its catastrophe reinsurance tower. Sahara cited the firm's prudent reinsurance approach, as well as staff dedication as a show ... Read the full article

Greenlight Re to invest in short-term rental insurer Safely

20th October 2022

Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection. The short-term home rental market has grown rapidly as seen with the rise of booking platforms like Airbnb and Vrbo. With this, concerns have grown among homeowners about the possibility ... Read the full article

Potential insured flood losses pushed above NFIP’s median: Morgan Stanley

20th October 2022

The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian's flood-based insured losses are at an average of $11 billion, which is ~3x the median ... Read the full article

Amazon launches new home insurance product in the UK

19th October 2022

Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance. For the initial launch, Amazon partnered with Ageas UK, Co-op, and LV= General Insurance, noting that each company was carefully selected using a number of customer-focused criteria, including reasonable time ... Read the full article

California looks to lower insurance costs with new wildfire regulations

18th October 2022

California has introduced new wildfire safety regulation to help drive down cost of insurance by recognizing and rewarding wildfire safety and mitigation efforts made by homeowners and businesses. Insurance Commission Ricardo Lara’s regulation will require insurance companies to submit new rates that recognize the benefit of safety measures such as upgraded ... Read the full article

Commercial pricing to carry on showing modest deceleration: Goldman Sachs

18th October 2022

According to a recent Goldman Sachs report, commercial pricing is expected to continue to show modest deceleration in the quarter. This is mainly due to higher investment yields and improved underwriting over the past several years which have modestly outweigh ongoing inflationary pressures. Analysts noted that in the first two months ... Read the full article

Florida’s litigation environment & social inflation will boost Ian losses: Moody’s

17th October 2022

According to a report from Moody's, Hurricane Ian will inflict a heavy toll on Florida-only insurers, which have already been struggling with poor profitability, high claims litigation costs, weak capitalisation, inflation, and increased reinsurance costs in recent years. Florida-only players will bear outsized losses from Ian given their business concentration in ... Read the full article

Hurricane Ian a potential capital event for reinsurers, says KBRA

14th October 2022

Analysts at KBRA have said that Hurricane Ian could result in a capital impact to some reinsurers, depending on the ultimate magnitude of their losses from the event. The firm said that “all insurers with exposure” in the areas affected by Ian will experience "at least an earnings impact,” but stressed ... Read the full article