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Rate increases persist but slow in robust US homeowners market: Aon
22nd October 2019
The US homeowners sector remains robust in spite of the devastating and costly impacts of 2017 and 2018 catastrophe events, with further premium growth expected in 2019, according to re/insurance broker Aon's annual Homeowners ROE Outlook report. The report finds that US homeowners direct written premiums increased to USD 98 billion ... Read the full article
Insurtech Hippo raises $100m, targets over 80% of US homeowners
24th July 2019
Hippo Insurance, a California-based insurtech focused on US home insurance, has secured $100 million from a Series D funding round. Led by global technology investment firm Bond, the funding will be used to expand Hippo’s geographic footprint, deepen its direct-to-consumer product portfolio, and grow distribution networks of industry partners. More specifically, the ... Read the full article
Florida AOB reforms could reduce homeowners rate need by 15%: Citizens
30th April 2019
Citizens Property Insurance Corporation has praised Florida lawmakers for passing legislation to curtail unnecessary litigation and assignment of benefits (AOB) abuse, which it claims will provide relief for property insurance policyholders in the state. Actuaries estimated that the reforms would reduce the statewide average rate need from 25.2% to 10.1% for ... Read the full article
California homeowners’ market hardens after wildfire losses: MarketScout
23rd January 2019
California homeowners’ rates climbed in the fourth quarter of 2018 as insurers reacted to historic levels of wildfire losses, according to data from MarketScout. Analysts noted that the market appears to be hardening, with rates for homes under $1 million increasing by 3% and by 2% for homes under $1 million. Additionally, ... Read the full article
Citizens proposes 8.2% rate increases for Florida homeowners in 2019
11th December 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has proposed to increase its average premium rates by 8.2% in 2019, driven by costly water-damage claims in South Florida. If approved by the Citizens Board of Governors and the Florida Office of Insurance Regulation, the increase would impact personal lines policyholders from ... Read the full article
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
Urgent need for predictive data to mitigate growing risks of hailstorms in Colorado: Arturo
23rd April 2024
A new report by Arturo, a property intelligence company offering AI-based solutions to insurers, has emphasised the urgent need for predictive data and science-based measures to mitigate the growing risks of hailstorms on homes in Colorado, one of the most hail-prone states in the US. Arturo has published its report as ... Read the full article