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MP’s call for Australia’s cyclone reinsurance scheme to cover fires and floods

10th March 2022

The Guardian Australia has reported that state and federal MPs representing flood-affected communities in Australia have called for the planned commonwealth cyclone reinsurance scheme to be expanded to cover other natural disasters. According to the Insurance Council of Australia, the estimated current cost of claims is now just over $1 ... Read the full article

HCI’s 2021 income drops despite premium growth

9th March 2022

Florida-based insurtech HCI Group has reported a decrease in net income from $27.6 million to $7.2 million over 2021, despite growing its gross written premiums by roughly a third. The company attributed the decrease in income to a one-time gain of $37.0 million on an involuntary sale of real estate included ... Read the full article

FedNat loss grows, reinsurance costs blamed

4th March 2022

Florida based primary insurer FedNat has reported a net loss of $103.1 million for 2021, compared with a loss of $78.2 million in the previous year. The company says the larger loss in 2021 was primarily the result of higher reinsurance costs and the lack of any income tax benefits in ... Read the full article

Commissioner Lara sets new regulations to lower cost of insurance

1st March 2022

Insurance Commissioner Ricardo Lara has created new regulations to improve wildfire safety and drive down the cost of insurance for homeowners and businesses, which would see insurers being required to factor consumers’ and businesses’ wildfire safety actions into their pricing of residential and commercial coverage. The new regulations also will provide ... Read the full article

Brown & Brown to acquire Orchid & CrossCover

28th February 2022

Global insurance brokerage Brown & Brown has entered into an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services. Established in 1998, Orchid is a specialty underwriter of catastrophe-exposed property insurance for homeowners in coastal zones and for high net worth customers. The Orchid management team partnered with industry veteran, Scott ... Read the full article

Australia floods trigger insurance catastrophe declaration

28th February 2022

Severe weather and flooding has resulted in the Insurance Council of Australia (ICA) declaring an insurance catastrophe for Southeast Queensland, as well as areas of New South Wales and the Mid-North Coast region. The catastrophic conditions have now been ongoing since February 21st, with record flood levels recorded in the Mary ... Read the full article

14.5mn+ homes impacted by 2021’s nat cat events: CoreLogic

17th February 2022

Analysts at CoreLogic, a global provider of property information, analytics, and data-enabled solutions, have released a new report which reveals that over 14.5 million single and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage. The report looked at thirteen ... Read the full article

Australia finalises cyclone reinsurance pool details

7th February 2022

Australia’s government has finalised the design of the reinsurance pool for cyclone and related flood damage. According to a statement from the Australian government, over 880,000 residential, strata, and small business property insurance policies in northern Australia are expected to be eligible to be covered by the reinsurance pool. The pool is ... Read the full article

Verisk and HOVER team up to help streamline property claims

3rd February 2022

Verisk and HOVER are working together to help insurers, adjusters, restorers, and policyholders streamline claims. The two companies are teaming up to combine Verisk’s Xactimate with technology from HOVER that can take smartphone photographs and turns them into a ‘digital twin with valuable 3D data’. Property professionals and policyholders can use the ... Read the full article

Allstate reports YoY growth in revenues of 20.7%

3rd February 2022

The Allstate Corporation has reported a YoY increase in revenues of 20.7% in its latest results. The insurance giant reported that its consolidated revenues rose from $41,909m across the whole of 2020 to $50,588m in 2021. It was also reported by the firm that its Q4 revenues in 2021 were 18.7% higher ... Read the full article

AM Best reports US insurance lines bouncing back after 2020

2nd February 2022

The US property and casualty lined showed something of a rebound in 2021, according to new analysis from AM Best. The company just published a special report looking at the figures through Q3 2021. It said that there had been a return to more ‘normal’ results in comparison with 2020. AM Best ... Read the full article

Kin and SPAC terminate planned merger amid unfavourable market conditions

27th January 2022

The proposed business combination agreement between insurtech Kin Insurance and Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC), has been terminated due to "current unfavourable market conditions." It was revealed in July of 2020 that Kin, a direct-to-consumer homeowners insurance technology company, intended to go public via a $1 billion ... Read the full article

Floridian P&C insurers seek higher rates and sustainable profits

24th January 2022

Concerns over sustainable underwriting profits has seen three domestic property insurers in Florida file for a state-wide average rate change, highlighting that the market for homeowners and commercial property insurance is still under pressure in the state. The carriers believe that significant additional rate is required to make it an economic ... Read the full article

Lousiana insurer placed into receivership following hurricanes

24th January 2022

Beleaguered Louisiana homeowners insurer Americas Insurance Company was officially placed into receivership last week after incurring unmanageable losses first from Hurricane Laura in 2020, and then from Hurricane Ida last year. The decision by the state's Insurance Commissioner, Jim Donelon, represents an important step toward the Louisiana Insurance Guaranty Association (LIGA) ... Read the full article

Travelers reports record Q4 net income, but exhausts agg reinsurance

20th January 2022

The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit a record number in comparison to $1.31 billion which was reported ... Read the full article