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Climate modeller Terrafuse AI launches platform for Cali wildfire risk

22nd October 2021

Terrafuse AI, a climate and weather risk forecasting tool developer, has launched a new platform for assessing and mitigating the growing property risk from wildfires in California, called Wildfire AI. Nearly 4.5 million U.S. homes were identified at high or extreme risk of wildfire, with more than 2 million in California ... Read the full article

Palomar pegs Q3 catastrophe losses at up to $15.5m

20th October 2021

Specialty property insurer Palomar Holdings, Inc. has announced pre-tax catastrophe losses of between $14.5 million and $15.5 million, net of reinsurance, for the third quarter of 2021. This loss estimate from Palomar represents expected losses from Hurricane Ida and Hurricane Nicholas, and remains subject to change owing to the complexity of ... Read the full article

Travelers reports net income of $662m; record net written premiums

19th October 2021

The Travelers Companies, Inc. has reported net income of $662 million, core income of $655 million, and record net written premiums (NWP) of more than $8.3 billion for the third quarter of 2021, despite a rise in catastrophe losses to $501 million, net of reinsurance. Although still solid, the insurer's net ... Read the full article

Global Atlantic acquires majority stake in eRESI Mortgage

13th October 2021

Life and annuity insurer The Global Atlantic Financial Group (Global Atlantic) has made a strategic investment and capital commitment to become eRESI Mortgage's majority owner. eRESI Mortgage will continue to operate under a newly formed entity, eRESI Capital, being led by Gregory Tsang, Chief Executive Officer and Tim Wang, President. It's is ... Read the full article

P&C loss reserves strengthened during lockdown: Conning

12th October 2021

New analysis by investment management firm Conning shows that the property and casualty (P&C) industry’s overall loss reserve positioned strengthened during global lockdowns last year, ending 2020 in a better position than the previous year. Reserves for private passenger auto, homeowners, workers' compensation, and miscellaneous lines in particular were found to ... Read the full article

US commercial rates up 6.8% in Q3, says MarketSout

8th October 2021

According to MarketScout data the composite rate for commercial insurance pricing in the third quarter of 2021 was up 6.8%, compared to the 5.9% in the second quarter of 2021. Richard Kerr, CEO of MarketScout noted how Umbrella and D&O coverages continue to lead the price increases at 11.7% and 11.3%. By ... Read the full article

New Zealand doubles EQC payout cap to $300k

6th October 2021

The Government of New Zealand has announced that it plans to double the pay out cap for residential buildings covered by the New Zealand Earthquake Commission (EQC) from NZ $150,000 to $300,000. According to David Clark, the Minister Responsible for the Earthquake Commission, the higher cap will help to keep private ... Read the full article

Idaho & Wyoming face disproportionate wildfire costs: CoreLogic

30th September 2021

A new report by catastrophe risk modeller CoreLogic has identified Wyoming and Idaho as the states most at risk for a prolonged wildfire recovery. While California traditionally tops the list each year for wildfire risk simply because it’s the most populous state, CoreLogic’s approach for this year’s report used different metrics ... Read the full article

Cover Genius raises AUD$100m in Series C funding led by Sompo Asia

29th September 2021

Cover Genius has raised AUD$100 million in a Series C funding round led by Sompo Holdings Asia (Sompo Asia) who invested AUD$68 million, with participation from G Squared and other existing investors. The latest funding round follows a good six months for the insurtech, during which it tripled its gross written ... Read the full article

Acrisure acquires Tempo Title

27th September 2021

Acrisure has acquired Tempo Title, a private Title Insurance and settlement service provider in the United States, which will mark Acrisure entrance into the real estate services business. Through this acquisition, Acrisure will establish Acrisure Real Estate Services, a new division to provide homeowners, lenders and investors a broad suite of ... Read the full article

Earnings for US P&C insurers materially improved in H1: Fitch

22nd September 2021

According to a new report from Fitch Ratings, statutory earnings for U.S. property/casualty (P&C) insurers materially improved in the first half of this year, with better underwriting performance tied to higher commercial lines pricing and diminishing effects of pandemic-related losses, as well as outsized investment gains. Fitch noted that the industry ... Read the full article

COVID-19 to have both negative and positive effects on P&C insurers: AM Best

20th September 2021

According to a new report by rating agency AM Best, despite the significant returns of premiums during the pandemic in 2020, rated U.S. property/casualty mutual insurance companies still managed to grow premium modestly. The report shows that net premiums written (NPW) for the rated U.S. mutuals grew by 1.4% last year. Although ... Read the full article

Statutory earnings for US P/C insurers materially improved in 1H21, says Fitch

17th September 2021

Statutory earnings for US property/casualty (P/C) insurers materially improved in 1H21, says Fitch Ratings analysts, with better underwriting performance tied to higher commercial lines pricing and diminishing effects of pandemic-related losses, as well as outsized investment gains. The industry is reported to be better positioned for full-year results and will ... Read the full article

RMS raises hurricane Ida insured loss estimate to $31bn – $44bn

17th September 2021

Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article

Porch bolsters insurtech, home warranty presence with new acquisitions

13th September 2021

Software company Porch Group has announced the acquisitions of CSE Insurance and American Home Protect (AHP), as it looks to accelerate its insurtech ambitions and enter the home warranty market. CSE is a California-based personal lines insurer focused on property and auto that Porch has agreed to acquire from its current ... Read the full article