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Louisiana’s property insurance market faces rising costs and climate risks: Moody’s
25th April 2024
The property insurance market in hurricane-prone Louisiana faces escalating challenges due to rising premiums and the expenses of claims following severe weather events, according to analysts at Moody’s Ratings. Moody’s recent report highlights Louisiana's vulnerability to destructive storms, prompting insurers to exit the market. Consequently, premiums in the state rank highest ... 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
Applied Underwriters to sell Centauri to Arbol subsidiary Lilypad Insurance
18th April 2024
Applied Underwriters has revealed its plan to sell Centauri Insurance to the newly formed Arbol subsidiary, Lilypad Insurance. The transaction is subject to regulatory approval and is anticipated to close within the next 45 days. As per Applied, Lilypad Insurance, consolidated with the Florida and Louisiana domiciled Centauri companies, will address the ... Read the full article
Allstate pegs total catastrophe losses for Q1 2024 at $731m
18th April 2024
U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax. As per Allstate, March catastrophe losses included ... Read the full article
PURE sees 2023 combined ratio improve, direct written premiums increase 14%
18th April 2024
High net worth insurance specialist PURE Insurance has revealed that its direct combined ratio for 2023 fell to 102.2%, an improvement compared to the last two years, mainly due to stricter underwriting guidelines, pricing enhancements, and management’s efforts to reduce operating costs. However, while the firm noted it is pleased to ... Read the full article
Travelers starts 2024 with strong Q1 reporting net income of $1.123bn
17th April 2024
Primary insurance group Travelers has published its first quarter 2024 financial results, reporting 16% growth in net income despite an elevated level of catastrophe losses compared to the prior year quarter. The insurer saw its net income rise to $1.123 billion in Q1 2024, a figure that compares to the $975 ... Read the full article
Record £573m paid out in weather-related home insurance claims in 2023: ABI
15th April 2024
Home insurance claims for weather-related damage reached a record £573 million last year, making it the highest on record and 36% greater than 2022's £421 million, according to the Association of British Insurers (ABI). This substantial rise was mostly due to the succession of storms, including Babet, Ciaran and Debi that ... Read the full article
American European partners with ShoreOne to complete $125m cat bond
12th April 2024
American European Insurance Company and ShoreOne Insurance Managers, Inc. have revealed their successful sponsorship of the $125 million Charles River Re Ltd. Series 2024-1 catastrophe bond. American European is entering into a reinsurance contract with Charles River Re Ltd. which offers protection against named storms for business written by ShoreOne on ... Read the full article
PURE Specialty Exchange expands high-risk home coverage to six new states
8th April 2024
PURE Specialty Exchange (PSE) has recently extended its High Value Homeowners coverage to six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming. This coverage caters to homes situated in areas susceptible to coastal hazards, wildfires, and other risks, including short-term rentals. Offering coverage of up to $50 million, it accommodates properties ... Read the full article
NJ/NYC earthquake serves as a reminder of the risk despite minimal damage: CoreLogic
8th April 2024
According to CoreLogic, the global provider of property information, analytics, and data-enabled solutions, the recent M4.8 earthquake that occurred in Hunterdon County, New Jersey serves as a reminder that low risk does not mean no risk. Although the probability of damage is low, CoreLogic has encouraged homeowners and insurers to be ... Read the full article
Conifer Holdings reports $143.8m GWP in FY23 results
8th April 2024
In their results for the full-year 2023, Conifer Holdings has reported a 4.2% increase in gross written premium (GWP), as it reached $143.8 million, compared to the previous year's $138 million. Net written premiums however, saw a 24.7% decline, coming in at $68.6 million for the period, compared to last year's ... Read the full article
US commercial P&C rates decelerate in Q1’24, personal lines steady: MarketScout
5th April 2024
Commercial rates in the US went up 3.9% on all property and casualty placements in the first quarter of 2024, a notable decline compared to the plus 5.6% in Q4 2023, while personal insurance rates held steady at plus 4.75% in the period, according to MarketScout. “January and February posted very ... Read the full article
Windward Risk Managers brings additional capacity to Florida market with new P&C insurer
5th April 2024
Windward Risk Managers, the management company behind Florida Peninsula and Edison Insurance, is bringing additional capital and capacity to the Florida market with the launch of Ovation Home Insurance Exchange. Scheduled to begin writing policies in June of 2024, Ovation will be a Florida domiciled reciprocal insurer that will be an ... Read the full article
American Integrity offers affordable property insurance for Florida residents
5th April 2024
American Integrity, a Florida-based property insurer, has launched a new product called ValueGuard Property Insurance, aiming to provide essential home protection for Florida residents at a more affordable price. Tailored specifically for the needs of Florida homeowners, ValueGuard offers affordable coverage against core perils such as fire and windstorm, ensuring that ... Read the full article
Faura raises $500k to help insurers better understand their portfolio risk
2nd April 2024
Insurtech Faura has successfully raised $500k to help insurance companies and homeowners reduce their natural disaster risk. Cities throughout the US have been impacted by natural catastrophes, like wildfires in Maui and flooding across the Northeast and Florida, in recent years; disaster activity that only keeps growing. This has left ... Read the full article