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Amazon sizes up potential home insurance move, property market reacts

8th June 2018

With it only a matter of time until Amazon officially takes its long-rumoured dive into insurance, supposed insider-information published by news website The Information linking the e-commerce giant to the home insurance market quickly reverberated throughout the industry. The rumoured offering from Amazon is planned to tie in with its connected ... Read the full article

P&C industry pricing and profits to remain mixed through 2018: KBW

7th June 2018

The domestic property and casualty (P&C) industry experienced direct written premium growth (DWP) of almost 6% in Q1 2018, while the aggregated industry's loss ratio improved by more than 270bps. However, analysts at Keefe, Bruyette & Woods (KBW) expect pricing and profits to be mixed throughout the year. During the quarter, ... Read the full article

Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge

6th June 2018

Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article

HCI completes 2018-2019 catastrophe reinsurance renewal

6th June 2018

Homeowners Choice Property & Casualty Insurance Company, Inc., an HCI Group wholly owned subsidiary, has secured its 2018-2019 reinsurance renewal, which provides the firm with protection for a first event up to a loss of $888 million, excluding flood. According to catastrophe models approved by the Florida Office of Insurance Regulation, the first event ... Read the full article

Irma showed the robustness of Florida specialists’ reinsurance utilisation: Fitch

6th June 2018

After the impact of hurricane Irma, primary Floridian insurance companies reported fairly limited losses when compared with the volume assumed by the global reinsurance segment, with many primary players reporting that overall losses fell well within their respective reinsurance programmes, reports Fitch. The ratings agency reports that a notable lack of ... Read the full article

Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s

6th June 2018

The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article

Drone tech could reduce storm damage assessment costs by 40%

1st June 2018

Aerial data collection company DataWing Global has claimed that insurers could significantly reduce their response times and lower costs by 40% if they use drone technology for their damage assessments during the upcoming 2018 storm season. DataWing suggests that by working with independent drone pilots, insurers could inspect roofs and other ... Read the full article

Re/insurers failing to adjust to climate change, reports University of Waterloo

16th May 2018

The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article

U.S P&C re/insurers striving to better harness data: Willis Towers Watson

14th May 2018

Willis Towers Watson has reported that harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and ... Read the full article

Stable German non-life sector well placed to withstand challenges: A.M. Best

19th April 2018

A.M. Best has forecast a stable outlook for the German non-life insurance sector, reporting that its robust economy, solid technical profitability, and strong balance sheets are offset by persistently low interest rates, catastrophe exposure, and the threat of market disruption. The German non-life sector has been growing steadily thanks to a ... Read the full article

Heritage names Tim Johns as President & CEO of Zephyr Insurance

11th April 2018

Heritage Insurance Holdings, a property and casualty (P&C) re/insurance holding company, has named Tim Johns as the next President and Chief Executive Officer (CEO) of Zephyr Insurance Company. Johns will succeed Richard Toyama as head of Zephyr, which is a provider of residential hurricane re/insurance coverage in Hawaii. Johns is already familiar ... Read the full article

IBHS names FEMA’s Roy Wright as successive President and CEO

6th April 2018

The Insurance Institute for Business & Home Safety (IBHS) has named Roy E. Wright as the successor to Julie Rochman, who is retiring from her current role as company President and Chief Executive Officer (CEO) at the end of June 2018. Wright is currently Deputy Associate Administrator for Insurance and Mitigation ... Read the full article

U.S. commercial lines up 2% in Q1 2018: MarketScout

6th April 2018

Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by 2% in the first-quarter of 2018, while personal lines insurers are tweaking pricing by line of coverage. MarketScout's first-quarter 2018 commercial insurance rate barometer shows an overall 2% P&C rate increase, which is in line with ... Read the full article

WMIH Corp and Nationstar Mortgage enter merger agreement

21st February 2018

WMIH Corp and Nationstar Mortgage Holdings with its flagship brand Mr. Cooper have announced that they have entered into a definitive merger agreement. WMIH Chief Executive Officer (CEO) Bill Gallagher, said; “Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and ... Read the full article

Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina

15th February 2018

Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article