Reinsurance News
California
While reinsurance appetite increases, ILS investors appetite in wildfire-exposed transactions remains moderate: GC
14th August 2024
As the California property market experiences a dynamic and challenging time, it faces an escalating risk of wildfires, a peril that needs multiple perspectives in order to understand it, experts stated during Guy Carpenter's recent California Summit event. During the event it was also noted that while reinsurance appetite has increased ... Read the full article
Rising medical costs and state competition challenges stability in US WC insurance: Swiss Re
22nd July 2024
Despite a decade of strong profitability, Laure Forgeron, Chief Underwriting Officer for Casualty at Swiss Re, a global reinsurance company, highlights emerging risks such as rising medical costs and intense competition in states like California, urging insurers to adopt disciplined strategies alongside evolving market conditions to sustain long-term financial health. The ... Read the full article
$7.7bn in losses from extreme heat in California: Commissioner Lara
4th July 2024
Insurance Commissioner Ricardo Lara has released a comprehensive report revealing $7.7 billion in losses from extreme heat events in California, highlighting the urgent need for adaptive strategies to address this growing threat. Commissioner Lara stated, “Extreme heat is a silent, escalating disaster that threatens our health, economy, and way of life ... Read the full article
California FAIR Plan to add commercial policies starting July
26th June 2024
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, will expand its clearinghouse to include commercial policies such as those for farms and condominiums, beginning July 1. This expansion follows the enactment of Senate Bill 505 (Rubio) in 2023, reflecting a concerted ... Read the full article
FloodFlash expands coverage to all mainland US locations
24th June 2024
FloodFlash, the parametric flood insurance provider with sensor technology, has expanded its coverage to all mainland US locations. The company is known for offering flood insurance that exceeds the National Flood Insurance Programme (NFIP) in areas where private markets cannot provide quotes, especially in sectors like real estate, sports and entertainment, ... Read the full article
ISC introduces New Marine Division with seasoned industry experts
21st June 2024
Integrated Specialty Coverages (ISC), a programme administrator based in Carlsbad, California, specialising in creating comprehensive insurance solutions using advanced artificial intelligence (AI) and data analytics, has recently introduced its new Marine Division. This division is led by experienced industry professional Kevin Wolfe, along with John Kiernan and Marquam “Marq” Wolfe. Matt Grossberg, ... Read the full article
Emerald Bay & Lightspeed launch homeowners insurance facility in California
20th June 2024
Emerald Bay Risk Solutions, a collaborative underwriting carrier, has partnered with Lightspeed Specialty Insurance Solutions, a subsidiary of Volnay Insurance Holdings, to launch an insurance facility in California aimed at providing comprehensive coverage to homeowners and landlords in a market that has been underserved. This new initiative will focus on homes ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Allstate will return to writing policies in California when reforms are enacted: report
26th April 2024
U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomberg. Last month, we discussed new regulation announced by the state's Insurance ... Read the full article
Rising insurance costs, coverage changes prompt Florida & California homeowners to move: Redfin
22nd April 2024
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year. The survey was fielded to 2,995 homeowners and renters in the United States. According to Redfin’s survey, insurance ... Read the full article
MRSI launches FAIR Plan Commercial Wrap product in California
15th April 2024
Commercial insureds in California will now be able to benefit from Munich Re Specialty Insurance (MRSI) newly launched FAIR Plan Commercial Wrap, a new solution available to those insureds who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s new product will enable insureds to further enhance the protection ... Read the full article
Alliant expands into California through Vinsa Insurance Associates acquisition
10th April 2024
Alliant Insurance Services, an insurance brokerage and consulting firm, has expanded its presence in California through the recent acquisition of Vinsa Insurance Associates within its Alliant Public Entity division. Vinsa is an independent property and casualty insurance agency specialising in tailored and comprehensive insurance solutions for both commercial and personal lines, ... Read the full article
State Farm to pull out of 72,000 California insurance policies
21st March 2024
State Farm General Insurance Company has announced that it will non-renew approximately 30,000 California homeowners, rental dwelling, and other property insurance policies. If you recall, last May, the insurer halted new homeowners policies being issued in the state, citing exposure related issues and a challenging reinsurance market environment. However, State Farm General ... Read the full article
California looks to expand use of cat models to wildfire, terrorism, & flood: Commissioner Lara
20th March 2024
In a move to help drive back a developing insurance crisis across the state of California, that has witnessed companies pulling back on underwriting property insurance there, or exiting the state completely, Insurance Commissioner Ricardo Lara has unveiled a regulation to allow for an expanded use of catastrophe models to ... Read the full article
California’s regulatory restrictions putting financial pressure on insurers: Triple-I
15th March 2024
California’s regulatory restrictions are said to be putting financial pressure on insurers and contributing to limited availability of property insurance in high-risk markets, according to the Insurance Information Institute (Triple-I). An Issues Brief released by the firm, examined the impact of Proposition 103, a 30-years-old measure that has made it hard ... Read the full article
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