Reinsurance News
home insurance
Home and auto insurance premium rates to rise significantly: Triple-I
20th February 2023
Auto and home insurance rates in the US lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Triple-I). In its latest Issues Brief, Triple-I analysts stated that if premium ... Read the full article
Kin launches home & property insurance offering in South Carolina
18th January 2023
Digital insurer, Kin has announced its expansion into South Carolina. The insurer is set to enter the US state, where it will offer a seamless way for homeowners and landlords to protect their most valuable assets, despite being exposed to several risks. South Carolina’s proximity to the Atlantic Coast makes it extremely ... Read the full article
Property cat rates need to increase 50% to offset rising claims costs: EY
22nd December 2022
Next year will be a challenging time for home and motor insurers. At the same time, consultancy EY has suggested that property catastrophe reinsurance rates need to increase by 50% in 2023 to help combat climate change impact and restore profitability. Ben Reid, UK Head of Specialty Insurance at EY, commented: ... Read the full article
Hurricane Ian magnifies Florida homeowners’ re/insurance vulnerability: Fitch
6th December 2022
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses. The rating agency suggests that losses will resonate through the primary and assumed reinsurance markets with ... Read the full article
EY predicts huge losses for UK motor and home insurers
25th November 2022
EY (Ernst & Young) is reporting that UK motor and home insurers expect to make largest annual loss in well over a decade this year, with further losses forecast in 2023. The firm says that despite a profitable 2021, both motor and home insurers expect to make large losses in 2022 ... Read the full article
Florida generates the most homeowners premiums in the US: AM Best
22nd November 2022
Florida is the US state with most premiums in homeowners insurance lines, AM Best analysts have revealed. Despite being only the third more populous state, it generated $12.4 billion of homeowners direct premium in 2021. That is more than California, the most populous state, with $11.2 billion of homeowners direct premium, ... Read the full article
Delos launches program to expand wildfire insurance in California
15th November 2022
Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners. It will also provide full home insurance policies to homeowners currently on the California Fair Access to Insurance ... Read the full article
Kin names leadership team additions to fuel next stage of growth
4th November 2022
Kin Insurance, a US insurtech focused on home insurance, has announced several leadership appointments as the company enters its next phase of growth, including Jerry Fadden, CFO; Jessica Jacob, CLO; Effie Kyroudis, CHRO; and Pete Tiwari, SVP of Product. Sean Harper, CEO of Kin commented on the new appointments, stating, “Over ... Read the full article
Kin receives $145mn in debt financing
31st October 2022
Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article
Amazon launches new home insurance product in the UK
19th October 2022
Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance. For the initial launch, Amazon partnered with Ageas UK, Co-op, and LV= General Insurance, noting that each company was carefully selected using a number of customer-focused criteria, including reasonable time ... Read the full article
Climate change negatively impacting home insurance affordability in Australia: Finity
30th August 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article
Hippo marks Q2 2022 with premium growth increase to $204mn
12th August 2022
Home insurer Hippo Holdings Inc. has seen its total amount of generated premium grow 29% year-over-year to $204.1 million for the second quarter of 2022, from $158.7 million from the same period last year. The insurer noted that the growth was driven primarily by growth across channels in existing states, expansion ... Read the full article
Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings
12th August 2022
A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article
Home insurer Openly secures $75m funding round
23rd June 2022
Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company. Backers include a mix of current and new investors, such as Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. The ... Read the full article
Hippo names McCathron CEO, Wand to serve as Executive Chairman
7th June 2022
Home insurer, Hippo has announced that it has appointed Richard McCathron as Chief Executive Officer (CEO). Since February 2017, McCathron has served on Hippo’s board of directors and as the company’s President. At the same time, Hippo has announced that Founder and prior CEO, Assaf Wand, has become Executive Chairman of the ... Read the full article
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