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Tag: property insurance


Financial, Risk Management

Florida renewal sees orderly process and price increases, driven by recent reforms: JMP Securities

May 22, 2023

Via: Reinsurance News

The Florida insurance market is poised to experience a marked contrast during its June 1 renewal, characterised by an early and orderly process, according to JMP Securities. However, the renewal will also bring significant price increases as the market seeks […]


Financial, Risk Management

Florida Citizens secures $750m of reinsurance with new Everglades Re cat bond

May 19, 2023

Via: Artemis BM

Florida’s Citizens Property Insurance Corporation has now secured $750 million of named storm reinsurance protection for the 2023 hurricane season with this dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, with the prices fixed within the […]


Financial, Risk Management

United Insurance Holdings reports improved combined ratio of 70.5% for Q1 2023

May 16, 2023

Via: Reinsurance News

United Insurance Holdings Corp., the property and casualty insurance holding company, has released its financial results for Q1 2023. The company reported a combined ratio of 70.5% for Q1 2023 as compared to a ratio of 191.7% for Q1 2023. […]


Financial, Risk Management

Louisiana Citizens secures Bayou Re cat bond at $195m

May 12, 2023

Via: Artemis BM

Louisiana Citizens Property Insurance Corporation has now priced its new Bayou Re Ltd. (Series 2023-1) catastrophe bond deal, which will settle at $195 million in size becoming its largest cat bond sponsored to-date. This will now be the largest catastrophe […]


Regulatory / Legal

It’s Time to Roll up Our Sleeves and Rebuild the Florida Insurance Market

May 10, 2023

Via: Insurance Journal

With the Florida legislative changes passed in December – prohibiting assignments of benefits and one-way attorney fees – there is now an opportunity to change the dynamic in Florida and create a more stable market. Historically, the main tools to […]


Financial, Risk Management

US property rates climb as insurers face “serious cost pressures”: RPS

April 11, 2023

Via: Reinsurance News

Analysts at Risk Placement Services (RPS) have cited how the US property market currently finds itself in turbulent times, due to a combination of internal and external factors affecting market dynamics, adding to pressures that are being felt by all […]


Financial, Risk Management

Nat cat insured losses in Q1 between $6-8bn thus far, says JP Morgan

March 3, 2023

Via: Reinsurance News

Analysts at JP Morgan have estimated that total natural catastrophe insured losses in Q1 so far are in the region of $6-8 billion. The analysts write, “Despite there being a month to go in the quarter, losses still feel well […]


News

Farmers Insurance continues to cancel policies due to wildfire risk

February 16, 2023

Via: Insurance Business

Amid spiking insurance rates, Farmers Insurance has been canceling property insurance policies in San Diego, CA communities due to wildfire risk. The insurer recently dropped renewal for 115 condominiums in Scripps Ranch, citing their heightened wildfire risk. Over the past […]


Financial, Risk Management

Earthquakes to drive insured losses of $2.4 billion in Turkey, says KCC

February 16, 2023

Via: Reinsurance News

Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses […]


Financial, Risk Management

Cincinnati Financial posts net loss of $486 million in full-year results

February 7, 2023

Via: Reinsurance News

Cincinnati Financial Corporation has reported a full-year net loss of $486 million, compared with a net income of $2.946 billion in 2021. For Q4 alone, the firm posted a net income of $1.013 billion, compared with a net income of […]


Risk Management, Trends

US property cat reinsurance rates-on-line up 30.1% at January renewals: Guy Carpenter

February 2, 2023

Via: Reinsurance News

The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by a significant 30.1% at the January 2023 reinsurance renewals, taking rates to an all-time high, according to the latest data from the global reinsurance broker. Guy Carpenter, which […]


Regulatory / Legal

Louisiana governor calls special session over state’s property insurance crisis

January 23, 2023

Via: Insurance Business

Recognizing the instability of Louisiana’s property insurance market, Governor John Bel Edwards has called for legislators to convene a special session to address the issue. Edwards’ call comes after State Insurance Commissioner Jim Donelon appeared before the Joint Legislative Committee […]


Financial, Risk Management

Property casting a major shadow over re/insurance market: Lockton

December 20, 2022

Via: Reinsurance News

Insurance and reinsurance broker Lockton has released a report suggesting the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable. In its report, Lockton explains that the P&C insurance market was […]


Regulatory / Legal

Florida property reforms pass House despite criticism

December 15, 2022

Via: Reinsurance News

Florida’s property insurance reform bill has been passed by the House and awaits a signature from State Governor Ron DeSantis, despite opposition from Democrats. The bill aims to create a $1 billion reinsurance fund, reduce litigation costs and may compel […]


Risk Management, Trends

Homeowners view extreme weather as a growing threat, survey finds

November 2, 2022

Via: Reinsurance News

Homeowners in hurricane-prone coastal states and around the US believe severe weather is increasing and that their property is at growing risk from weather events, a new survey by the National Association of Mutual Insurance Companies (NAMIC) has found. However, […]


News

California becomes the first US state to enforce wildfire insurance discounts

October 24, 2022

Via: Insurance Business

California’s insurance regulator has implemented new rules that now require insurers to assess the wildfire risk of their customers’ properties and provide insurance discounts to those with safer properties. “Protecting Californians from deadly wildfires means everyone doing their part, including […]


Regulatory / Legal

Louisiana Insurance Commissioner Approves Citizens Rate Increase of 63%

October 11, 2022

Via: Insurance Journal

Louisiana Insurance Commissioner Jim Donelon approved a significant rate hike for Louisiana Citizens residential property insurance policies, a move the insurance department blamed on rising costs of reinsurance. Donelon approved Citizens’ request for a 63% rate increase, which will go […]


Geo-Political, Risk Management

Hurricane Ian reveals challenges of Florida’s property insurance market – report

October 3, 2022

Via: Insurance Business

Hurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found. The global credit rating agency has projected that […]


News

Florida’s Citizens Property Insurance hits over a million policies

September 22, 2022

Via: Insurance Business

New data from Citizens Property Insurance – Florida’s insurer of last resort – reveals that it had added about 8,000 policies last week, bringing the insurer’s total policyholder count to just over a million. As of September 16, Citizens’ total […]


News

Bermuda remains a global hub for P&C re/insurance: S&P

September 8, 2022

Via: Reinsurance News

A new note from S&P says that Bermuda has become a global financial hub for property/casualty re/insurance, with a growing presence in life re/insurance. This, said the firm, had happened due to the amount of related premiums written by Bermudian […]