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Tag: property insurance


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 […]


Financial, Risk Management, Trends

Commercial lines pricing impacted by hard property cat reinsurance market

July 13, 2022

Via: Reinsurance News

A hard property catastrophe reinsurance market is expected to affect commercial insurance lines pricing, according to Goldman Sachs. The firm said that with the latest incremental inflation, pricing in property lines of business are likely to stop decelerating or potentially […]


News

Florida Insurance Agents Feeling the Heat from Roiling Marketplace

July 11, 2022

Via: Insurance Journal

Dan Alexander has seen the worst of the Florida property insurance market from the inside-out – from agents who’ve quit to carriers that have gone insolvent or stopped writing new business, to having to manage policyholders that are mad at […]


Regulatory / Legal

Florida insurance regulator sets 2022 rates for Citizens Property Insurance

June 27, 2022

Via: Insurance Business

Florida’s Office of Insurance Regulation (OIR) has established the personal property and commercial property insurance rates of Citizens Property Insurance Corporation – the state-backed insurer of last resort – for 2022. The OIR held a virtual public rate hearing to […]


Regulatory / Legal

How to Lower Home Insurance Premiums and Wildfire Risks

June 24, 2022

Via: Insurance Journal

Homeowners in the US got new guidance to help them defend against increasingly frequent wildfires and associated rising insurance premiums. The Insurance Institute for Business & Home Safety, a research nonprofit funded by insurers, announced it has developed the first […]


Financial, Risk Management

Revealed – what’s tearing apart Florida’s homeowners’ insurance market?

June 24, 2022

Via: Insurance Business

The Insurance Information Institute (Triple-i) has released a damning report which has warned that Florida’s current homeowners’ insurance market is “on the verge of failure,” thanks to rampant fraudulent roof repair schemes and excessive insurance litigation. Triple-I found that thanks […]


Regulatory / Legal

‘Well-to-Do’ Investment Firm Head Charged in $300,000 South Florida Insurance Fraud

June 23, 2022

Via: Insurance Journal

The head of a small, South Florida investment firm has been charged with insurance fraud after he submitted a $300,000 roof-leak claim to his insurer, American International Group, along with allegedly fake photos of mold and other damage to his […]


Regulatory / Legal

“Several quarters” before benefits of Florida reforms show: CaseGlide CEO

June 15, 2022

Via: Artemis BM

The insurance and reinsurance industry would have welcomed “reforms that helped the industry today” in Florida’s property insurance market, according to the CEO of CaseGlide, as notices of intent to litigate claims rose 10% in the state in May. That’s […]


Regulatory / Legal

High-Speed Lawmaking: Florida Governor Quickly Signs Insurance, Condo Reform Bills

May 27, 2022

Via: Insurance Journal

Florida Gov. Ron DeSantis signed property insurance and condominium maintenance reform legislation into law Thursday, putting an exclamation point on a whirlwind of lawmaking that began just a week ago when the bills were drafted and filed. “This package represents […]


Regulatory / Legal

Florida reform package makes “much-needed progress,” says NAMIC

May 24, 2022

Via: Reinsurance News

The National Association of Mutual Insurance Companies (NAMIC) has commented on Florida’s special session on the property insurance crisis, which it sees as an opportunity for the Legislature to pass critical reforms to address some of the most pressing issues […]


Cyber Risks, Risk Management

Cyber reinsurance premium to exceed property cat in decade beyond 2030: Gallagher Re

February 22, 2022

Via: Reinsurance News

Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re’s cyber reinsurance team […]