Tag: property insurance

April 12, 2024

The cost of construction insurance in Florida is having developers second-guess their willingness to invest in the Sunshine State, while business leaders are growing concerned that higher insurance costs may slow Florida’s booming real estate sector. But these fears are […]

April 8, 2024

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, aims to secure reinsurance coverage of approximately $5.5 billion across a sliver and core layer, as part of its 2024 risk transfer program. As we wrote previously, Citizens projected at […]

April 4, 2024

The Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market, according to the state’s Insurance Commissioner Michael Yaworsky. Yaworsky’s comments stem from the Florida Office of Insurance Regulation’s (OIR) […]

March 22, 2024

Minnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared […]

March 5, 2024

As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the Howden Tiger executive were reportedly […]

February 27, 2024

In the latest update from Gallagher Specialty on the global property insurance market, significant shifts are noted, particularly in the USA region. Reports indicate smoother treaty renewals towards the end of the year, with reinsurers largely maintaining high attachment points […]

January 25, 2024

More than 140 insurance industry plaintiffs, including State Farm, Swiss Re and Lloyd’s, have reportedly joined lawsuits filed against utilities and landowners related to the Maui, Hawaii wildfires, which destroyed much of Lahaina and killed 100 people back in August […]

January 17, 2024

Australian primary insurer Suncorp is reportedly dealing with nearly 28,000 total insurance claims (including more than 20,000 claims for homes) across Queensland, New South Wales and Victoria from the recent storms and flooding that have impacted the east coast alongside […]

January 16, 2024

A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate increases for non-catastrophe property […]

December 29, 2023

Global renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter. The reinsurance […]

December 28, 2023

Storm ZOLTAN is expected to result in insured property damage totalling €200 million, bringing insured losses from natural hazards for 2023 in Germany to almost €4 billion, according to Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss […]

December 27, 2023

As per a report from Bloomberg, Japan’s Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Insurance, MS&AD Insurance, and Sompo Japan Insurance for “colluding to fix prices” in contracts with corporate clients. Japan’s […]

December 18, 2023

The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management […]

December 14, 2023

Louisiana clinches the title of the least affordable state for both personal auto and homeowners insurance, the Insurance Research Council (IRC) revealed in a new report. According to IRC’s findings, Louisiana’s insurance affordability crisis is due to a combination of […]

December 14, 2023

In its new report titled “Exploring Property and Exposure Trends,” and as part of its “Storm Dynamics and the Reinsurance Industry” series, Lockton Re delves into the evolving dynamics of property exposure and their impact on the reinsurance industry, with […]

December 13, 2023

State Farm has maintained its dominance in the US homeowners insurance space, holding firm on its position as the leading market share holder in the third quarter despite grappling with its highest loss ratio in almost six years. According to […]

December 7, 2023

Despite the rate increases that have already been achieved across catastrophe exposed property insurance and property catastrophe reinsurance, it is the view of most reinsurers that property cat pricing is still insufficient, according to Amwins. Amwins, the insurance origination and […]

December 5, 2023

In a landmark decision, the Illinois Supreme Court has granted a major victory for policyholders seeking general liability insurance coverage for construction defect and faulty workmanship claims. For years, Illinois’ intermediate appellate courts rewrote general liability policies to eviscerate coverage […]

December 5, 2023

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 […]

October 30, 2023

We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. Those who have not yet […]