Tag: property insurance

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 […]

October 18, 2023

Tennessee’s Department of Commerce and Insurance has mediated more than 3,000 complaints against insurers so far this year, resulting in a record $13 million awarded to insureds, the department said this week. “This amount represents the largest amount of money […]

October 16, 2023

In most property insurance coverage litigation, the parties engage experts to elucidate the issues in the case. This is particularly true when there are multiple causes of loss, covered and not covered, that combine to cause the damage claimed. In […]

October 13, 2023

Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on the […]

September 29, 2023

In February, Nationwide Mutual Insurance filed notice with the North Carolina Department of Insurance that it would non-renew some 10,525 homeowner policies in the state due in large part to the growing risk from climate change and hurricanes. The move […]

September 26, 2023

Customers in Florida are more dissatisfied with their homeowners’ insurance than customers in any other state, according to a new report from Clearsurance.com. The report found that Florida homeowners deal with several issues that make homeowners’ insurance more complicated than […]

September 20, 2023

In finalising the insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, catastrophe loss data aggregator PERILS AG has lowered the total to JPY 125.9 billion, while also saying that its data […]

September 18, 2023

Illinois homeowners are facing skyrocketing property insurance premiums rivaling those of wildfire and hurricane-prone regions. Conversations about America’s property insurance crisis are typically focused on states that are frequently subjected to extreme weather events like California and Florida, but Illinois […]

August 31, 2023

Specialty insurer Beazley has introduced the first admitted parametric tornado disaster benefit insurance for homeowners, in partnership with Sola Technologies and Spinnaker Insurance Company. The innovative Tornado Crisis product leverages National Weather Service (NWS) data to automatically initiate a fast […]

August 28, 2023

California Senate Republicans are calling on state regulators to tackle the escalating crisis within the homeowners’ insurance market. In a letter penned to Insurance Commissioner Ricardo Lara, Senate Minority Leader Brian W. Jones (R-San Diego) expressed the need for intervention, […]

July 31, 2023

Global commercial insurance pricing rose 3% in the second quarter of 2023, down from 4% in Q1, according to Marsh, which pointed to two notable trends during Q2: a moderation in cyber rates and continuing challenges in property insurance, which […]

July 25, 2023

Farmers Insurance has been forced to rescind tens of thousands of nonrenewal notices to Georgia customers that were scheduled to take effect in August, according to the state’s insurance and safety fire commissioner. Commissioner John F. King said that Farmers […]

July 20, 2023

U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute. “While wind speeds and storm surge […]

July 19, 2023

More insurers are choosing to limit their exposure to climate risks, with some major carriers now pulling out of coastal Virginia neighborhoods. WTKR News 3 spoke to one Hampton Roads resident whose homeowner’s policy was dropped by his insurance company […]

July 12, 2023

The credit ratings of global property insurers are coming under pressure as rising reinsurance costs force them to cut back on cover and retain more risks themselves, DBRS Morningstar analysts said in a research note on Wednesday. Reinsurers, which insure […]

June 13, 2023

Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk and claims insights, has announced a global expansion of its catastrophe response capabilities to the United States insurance market. In the last couple of years, Arturo has proven the value […]

June 1, 2023

Howden Tiger reports a significant increase in reinsurance rates, with risk-adjusted property-catastrophe pricing up 33% on average at June 1 renewals, reaching its highest level since inception. The rate increase fell within the range of 25% to 40%, with variations […]

May 22, 2023

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 […]

May 19, 2023

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 […]

May 16, 2023

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. […]