Tag: property insurance

May 10, 2023

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 […]

April 11, 2023

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 […]

March 3, 2023

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 […]

February 16, 2023

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 […]

February 16, 2023

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 […]

February 7, 2023

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 […]

February 2, 2023

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 […]

January 23, 2023

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 […]

December 20, 2022

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 […]

December 15, 2022

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 […]

November 2, 2022

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, […]

October 24, 2022

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 […]

October 11, 2022

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 […]

October 3, 2022

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 […]

September 22, 2022

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 […]

September 8, 2022

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 […]

July 13, 2022

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 […]

July 11, 2022

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 […]

June 27, 2022

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 […]

June 24, 2022

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 […]