Tag: property insurance

June 24, 2022

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 […]

June 23, 2022

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 […]

June 15, 2022

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 […]

May 27, 2022

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 […]

May 24, 2022

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 […]

February 22, 2022

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 […]

January 21, 2022

The latest property insurance rate increase filings submitted by carriers in Florida are calling for really significant uplifts in pricing, suggesting the primary market still believes more rate is required to support sustainable profits, which implies reinsurance firming also needs […]

January 3, 2022

The severe wildfire activity in Boulder County, Colorado is now estimated to have destroyed roughly 1,000 properties, with officials preliminarily citing 991 residential properties as completely destroyed, with another 127 damaged. These are not thought to be the final figures […]

December 7, 2021

Fitch Ratings analysts forsee double-digit premium rate rises for property catastrophe cover in 2022, following an insured loss total of close to $100 billion in 2021 and the prospect of natural catastrophe claims increasing in frequency and severity. In fact, […]

October 25, 2021

Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax. This compares to the original third-quarter 2021 pre-tax catastrophe loss estimate […]

October 19, 2021

As part of its effort to reduce its ballooning exposure level and trim the number of policyholders, Florida’s insurer of last resort will increase its property inspections by almost 70-fold over the next four years — with plans to spend […]

October 12, 2021

Silent cyber exposures in the United States property insurance market are accumulating to such a degree that a new report suggests a $12.5 billion industry loss from non-physical damage could flow to property carriers, should a major event occur. Silent […]

October 5, 2021

The Florida Insurance Guaranty Association is urging insurers to hold off on sending homeowners’ policy renewals until state regulators decide if they will approve a surcharge on premiums to help cover more than $168 million in claims left from two […]

September 23, 2021

Citizens Property Insurance Corporation could be dropping support for its independent agents, should a controversial proposal by its chairman gain more traction. On Wednesday, chairman of the board of governors Carlos Beruff resubmitted his proposal to cut independent agents out […]

September 3, 2021

Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to total between $17 billion and $25 billion. Ida’s first landfall was near Port Fourchon, roughly 60 miles south of New […]

August 11, 2021

The Dixie wildfire that is burning in California has now burned almost half a million acres and continues to put significant property value at-risk, with now 1,027 structures reported as having been destroyed by the fire. The Dixie Fire ignited […]

August 11, 2021

US property insurance rates continued to rise across both commercial and personal lines in the second-quarter of 2021, with MarketScout warning that catastrophe exposed property may see stronger rate increases later in the year, depending on the catastrophe loss burden […]

July 30, 2021

The pandemic has fostered a strong desire for clients to upgrade livings spaces, relocate or buy vacation homes. Research from Brookings showed that major metropolitans with populations of more than one million have seen a decline since 2019 with more […]

July 23, 2021

Rising home insurance premiums disproportionately impact seniors and homeowners with low credit scores, according to a new study from insurtech platform Matic. Matic’s mid-year survey reviewed trends from 45,000 policies and 3.2 million quotes. It found that home insurance premiums […]

July 19, 2021

Having warned previously that inflationary factors will result in elevated property insurance claims, global reinsurance firm Swiss Re has now qualified this by saying that the inflationary effect of higher materials and construction prices may only last through this year. […]