Travelers Posts Net Income Decline in 3Q Amid Hurricane Claims, Lower Investment Returns

Travelers Insurance reports 2024 Q1 income

Travelers Cos. reports a 31% drop in net income in the third quarter, as Hurricane Ian claims weighed on results and net investment income fell from an unusually strong year-ago quarter. The company said its catastrophe costs increased 11% year on year to $512 million pretax, net of reinsurance, during a difficult quarter for the… Continue reading Travelers Posts Net Income Decline in 3Q Amid Hurricane Claims, Lower Investment Returns

Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best

Fannie Mae and Freddie Mac rules

The homeowners insurance segment in the United States has generated operating profits in three of the last five years, with a net profit of nearly $2.5 billion expected in 2021. However, according to a new AM Best report, the segment could face challenges, with Hurricane Ian affecting 2022 results. “U.S. Homeowners Line Well Capitalized but… Continue reading Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best

Nineteen Large Fires in Washington State and Oregon Prompt Evacuation Orders

insurers exodus from wildfire regions

On Sunday, wildfires raged across Oregon and Washington state, prompting officials to order evacuations in some areas and electric utilities to turn off power to thousands of customers for safety. There were 19 large fires in the two states, encompassing more than 295,000 acres as of Sunday, according to the Northwest Interagency Coordination Center, which… Continue reading Nineteen Large Fires in Washington State and Oregon Prompt Evacuation Orders

Millions of Homes Are Being Built in Harm’s Way Even as Wildfires Grow

insurers exodus from wildfire regions

Wildfires are becoming larger and more severe across the Western United States as global warming intensifies. At the same time, new data show that more Americans than ever are moving to areas of the country that are more likely to burn, increasing the likelihood of disaster. More than 16 million homes in the West were… Continue reading Millions of Homes Are Being Built in Harm’s Way Even as Wildfires Grow