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
Tag: home insurance
Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
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
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
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
SURE Expands to North Carolina Homeowners Insurance Market
SURE, the member-owned insurance company for reliable coastal property protection, today announced its coverage is now available in North Carolina. SURE’s North Carolina homeowners insurance is underwritten, distributed, and serviced by SageSure, the leader in catastrophe-exposed property insurance. “SURE was founded to answer the need for trusted property insurance in states with significant catastrophe exposure,”… Continue reading SURE Expands to North Carolina Homeowners Insurance Market
Inflation Likely to Force Homeowners & Auto Insurance to Increase
There doesn’t appear to be any good news about inflation on the horizon for consumers. When they receive their homeowner and auto insurance renewal contracts this year, they will most likely discover that their rates have increased significantly. Rates vary by location, making it difficult to predict how much they will rise. Analysts predict that… Continue reading Inflation Likely to Force Homeowners & Auto Insurance to Increase
Insurance Meltdown Leaves Homeowners without Policies and at Risk
After meteorologists predicted another active Atlantic hurricane season this year, insurance companies closed their doors in Louisiana and Florida, leaving thousands of homeowners in those storm-prone states without coverage. Storms have already taken their toll on the insurance market in Louisiana, making it a “tough place to do business,” according to Jeff Albright, president of… Continue reading Insurance Meltdown Leaves Homeowners without Policies and at Risk
Lightning Caused $1.3 Billion in U.S. Homeowners Claim Payouts in 2021: Triple I
According to the Insurance Information Institute (Triple I), more than $1 billion in lightning-caused U.S. homeowners insurance claims were paid out to 60,000-plus policyholders in 2021, with California accounting for 40% of that total ($523 million). The Triple-I discovered the following based on national insurance claims data compiled to coincide with Lightning Safety Awareness Week… Continue reading Lightning Caused $1.3 Billion in U.S. Homeowners Claim Payouts in 2021: Triple I
Homeowners Insurance Provider Openly Secures $75 Million in Series C Fundraising Round
Openly, the technology-enabled provider of premium homeowners insurance through independent agents, today announced that it has closed a $75 million Series C investment. The round involves a mix of current and new investors, including Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. Openly’s mission is to empower independent… Continue reading Homeowners Insurance Provider Openly Secures $75 Million in Series C Fundraising Round
New York City and Miami Have Most Homes at Risk of Storm Surge Damage
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its 2022 Hurricane Report, which analyzes hurricane and storm surge and wind risk exposure for single-family residences (SFRs) and multifamily residences (MFRs) along the U.S. Gulf and Atlantic Coasts. CoreLogic risk modeling data shows that nearly 7.8 million homes with more than… Continue reading New York City and Miami Have Most Homes at Risk of Storm Surge Damage