One leading, but little-discussed, cause of this coverage crunch: a big increase in the cost of reinsurance policies. Now all eyes are on a round of reinsurance renewals currently under way in Florida and elsewhere that will help determine whether more premium increases are in store for homeowners.
Tag: homeowners insurance
How Deadly Derecho Could Impact Homeowners Insurance
Last week’s devastating storm in Houston is costing many homeowners big bucks in damages.
P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continues to Drag
The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
Homeowners Insurance Less Affordable for Consumers Over the Last 20 Years: IRC Study
Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).
Bad News for Hurricane Season: La Niña Chances Grow More Certain, NOAA Says
Climate troublemaker La Niña isn’t here yet – but it is on the way, federal weather forecasters said in a report released Thursday morning.
Pricier Insurance Makes Sense as Climate Risk Grows, Chubb CEO Says
Surging insurance premiums in regions vulnerable to climate change make sense, and government efforts to hold back those increases won’t work in the long term, Chubb Chief Executive Evan Greenberg said.
Investors Are Suing One of the 12 Failed Home Insurers in Louisiana
As claims poured in from Hurricane Ida, executives of Lighthouse Insurance Co. scrambled to land an infusion of cash from investors, both to assuage concerns from regulators and in hopes of keeping the firm afloat.
Rising Insurance Costs, Coverage Changes Prompt Florida & California Homeowners to Move: Redfin
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year.
California Homeowners Insurance Crisis: Thousands to Lose Coverage as Two More Insurers Withdraw
In filings with the California Department of Insurance, Tokio Marine America Insurance Company and Trans Pacific Insurance Company said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Travelers President: Improvements in Florida Not Enough to Reopen Homeowners
Florida’s homeowners market may look better than it has in the past, but Travelers Cos. is still steering clear, according to Travelers Personal Insurance President Michael Klein.