The U.S. personal insurance sector is positioned for improving underwriting performance in 2024 amid signs that the previous surge in claims severity from higher inflation and supply chain shortages has subsided, combined with rapid written premium growth from large rate increases, Fitch Ratings says.
Tag: homeowners
Triple-I Stresses Preparedness for ‘Very Active’ 2024 Atlantic Hurricane Season
The start of what is forecast to be a “very active” 2024 Atlantic hurricane season is just four weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now.
Conifer Moves Commercial Lines to MGA Model, Exits Oklahoma Homeowners Line
Conifer Holdings Inc. is moving to managing general agency business model for its commercial lines business, as it moves its catastrophe-hit Oklahoma homeowners business into runoff, said its chief executive officer.
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort with state insurance regulators.
Nationwide Won’t Renew 10,000+ Homeowners Policies in Eastern NC
Nationwide’s decision to not renew 10,525 homeowners’ insurance policies in Eastern North Carolina could be a warning sign for the state’s insurance market, an expert told The News & Observer.
U.S. Property Catastrophe Reinsurance Rates Rise Up to 50% on July 1: Report
U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.
Florida Homeowners Face New 1% Assessment Fee Amid Property Insurance Crisis
Florida homeowners can expect to see another spike in their insurance premiums as more insurers fail or leave the state.
Hurricanes Moving Farther North to Pummel Millions More U.S. Homes
According to new research, shifting weather patterns influenced by climate change will push strong storms up the East Coast, increasing wind speeds and damage from gusts.
Cat-exposed Homeowner Risks Continue to Experience Large Rate Increases
The composite rate for all personal lines coverages increased 5.2% in the fourth quarter of 2022, a rate which held steady for most of the entire year.
Will Ian ‘Financially Ruin’ Homeowners and Insurers?
When Hurricane Ian inundated the region with powerful ocean surges and damaging downpours, it is expected to financially ruin countless people in Florida whose homes were not covered by flood insurance. The personal financial losses are a result of Ian’s zeal and the fact that millions of Americans across the country have not purchased flood… Continue reading Will Ian ‘Financially Ruin’ Homeowners and Insurers?