As volatile construction costs persist, a historical view of trends paired with up-to-date pricing better equips insurers, adjusters and contractors to understand the impact of these costs on losses. Verisk’s 2021 Property Report for the United States provides insights into property insurance trends for benchmarking. The report analyzed 7,606,375 assignments totaling $68.5 billion in losses… Continue reading Insurers, Adjusters and Contractors Can Benchmark Performance Against Trends with Verisk’s 2021 Property Report
Tag: property insurance
Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall
Florida’s state-run property insurance corporation, like some private insurers, has been unable to obtain all of the reinsurance coverage required to cover the risks posed by hurricanes and other threats in the coming year. Citizens Property Insurance Corp., the state’s last-resort insurer, has obtained roughly one-third of the backup coverage it sought, according to spokesman… Continue reading Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall
Property Insurance Market in Q1 Sees Price Hikes, Coverage Decline
According to the most recent Alliant market overview, property insurance pricing increased in the first quarter of 2022 while coverage decreased, posing potential challenges to the market. While rate increases are still the norm, the report says they are not at the same level as seen in previous quarters. “Insureds with good risk profiles and… Continue reading Property Insurance Market in Q1 Sees Price Hikes, Coverage Decline
Amwins: Climate Change an Increasing Factor in Reinsurance Pricing
Ongoing climate change is expected to influence pricing decisions for property reinsurers, stifling price cuts in the short term. That’s the message from Jessica Zuiker, Amwins Group’s assistant national property practice leader, and Rich DiClemente, Amwins Re’s president. The pair cited last year’s losses as a result of natural disasters. “With losses totaling $145 billion,… Continue reading Amwins: Climate Change an Increasing Factor in Reinsurance Pricing
Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Market conditions did not change significantly from the previous quarter in the fourth quarter of 2021, according to Woodruff Sawyer. We continue to see stabilization in many sectors of the commercial lines market, and cyber remains a concern for insurers as ransomware losses continue unabated. As premiums continue to rise, cyber buyers are feeling the… Continue reading Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Amwins Experts Offer Tips to Obtain Hard-to-Get Wildfire Insurance
Historically, wildfires have been considered a California-centric risk exposure and with good reason as the top 10 costliest wildfires in the United States have occurred in the state—eight within just the past five years, according to the Insurance Information Institute. Wildfire risk exposure, however, is not limited to California. Forty-five of the 50 states have… Continue reading Amwins Experts Offer Tips to Obtain Hard-to-Get Wildfire Insurance
A Look into Ultra-High-Net-Worth Individuals’ Preferences on Financial Advising and Investment Management
Chubb and The Wharton School of the University of Pennsylvania have released a new research report that examines differences in how wealth managers and ultra-high-net-worth (UHNW) individuals evaluate assets and coordinate risk management activities. The study, which included a survey of 100 UHNW investors, family office members, and key financial decision makers, found that these… Continue reading A Look into Ultra-High-Net-Worth Individuals’ Preferences on Financial Advising and Investment Management
Westfield Specialty Acquires Renewal Rights to Argo Group’s U.S. Property Business
Westfield Specialty, a subsidiary of Westfield Insurance, today announced an agreement to acquire the renewal rights of Argo Group’s US Property, Shared and Layered property business. “This renewal rights transaction is a significant step in our E&S property launch and commitment to the wholesale property marketplace,” said Jack Kuhn, president of Westfield Specialty. “We are… Continue reading Westfield Specialty Acquires Renewal Rights to Argo Group’s U.S. Property Business
Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
The insurance industry could face claims of as much as $30 billion from hurricane Ida, which caused extreme wind and flood damage across parts of the U.S. after making landfall in late August. Insured losses from the storm, the second-most intense hurricane to hit the state of Louisiana, will probably range between $28 million and… Continue reading Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
High-Rise Insurance Shakeup Coming after Surfside, Florida Insurer CEO Says
Florida’s insurer of last resort is bracing for changes in the commercial market regarding high-rise towers following the deadly condominium building collapse last month in Surfside. Citizens Property Insurance Corp. President and CEO Barry Gilway said Wednesday that the June 24 partial collapse of the 12-story Champlain Towers South is expected to result in an… Continue reading High-Rise Insurance Shakeup Coming after Surfside, Florida Insurer CEO Says