Homeowners' insurance

Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.

Susan Arnold, co-vice chair of NAIC’s P&C Insurance Committee, also urged passage of legislation exempting mitigation grants from taxation.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.

The cuts amount to roughly 2% of the insurer’s US workforce.

Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.

White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.

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Data shows Texas developments parallel some of the trends in other troubled states, but it is heading in from a stronger position.

From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.

In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.

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