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The peril has been historically difficult to model compared to others. -
Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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The deal to reopen the government also extended the NFIP.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The credit can now be applied to mitigation against operational losses.
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The Marsh-placed account renews its all-risks cover on 16 November.
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Widespread underinsurance and low exposures will limit losses.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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A former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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Critics claim the dispute system denies consumers' key legal rights.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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Shared and layered accounts are seen as reaping the biggest benefits.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Expansion into adjacent markets, capital return and M&A among top means of capital deployment.
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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The tropical cyclone is expected to be named Imelda.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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The risk also ranked as a top three concern for companies of all sizes.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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The proposed changes aim to establish clear guidelines for intervenors.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Models anticipate a busier second half, particularly in the next few weeks.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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Ransomware claims have made up the majority of recent large losses.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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The fundraising round brought in $50mn for the insurer.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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The data modeling firm said losses previously averaged $132bn annually.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The group claims the White House is undermining disaster preparedness.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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Storm surge of two to four feet could affect the North Carolina coast.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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The estimate covers property and vehicle claims.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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Both organisations still predict an above-average hurricane season.
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As the fires spread, the priority shifted from saving structures to saving lives.
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The forecast has increased since the early July update due to several additional factors.
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California wildfires account for $40bn of the insured loss tally in H1.
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The risk of cyber incidents that cause physical damage is also rising.
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Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.
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This follows last month’s takeout of 12,000 Citizens policies.
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The CEO said business remains adequately priced in most classes.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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Insured losses produced the second highest first-half tally since records began in 1980.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company adjusts its rate options to expand California business under the new cat model.
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The research team presents the June cat heatmap.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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Rate gains are easing across many commercial and personal lines.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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State legislation has led to major strides in rate adequacy.
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Social inflation, reserving, and organic growth are the topics to watch this earnings season.
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Category 4 and 5 storms could become more common and hit further north.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The weather-modelling agency is predicting a below-normal season.
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The floods have killed at least 81 people, with dozens more missing.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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The company said the reduction was due to years of steady improvements.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Much was learned after the fires, but it could take years before that data influences models.
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The research team presents the May cat heatmap.
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It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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This is up from last year’s $1bn protection for its Florida treaty.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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Van Bakel said that AI can help triage thousands of disaster claims.
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The number has expanded by around 40% from an earlier update, sources said.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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The modeller said the insurance market could be exposed to unexpected aggregations.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The executive has 15 years of experience in meteorology and cat analytics.
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Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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With fee income less understood, a primary acquisition or merger could reset the narrative.
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