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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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