Florida Citizens will look at options to further reduce exposureThe board of Florida’s state-backed carrier Citizens has responded to calls to further cut its policy count by agreeing to seek an outside review of options to reduce its footprint while continuing to protect property owners in the Sunshine State.
TWIA budgets 15% RoL increase for 2020 cat coverThe Texas Windstorm Insurance Association is expecting to pay more premium for less cover when it places its cat reinsurance programme for the 2020 hurricane season in a sign that the rate increases seen at this year’s US wind renewal are set to continue next year.
California imposes one year non-renewal moratorium for wildfire risksCalifornia’s carriers have no choice but to renew wildfire-exposed homeowners’ coverage after the Golden State’s insurance commissioner issued a one-year moratorium preventing them from declining to reinstate protection.
House sends bill including 1-month NFIP extension to SenateThe US House of Representatives has passed a continuing resolution that would fund the government through 20 December, with the stopgap measure now heading to the Senate.
Court gives FIGA green light to pay Florida Specialty claimsA judge has ruled that the Florida Insurance Guaranty Association (FIGA) may make claims and unearned premium payments to Florida Specialty Insurance Company (FSIC) policyholders without the court making a new insolvency finding.
Several troubled Florida companies for sale: Heritage CEOThe CEO of Heritage Insurance has commented that there are “a number of companies for sale” in Florida but his company is not looking to do any deals at the moment.
FIGA asks judge to clear up uncertainty over Florida SpecialtyThe Florida Insurance Guaranty Association (FIGA) has asked a judge to rule whether it is still required to pay claims and unearned premiums relating to Florida Specialty after insolvency allegations against the carrier were struck from a liquidation order last week.
Florida’s AOB reform having no impact yet: UPC CEOThe CEO of Florida carrier United Insurance Holdings (UPC) has said that assignment of benefits (AOB) reform in the state has not yet had a material impact.
UPC falls to bigger Q3 loss than in prior periodFlorida insurer United Insurance Holdings (UPC) has reported a core loss of $29.2mn, compared with a $14.9mn loss in the third quarter of 2018.
US homeowners direct premiums to top $100bn in 2019Aon’s Reinsurance Solutions business has forecast continued growth in US homeowners’ insurance premiums for 2019, although rate increases are slowing.
Florida insurers pressured over slow payment of Michael claimsInsurers in Florida are facing criticism over outstanding claims from Hurricane Michael – with the state’s insurance department promising to review the industry’s response – while some analysts warn of further loss creep from the storm.
Florida Specialty’s Patschak fights back over insolvency and conduct claimsHomeowners insurer Florida Specialty has denied allegations made by its state regulator and reported in an industry publication that it was legally insolvent and willfully violated the law.
$100bn Miami strike from Dorian would stress test reinsurers and ILS: S&PAmid great uncertainty over the final path of Hurricane Dorian, ratings agency Standard & Poor’s has said a Cat 4 landfall in densely populated areas of the Florida peninsula would see reinsurers and alternative capital bear the brunt of the losses.
Dorian threatens to test a changed Florida homeowners marketIncreased reinsurance pricing, higher cat fund participation and reforms of AOB and FHCF rules mean Hurricane Dorian’s impact on Florida’s homeowners insurance market will look different to recent storms in the state.
Dorian – the market accelerantAside from active live cat trading in the ILW market, most insurers and reinsurers with meaningful Florida exposure are in for a nervous wait over the long Labor Day weekend.
Insured losses from Dorian-like storms $11.3bn-$37.2bn: RMSAn RMS analysis of five historical Florida storms similar to Hurricane Dorian reveals a mean insured loss of $22.7bn based on 2019 exposures.
Swedish home insurtech Hedvig raises $10.4mnHedvig, a Swedish start-up that bills itself as providing “nice insurance” for homeowners, has raised SEK100mn ($10.4mn) from Obvious Ventures, D-Ax and Cherry Ventures.
California regulator warns insurers over quake cover “misinformation”California insurance commissioner Ricardo Lara is to send notice to insurers over what has been described as “misinformation” around quake cover that has led to confusion about an alleged “moratorium” on new policies being written.
Palomar reveals exposure to SoCal quakesRecently floated Palomar Holdings has said the total insured value (TIV) of policies it has written within a one hundred-mile radius of the epicenters of the two quakes that struck Southern California last week is “considerably less” than its excess of loss (XoL) reinsurance programme.
US commercial and personal lines increases accelerate in Q2: MarketScoutRate increases in both the commercial and personal lines P&C sectors picked up in the second quarter according to the latest survey by broker and MGA MarketScout.