In this week's news will talk about Florida welcomes ninth property insurance carrier since 2023, State regulator to fast-track reviews of home insurance rate hikes, and much more…
According to a company statement, Allstate Corp. reported an estimated $587 million in pretax catastrophe losses from 20 events in July.
The company estimated initial losses of $226 million due to Hurricane Beryl. Allstate is the second-largest homeowners and third-largest automobile insurer in Texas. The company faced significant impact when Beryl made landfall as a Category 1 storm on July 8.
In a report by BestWire, Verisk's Extreme Event Solutions group estimated that U.S. onshore wind property losses from Beryl would range somewhere between $2 billion and $3 billion.
Allstate also said that its total pretax catastrophe losses for the month, including reserve reestimates, could reach $542 million.
Burns & Wilcox, a company specializing alising in wholesale insurance brokerage and underwriting, has announced that the Hiscox FloodPlus insurance product is now accessible through its automated platform, IssueQuick.
Flood risks, often underinsured, present a significant challenge in the U.S. according to Brad Turner, the vice president and national product manager for flood at Burns & Wilcox.
Hiscox FloodPlus looks to offer insurance brokers and agents a more streamlined way to manage flood risk policies by combining risk modeling and claims data through a unique Flood API.
Meanwhile, IssueQuick enables users to quote, renew, and manage policies more efficiently. The platform covers both residential and commercial properties, simplifying the process for insurance professionals.
The Florida Office of Insurance Regulation (FLOIR) has approved Trident Reciprocal Exchange as the ninth new property insurance carrier to enter the state since 2023.
Trident received authorization on June 31 to write fire and homeowners multiperil policies, according to an order from Insurance Commissioner Michael Yaworsky.
This approval follows a series of legislative reforms aimed at stabilizing Florida's property insurance market, a report from AM Best said. After these reforms, Insurance Commissioner Yaworsky met with several insurance company executives to explore opportunities for expanding business in the state, according to a spokesperson from the insurance department
Companies such as Progressive Casualty Insurance Co, State Farm, AAA, and Kin Insurance Technology Hub LLC have expressed their commitment to Florida’s property market.
Following delays in legislative efforts to address the review process for home insurance rate hikes, California Insurance Commissioner Ricardo Lara has taken action to expedite the reviews himself. The decision is in response to the growing pressure from insurers retreating from the state's market due to escalating wildfire losses.
It currently takes an average of seven months for insurers to receive decisions on their rate applications, which was described as “unsustainable” by Lara. Insurers like State Farm and Farmers have started declining to renew existing policies or writing new ones, exacerbating the problem. Lara emphasized the urgency of the situation in a written statement, noting that both consumers and businesses are suffering.
Lara issued a bulletin on Friday, August 9, as part of his broader Sustainable Insurance Strategy. It aims to stabilize the home insurance market through a series of reforms. The new measures require the Department of Insurance to review complete rate applications within 60 days.
Re/insurance business network ISC Group has announced the launch of its new individual membership package, “GlobeTrotter.”
The network highlighted this initiative as representing an advancement in ISC Group's ongoing efforts to promote inclusivity and provide support for women across the industry on a global scale.
As the reinsurance and insurance industry becomes more interconnected, professionals are increasingly navigating a global market. The “GlobeTrotter” membership is designed to meet the needs of these international executives by offering access to ISC events, resources, and networks worldwide.