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July 21, 2022

Headlines
 
 
 
The president and CEO of Citizens Property Insurance Corp. said the state-backed insurer could have 1.2 million customers by the end of the year.
 
 
New data from the United States Drought Monitor shows that, while the worst drought conditions are in the west, most U.S. states are experiencing some form of drought.
 
 

 

Business
 
 
 
US consumers are rapidly adapting to electric vehicles, a shift away from the internal combustion engine that may change auto insurance claim characteristics.
 
 
Swiss Re’s economists predict “inflationary recessions” hitting major world economies over the next 12-18 months, and while recessions spell less insurance demand and inflation means higher claim costs, inflation will also drive a continued hard market.
 
 
With an overall combined ratio in excess of 100 for the first time since 2017, private passenger auto joined homeowners in unprofitable territory last year, prompting carriers to respond with pricing and underwriting actions.
 
 
NEXT Insurance and Thimble are the latest InsurTechs to lay off part of their workforce this year, with NEXT citing challenging economic conditions and both InsurTechs pointing to an increased focus on profitability.
 
 
Insurance costs have skyrocketed across the state, and as home values increase, it's becoming harder to get insurance from the state-backed Citizens Property Insurance.
 
The company announced that its board of directors is now exploring a range of options to raise capital, including the sale of the company or merger with another.
 
 
Surplus lines premiums increased to $31.4 billion in the first half, according to the U.S. Surplus Lines Service and Stamping Offices’ 2022 midyear report.
 
Rate decreases of up to 35% in the July renewals for directors and officers liability risks, fueled by significant capacity in excess layers and increased competition.
 
 

 

Education
 
 
 
Environmental groups are seeing increased success in California courts arguing that wildfire risk wasn’t fully considered in proposals to build homes in fire-prone areas.
 
 
Environmental groups are seeing increased success in California courts arguing that wildfire risk wasn’t fully considered in proposals to build homes in fire-prone areas that sit at the edge of forests and brush.
 
Natural catastrophes rank as the top cause of corporate insurance losses in the U.S., accounting for nearly one-quarter of claims in the past five years, Allianz Global Corporate & Specialty SE said in a report.
 
 
 
 
 
For the third straight year, California Insurance Commissioner rejected a proposed increase to the workers compensation advisory pure premium rate.
 
A decade ago, it was questionable sinkhole damages that proliferated in Florida property insurance claims. Now comes cast iron drainpipes, common in older homes.
 
 
Thousands of homeowners are looking for a new insurance policy - the company Southern Fidelity dropped them and now they have 60 days to find a new policy.
 
By this time next year, Citizens policyholders and assignees of benefits could see their claims disputes decided by admin judges who work for a Florida state agency.
 
 

 

Environment
 
 
 
A flash drought has developed in parts of the South and Northeast, according to the US Drought Monitor, in states including Texas, Oklahoma, Missouri and Massachusetts.
 
 
One lightning strike. One unattended campfire. One drought season. That’s how far away Colorado is from the next megafire.
 
The Met Office has issued the first-ever Red Extreme Heat warning for exceptional heat in the UK.
 
 
 
Topics:industry trendsdroughtauto insurance

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