Intel

Key Takeaways: Rates are beginning to stabilize or even decline in some non-CAT areas. Market capacity remains healthy, particularly in non-admitted spaces, although often through layered placements, which are becoming more common. Carriers are increasing reliance on exclusions and higher deductibles to manage risk. Wildfire and convective storm risks are driving significant change in both Personal and Commercial Insurance.…

Key Takeaways Insured losses from severe weather in Canada reached a record $8.5 billion in 2024. As catastrophic (CAT) losses continue to rise, a hardening Homeowners Insurance market is becoming increasingly likely in high-risk areas with stricter underwriting, higher deductibles and rates, and more exclusions. More homeowners are seeking specialty insurance, especially for high-risk properties, those with prior claims,…

Inside This Article: Hailstorms are a growing threat in the U.S. and Canada, causing more frequent and severe losses for homeowners. One record-breaking hailstorm in Calgary generated 130,000 claims and nearly $2.8 billion in losses. Property damage caused by hail can be covered by Homeowners Insurance, but separate wind and hail deductibles typically apply. Percentage-based deductibles and roof settlement…

Inside This Article Water damage is Canada\'s leading cause of home insurance claims, accounting for about half of all claims. Preventative measures like insulating pipes, maintaining indoor heat, and installing automatic water shutoff devices can help reduce the risk of costly damage. Homeowners should review their insurance policies and consult an experienced broker to understand coverage limitations and avoid…

OVERVIEW California Wildfires While this report highlights the growth in E&S policies and other trends in the Property & Casualty (P&C) sector as we enter 2025, we must first address the devastating wildfires in southern California, which have significantly impacted the industry and local communities. Current estimates suggest these wildfires have caused $25…

The owner of an Airbnb in Ithaca, New York, is suing Cornell University and the vacation rental platform in a lawsuit that claims a group of international students who rented her home caused $200,000 in severe and \"bizarre\" damages during their eight-day stay. In the lawsuit, the owner alleges that the exchange students — reportedly “hand-picked” for a summer program…

A homeowner in Nebraska whose roof was damaged during a July windstorm said he is grateful no one was hurt but is surprised by the more than $7,000 he had to pay for the repairs. According to KETV Omaha, the man did not realize his Homeowners Insurance would not fully cover roof damage due to wind or hail, leaving him…

Following several years of double-digit rate increases and restrictive adjustments to Terms and Conditions (T&C), the Property Insurance sector has reached a point of relative stability. Rates are largely modest as insurers secure the required premium, now applying rates against a proper exposure basis—Insurance to Value (ITV). With few exceptions of traditional CAT-prone perils in specific geographies, most carriers are…

Consumers will spend a record-breaking $6.4 billion on Valentine\'s Day jewelry purchases this year, according to a recent survey from the National Retail Federation. The annual survey shows that total Valentine\'s Day spending in the U.S. will reach $14.2 billion, another record, INSTORE Magazine reported Jan. 30. Although consumers expected to spend an average of…

Many of the primary factors that influenced the status of the Property & Casualty (P&C) market in 2023 are likely to remain in 2024. We continue to operate in a comparatively hard environment marked by rising but moderating rates on some lines of business, where it is often necessary to layer available capacity that includes carefully worded terms and conditions…

Despite the continued “flight toward profitability” for most carriers, moderation in both rate and capacity is occurring in many insurance sectors. Most rates are rising, but the level of increases is slowing. Capacity is generally available but often requires creativity. On the Casualty side, some classes remain stressed while carriers are competing for business in others. These and other trends…

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…