Intel

More than 1.2 million homes in California are at a moderate or high risk of wildfire damage, representing a reconstruction cost value of more than $760 billion, according to a new report on wildfire risk in the U.S. It is just one of the findings from property analytics firm CoreLogic’s 2023 Wildfire Risk Report, which details wildfire threats, reconstruction costs,…

Inflation in the U.S. has fallen from 9% to 3% over the past 12 months, with Americans seeing some relief on the cost of things like gas, groceries and airfare, according to the Associated Press. That leaves inflation still \"significantly above\" the Federal Reserve\'s target of 2%, officials said in recent days, and multiple rate hikes may be needed to…

A homeowner in Connecticut is facing a dog bite claim that will not be covered by insurance after his agent allegedly failed to disclose the dog on his Homeowners Insurance application. Antonio Laires, who is being sued over an incident in which his dog reportedly bit a woman on her face, claims he did not realize that his pet was…

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…

The historic Union Printers Home building in Colorado Springs, Colorado, sustained more than $250,000 in damages after thieves stripped the property of copper wiring and tubing on July 6. According to reports, a maintenance worker notified police of the theft in progress and two of the suspects were arrested as they left the building. The next day, additional suspects returned…

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

A new report from the U.S. Geological Survey (USGS) indicates that the economic toll of earthquakes has reached an estimated $14.7 billion in total annualized building damages and associated losses. That figure is double previous estimates and accounts for higher property values, building improvements and other factors, Property Casualty 360 recently reported. Released April 18 in…

While the number of dog bite claims has dipped, the cost of dog bite claims has been growing significantly, new data from the Insurance Information Institute shows. Last year, the number of claims decreased 2.2%, but claim costs grew 32% to a per-claim average of $64,555, Property Casualty 360 recently reported. These claims totaled $1.3 billion in 2022, representing a…

Short-term rental homes have been filling up quickly in the Phoenix, Arizona, area as fans prepare to celebrate Super Bowl LVII on Sunday, Feb. 12. Football lovers looking to stay closest to the action at State Farm Stadium could expect to find average Airbnb rates around $1,000 per night, Cronkite News reported, with at least one listing asking as much…

2022 was a year that few in the Property and Casualty (P&C) sector could have predicted. Instead of stability, the market remained largely volatile, especially in the Property sector and the reinsurance marketplace. Many carriers suffered through unprofitable years thanks to Hurricane Ian, inflation, and an adverse property insurance environment primarily in Florida and Gulf coast states. Above all, losses…

The fourth quarter began very different than how the majority of the summer months had transpired from a Natural CAT perspective; as Hurricane Ian used the final few days of Q3 to take aim at Florida’s densely populated gulf coast. Despite mandatory evacuations, fairly accurate forecasting of its path and the usual several days to prepare, its damages were devastating.…

Vecna, take note: The Byers’ family home will soon have new occupants. A home in Fayetteville, Georgia, that was used in the filming of the hit sci-fi horror series Stranger Things was recently listed for sale for $300,000. It was then taken off the market just one week later after an offer was reportedly accepted for nearly double the asking…