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Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

Property & Casualty Report: Q1 2022 Market Overview & Q2 Forecast

As we enter the long-awaited season of Spring which conjures up thoughts of new beginnings, I draw parallels to the Excess & Surplus (E&S) Insurance industry. Several years of disciplined underwriting, including increased rates, adjusted limit deployment, and careful tweaking of policy language, coupled with a tamping of COVID-19 restrictions is resulting in this renewed sense of optimism. Carriers are…

Dog Attack, THC-Spiked Cracker Incident Underscore Home Day Care Risks

Dog Attack, THC-Spiked Cracker Incident Underscore Home Day Care Risks

A 3-year-old girl required 180 stitches to her face and spent days in the hospital after being tragically attacked by a dog April 2 at a home day care in Hemet, California. The attack is one of multiple incidents involving home day care facilities to make headlines in recent weeks. On April 22, police responded to a hospital in Stafford,…

How Soaring Home Values, Green Upgrades Could Impact Homeowners Insurance

How Soaring Home Values, Green Upgrades Could Impact Homeowners Insurance

In communities across the U.S., home prices are soaring so high in some areas that priced-out residents are moving to regions with a lower cost of living, Fox Business recently reported. Average rent prices are also up, with the most significant increases — each over 25% in the past year — seen in cities such as Miami, Tampa and Phoenix,…

Ice Dams, Heavy Snow Cause Problems for Property Owners

Ice Dams, Heavy Snow Cause Problems for Property Owners

Heavy snow, built-up ice and fluctuating temperatures have caused headaches and hardships for homeowners and business owners across the U.S. and Canada this winter. In Texas earlier this month, winter storms led to the collapse of a Waco woman’s living room ceiling at the house she was renting and downed multiple trees in Austin, including one that broke through a…

6 New Year’s Resolutions to Reduce Your Risks in 2022

6 New Year’s Resolutions to Reduce Your Risks in 2022

Have you made your New Year’s resolutions? About 44% of adults surveyed in a recent Medifast poll said they planned to set a resolution for 2022, compared to 50% in 2021. Top resolutions for the new year include financial health, holistic health and wellness, and focusing on self-care or body positivity, the survey found. While not everyone will make a…

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

Property & Casualty 2021 Q3 Market Overview & Q4 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group We are pleased to share our third quarter Property & Casualty Market Overview and Forecast, prepared immediately following industry conferences and meetings that are clear bellwethers of what to anticipate. September, as we know, is Reinsurance Month which sets the stage for pivotal year-end negotiations of January 1…

Catastrophic Flooding Claims Lives, Washes Away Homes in Middle Tennessee

Catastrophic Flooding Claims Lives, Washes Away Homes in Middle Tennessee

At least 22 individuals were killed and many more remained missing after a flash flood ravaged the rural town of Waverly, Tennessee on Aug. 21. The sudden torrent of rain — estimated at 17 inches, likely setting a state record — swept away vehicles, tore homes off their foundations and crumbled roads and bridges. By Aug. 23, officials were reportedly…

108 Wildfires Rage Across U.S. as Fires Leave More Homeowners Vulnerable

108 Wildfires Rage Across U.S. as Fires Leave More Homeowners Vulnerable

At least 108 active wildfires were burning in the U.S. as of Aug. 10, involving over 2.4 million acres of land in 15 states. The Bootleg Fire in Southern Oregon has burned more than 400,000 acres since it was ignited by lightning on July 6 and although it was 98% contained as of Aug. 10, officials said it was nowhere…

‘Airbnb for Backyard Pools’ Trend Raises Liability Flags for Homeowners

‘Airbnb for Backyard Pools’ Trend Raises Liability Flags for Homeowners

An increasing number of homeowners are renting out their backyard pools to earn extra cash, the Wall Street Journal recently reported. At least 13,000 pool owners in the U.S. have signed up to rent out their pools by the hour through Swimply, an online platform that launched in 2020, while others are offering their swimming pools for rent on a…

Property & Casualty 2021 Q2 Market Overview & Q3 Forecast

Property & Casualty 2021 Q2 Market Overview & Q3 Forecast

By Paul G. Smith, Corporate Senior Vice President, Carrier Relations, H.W. Kaufman Group As the world begins to emerge from the COVID-19 pandemic, it is abundantly clear, the “new normal” will reshape all of our organizations. One of our many goals is to keep you updated on the rapidly evolving insurance marketplace where adjustments have arguably never been more fluid.…

Fire at Historic Mackinac Island Home Causes $1 Million in Damages

Fire at Historic Mackinac Island Home Causes $1 Million in Damages

A historic home on Michigan’s famed Mackinac Island caught fire on May 30, leaving more than $1 million in damages to the 120-year-old cottage. No one was injured in the blaze, which was reportedly caused by a chimney failure that occurred about two hours after a fireplace was lit on the home’s first floor. Fire officials described the roof and…

Billion-Dollar Hail Loss Underscores Risk of ‘Unpredictable’ Severe Weather

Billion-Dollar Hail Loss Underscores Risk of ‘Unpredictable’ Severe Weather

Parts of Texas and Oklahoma are still assessing the toll of destruction after hail reportedly as large as softballs left swaths of damages to homes, cars and other property on April 28. The day was expected to be declared a \"billion-dollar hail loss day\" in the U.S.: according to the federal Storm Prediction Center, there were 38 reports of severe…

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