Homeowners' insurance

Inside P&C’s news team brings you all the top news from the week.

Data shows Texas developments parallel some of the trends in other troubled states, but it is heading in from a stronger position.

From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.

In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.

In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.

The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.

HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.

Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.