Homeowners' insurance

According to filings, USAA will only accept new policies in areas with a Wildfire Risk Score of 1 out of a possible 32 points, where higher numbers indicate a greater risk of wildfire losses.

The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.

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

The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment.

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

The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.

Swyfft is one of Clear Blue’s largest partners, writing nearly $135mn of premium of its $519mn portfolio in 2022, according to its NAIC annual statement.

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The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.

With Maui wildfire investigations beginning to point the finger at Hawaii Electric, it’s possible the insurance industry will see things play out as they did with PG&E in California, but the smaller scale of local utilities suggests lower potential recovery for insurers.

On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.

Inside P&C’s news team runs you through the key highlights of the week.