Jupiter Risk Services has brought to market a new high value homeowners insurance program, which is offered on a surplus lines basis and backed by AM Best A- rated capacity, with the offering representing parent Risk Theory’s inaugural personal lines play.

Hippo has appointed Andrea Collins as its new chief marketing officer with the recruit returning to the homeowners insurance specialist after spending two years at Flyhomes and cyber-focused insurtech MGA Cowbell.

UK insurers paid out £1.3bn in property claims during the third quarter of 2024, with payouts for the year to date amounting to £4.1bn, new data from the Association of British Insurers has found.

Progressive Home has decided to discontinue offering the dwelling fire line (DP-3) of business as part of efforts to ensure the long-term stability of its property business.

Conning has warned that government and regulators will “fill the void” if the industry is unable to provide solutions for a homeowners insurance market that appears to be reaching a “critical juncture” after several years of heavy natural catastrophe losses, including from secondary perils.

Porch Group has had its application approved to form Porch Insurance Reciprocal Exchange (PIRE), a move it said is a key step to increasing profitability and stabilising earnings in its insurance segment by reducing direct exposure to weather risks.

Hurricane Milton is not likely to affect credit for rated P&C insurers and global reinsurers, Fitch Ratings has said, adding that it does not expect most Florida property insurance specialists’ reinsurance programs to be exhausted.

Hurricane Milton’s potential to be “the big one” took over conversations at the CIAB and APCIA events earlier this week as talk turned to the possibility of a market-moving event, but a southerly shift in track meant the worst-case scenario did not play out.

Florida CFO Jimmy Patronis issued an emergency rule before Hurricane Milton made landfall intended to enhance transparency in the claims adjusting process, a move that also follows recent media scrutiny of Heritage over its adjusters’ practices.

Moody’s RMS on Wednesday sent to clients a pre-landfall stochastic events STEP tool output for Hurricane Milton that includes a $25.3bn mean loss from wind-only damage,

Prospective return on equity (ROE) for diversified homeowners’ insurers decreased by 100 basis points to 5.0 percent from last year, despite the significant rate increases achieved by carriers in 2023/2024, as the sector grappled with escalated secondary perils losses, according to an Aon report.

Hippo’s new homes program is being extended to California, Florida and Texas, a move the insurtech expects will provide access to insurance for almost 50,000 additional new homes in the three states.

Hurricane Helene has strengthened to Cat 4 ahead of a Big Bend, Florida landfall bringing devastating winds and deadly storm surge of up to 20 feet as well as uncertainty over likely insured losses because of its potential to cause significant damage far inland through Georgia and neighbouring states.

Orion180 has begun offering its admitted homeowners insurance product in a seventh state after its Orion180 Select Insurance Co business was given the green light to start underwriting in North Carolina.

Halfway through the hurricane season it would be foolhardy to forecast consecutive years of stable reinsurance buying conditions in Florida, but renewed reinsurer appetite at 1 June and a strong Citizens depopulation pipeline are indicative of a healthier outlook for the state’s homeowners market.