Personal Lines

Insurers & the Homeowners Market — Is a Mass Exodus Coming?

In the last couple of weeks, State Farm and Allstate have exited California’s homeowners market. Before those loud, public announcements, AIG had already pulled back in California. Not only that, AIG stopped writing homeowners policies in the 200 zip codes around the country including the PIA Western Alliance states of Montana and Idaho as well …

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Personal Lines Leads the Way to the Largest Net Underwriting Loss in over a Decade

S&P Global Market Intelligence tracks insurance numbers. With still growing inflation, the negative numbers are steadily increasing. S&P’s latest report said the underwriting red ink hit $7.34 billion in the first quarter of 2023. It’s the largest increase in 12 years. The combined ratio hit 102.2. This is in contrast to an underwriting profit of …

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