Willis offers streamlined coverage to US
The policy, first introduced in the UK and Canada in July 2024, consolidates multiple coverages into one package.
Willis, part of WTW, developed IMI Plus to address the growing complexity of liability coverage for asset managers. The policy integrates five critical insurance areas: cyber liability, employment practices liability, directors’ and officers’ liability, errors and omissions liability, and crime.
What’s happening with US P&C underwriting results?
According to a new AM Best report, the homeowners’ line recorded 13.8-percentage point improvement in its direct incurred loss ratio.
The findings, outlined in AM Best’s “3Q24 Snapshot: Personal Lines Propels Improvement in Direct P/C Industry Underwriting Results,” are based on third-quarter statutory statements submitted by companies and aggregated by AM Best as of January 6, 2025.
The report highlights that, for the first nine months of 2024, the US property/casualty industry experienced improved direct underwriting results, mainly due to an increase in earned premiums. These gains outpaced the rise in incurred loss and loss adjustment expenses, as well as other underwriting expenses.
Verisk estimates insured property losses of up to $35 billion from SoCal fire
These figures account for losses due to fire, including those covered under the California Fair Plan.
According to Verisk, insured losses from the Palisades fire are expected to fall between $20 billion and $25 billion, while the Eaton fire is projected to result in $8 billion to $10 billion in insured losses. The majority of these losses involve residential properties.
“The ongoing devastation from these deadly wildfires is truly heartbreaking,” said Rob Newbold, president of Extreme Event Solutions at Verisk. “We are advancing science and risk management to help communities build resilience against disasters like these catastrophic wildfires. The amount of data and insights to support mitigation efforts continues to grow, which can help inform how communities rebuild in the wake of this disaster.”
California FAIR plan faces $4.8 billion exposure from LA fires
The FAIR Plan’s potential exposure is over $4 billion for the Pacific Palisades Fire and more than $775 million for the Eaton Fire, according to an update provided to BestWire. The FAIR Plan insures about 22% of the structures affected by the Pacific Palisades Fire and 12% of those impacted by the Eaton Fire, based on the Cal Fire incident maps.
“While each fire is unique, for context, actual claims following a fire have historically represented, on average, about 31% of the total exposure in that area,” the FAIR Plan noted. The update clarified that “exposure” refers to the total amount of insurance for properties, not the actual number of claims or anticipated claim payments.
As of January 17, the FAIR Plan had received more than 3,600 claims. The types and amounts of claims vary, and the FAIR Plan is actively engaging with those who have filed claims, with the financial resources in place to ensure all claims are addressed.
Great American launches new equipment insurance product
The group stated that Equipment Pro expands on its core contractor’s equipment policy by including broader coverage for property, customizable limits, and adjustable deductibles to suit varying levels of exposure. Basic protections cover risks such as fire, water damage, theft, earth movement, and wind-related perils. Additionally, the product employs a new rating system that rewards policyholders with premium credits based on their business tenure and positive claims history.
The product includes 18 additional coverages that target potential exposures often overlooked in standard policies. Seven optional coverages and multiple endorsements are also available to address the unique needs of specialized contractors.
