International, domestic insurers push into catastrophe-hit US property markets [Yahoo! Finance]
MUENCHENER RE GP UNSP/ADR (MURGY)
NASDAQ:AMEX Investor Relations:
ir.kiterealty.com
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Source: Yahoo! Finance
LONDON (Reuters) - International and domestic insurers are pushing into the U.S. market for hard-to-protect homes, charging high premiums and enjoying strong profits after some U.S. firms pulled out. Rising losses from storms, hurricanes and wildfires in recent years have caused some insurers, such as Allstate and State Farm, to cut back cover in catastrophe-hit states like Florida and California. This has left greater room for non-domestic players like Hiscox and Munich Re to enter the fray, industry sources say. Allstate did not respond to a request for comment, while State Farm declined to comment. According to a report this month from Swiss Re, 2024 will be the fifth consecutive year that global insured losses from natural catastrophes exceed $100 billion. Recent large U.S. hurricanes Helene and Milton have added to concern about property losses. However, the increasing regularity of extreme weather events has stoked the market for more expensive excess and surplus lines,
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