{"id":894,"date":"2022-10-01T11:30:47","date_gmt":"2022-10-01T15:30:47","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=894"},"modified":"2022-09-30T18:04:10","modified_gmt":"2022-09-30T22:04:10","slug":"3-things-09302022","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-09302022\/","title":{"rendered":"3 Things – Early Ian Estimates, Post-Acquisition Updates & Embedded Moves"},"content":{"rendered":"

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Hello Friends!\u00a0 First off, our thoughts and prayers are with those affected by Hurricane Ian, we hope you are safe and have begun the recovery process.\u00a0 It had been a quiet tropical season until it wasn’t, we all knew this would be the case but it is never easy to see the devastation and suffering.\u00a0 The industry was understandably quiet this week but still we must go on and this week we are following early loss estimates for Ian, post-acquisition updates and two big insurer moves into embedded products:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Initial Loss Estimates for Ian<\/strong><\/p>\n

At press time, Ian has made a second landfall in South Carolina but should became less dangerous over the weekend.\u00a0 Still, we as an industry have many sources and tools to begin to understanding the loss expectations The west coast of Florida has some of the higher property TIV’s in the US.\u00a0 There were several estimates but it appears likely that losses have\u00a0potential to exceed $40 billion<\/a>\u00a0which would be bigger than Andrew back in 1992.\u00a0 Of course this is not good for the Florida property market which was already struggling before this event.\u00a0 The\u00a0losses will be spread<\/a>\u00a0and hit some harder than others.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Post Acquisition Updates<\/strong><\/p>\n

It is always interesting to see what happens post-acquisition and there were two interesting stories, both courtesy of our friends at\u00a0Coverager<\/a>, that involved notable deals from the past couple of years.\u00a0 GEICO is going to leverage Bold Penguin (an American Family company) to\u00a0provide small business comparison quotes<\/a>.\u00a0 This looks to only be temporary as it is pointed out in the article that GEICO may be looking to offer their own product on the Berkshire paper.\u00a0 The other bit of news came as it looks like\u00a0State Auto will no longer be offering personal lines<\/a>\u00a0as a result of being acquired by Liberty Mutual who has other personal lines brands like Safeco.\u00a0 If you followed our original story of the acquisition, it was noted at the time that, State Auto’s personal book was unhealthy so it makes sense for Liberty to run off and focus on their commercial business.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Embedded Plays from Global Insurers<\/strong><\/p>\n

Embedded insurance was a big theme from last week’s ITC event and this week there were moves from big insurers to back up all the hype.\u00a0 Allianz X the venture arm of global insurer Allianz is\u00a0acquiring embedded insurance pioneer simplesurance<\/a>.\u00a0 They were an early investor and will leverage the digital capabilities for product innovation, another sign of insurance venture investments maturing (another theme).\u00a0 Chubb is using their Blink platform to\u00a0launch Blink Paycheck<\/a>, an income protection consumer financial product.\u00a0 Chubb appears to be dipping more into digital consumer financial products.\u00a0 Those types of products are easy to process and have low customer acquisition costs.\u00a0 They are continuing their journey as a global financial behemoth and putting their capital to good use.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay safe in this world, take care of each other and good luck!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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