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Recent Illinois Homeowner Insurance Trends

Recent Illinois Homeowner Insurance Trends. The NEW Insurance Industry Legislative Day Springfield, IL. February 24, 2014. Gary Wang, FCAS, MAAA. Recent Trends in Illinois Homeowners Insurance. Agenda Introduction Recent Rate Activity Loss Frequency and Severity Trends

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Recent Illinois Homeowner Insurance Trends

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  1. Recent Illinois Homeowner Insurance Trends The NEW Insurance Industry Legislative Day Springfield, IL February 24, 2014 Gary Wang, FCAS, MAAA

  2. Recent Trends in Illinois Homeowners Insurance • Agenda • Introduction • Recent Rate Activity • Loss Frequency and Severity Trends • Homeowners Insurance Profitability in Illinois • Conclusion

  3. Introduction

  4. Recent Rate Activity

  5. Recent Loss Trends

  6. Pure Premium Trends, through 2013 Q3

  7. Frequency Trends, through 2013 Q3

  8. Severity Trends, through 2013 Q3

  9. Homeowners Insurance Profitability in Illinois

  10. Homeowners Insurance Profitability in Illinois • Based on the latest Property Insurance Report analysis: • Illinois ranked 39th in profitability in 2012 • Illinois has ranked below 30th each of the last five years • Compared to the 25 most stable states based on variability • Illinois ranked 21st in 2012 • Illinois has ranked from 20th to 23rd over the past five years

  11. Conclusion

  12. Concluding Thoughts from an Actuary • From the numbers, the Illinois Homeowners insurance market shows conditions ripe for a hard market, based on the recent activity, and loss and profitability trends.

  13. Thank You for Your Attention Gary Wang, FCAS, MAAA (309) 807-2331 gwang@pinnacleactuaries.com

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