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

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Presentation transcript:

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

1 Agenda – Introduction – Recent Rate Activity – Loss Frequency and Severity Trends – Homeowners Insurance Profitability in Illinois – Conclusion Recent Trends in Illinois Homeowners Insurance

Introduction

3 Recent Rate Activity Company State Farm5.3%6.3% Allstate Indemnity8.2%3.0%10.0% Country7.7%7.3%8.5% American Family9.8%6.0%8.5% Erie Insurance Exchange 9.0%9.9%

Recent Loss Trends

5 Pure Premium Trends, through 2013 Q3

6 Frequency Trends, through 2013 Q3

7 Severity Trends, through 2013 Q3

Homeowners Insurance Profitability in Illinois

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

Conclusion

11 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. Concluding Thoughts from an Actuary

Commitment Beyond Numbers 12 Thank You for Your Attention Gary Wang, FCAS, MAAA (309)

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