PROPERTY INSURANCE REPORT

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1 PROPERTY INSURANCE REPORT The Authority on Insuring Homes and Commercial Property Vol. 21#17/497 Feb. 23, 2015 INSIDE Table: The HURT Index, an examination of homeowners insurance costs as a percentage of income. Pages 2-3 West Virginia and Kentucky suffer from the burden of homeowners insurance costs, but Connecticut s ease is revealed. Page 6 Tap hurricane fund for lava loss? Page 7 Market leaders State Farm and Ocean Harbor continue to dominate. Page 8 THE GRAPEVINE Xactware: Average Claim Cost Continues to Rise Claims software leader Xactware reports that the average estimate value of the 4.22 million claims it received rose to $9,131, up from $9,002 in 2013 and $8,190 in Hail-damage estimates reported to Xactware have jumped 186% since 2012, reaching 1.17 million last year. The average hail claim fell slightly to $9,768. Water damage was the most common type of loss reported in Xactware received 1.21 million water-damage estimates that averaged $6,089 per estimate. The 393,211 wind losses reported averaged $6,276 per estimate and the average fire loss in 2014 was $41,256 a significant drop from $45,268 in PIR Insurance Costs Continue to Increase Faster Than Incomes Sharply rising homeowners insurance costs continue to outpace continued improvement in family incomes, forcing consumers to spend a higher portion of their income on protecting their homes and possessions. Average homeowners insurance premiums rose 5.7% to $1,034 in 2012, the most recent data available from the National Association of Insurance Commissioners (PIR 2/9/15). But household income rose just 2.1% to $71,317 in 2012, according to the U.S. Census Bureau. This resulted in a rise in the ratio of insurance costs to income, thus pushing up the HURT Index, an exclusive analysis by Property Insurance Report. (HURT stands for Homeowners Underwriting Resistance Test.) The ratio, which stood at 1.28% in 2009 and 1.33% in 2010, has risen significantly to 1.4% in 2011 and 1.45% in With this index, we seek to identify states where home- Please see HURT on Page 4 Slow-Moving Lava Heats Up Debate Over Nonrenewals The Kilauea volcano on the Big Island has been erupting continuously since January 1983, with lava flowing steadily down its slopes, generally away from populated areas. But in June, the lava started flowing toward the town of Pahoa, threatening to cut its residents off from rest of the island if the lava crosses the main intersection of Highway 130 and Pahoa Village Road. Thus far, lava has destroyed one home, a recycling station, junkyard and cemetery. With the lava stalled about one-third of a mile from the highway, the bigger firestorm has been over homeowners insurance. Residents have complained that after years of paying premiums, some insurers are sending nonrenewal notices in response to the lava threat. The Property Insurance Association, the market of last resort, imposed a moratorium on issuing Please see HAWAII on Page Magellan Isle Dana Point, CA (949)

2 Page 2 PROPERTY INSURANCE REPORT February 23, 2015 The H U R T Index Homeowners Underwriting Resistance Test 2012 Homeowners Average Premium (HO-3 Form) as a Percentage of Average Household Income Average Average Household State Premium Rank Income Rank Prem/ Income Ratio 2012 Rank 2011 Rank Insured Home Values Below 100K 100K to 200K Over 200K Florida $2,084 1 $64, % % 35.7% 62.2% Louisiana $1,742 2 $60, % % 51.2% 38.3% Mississippi $1,314 5 $52, % % 53.5% 31.0% Oklahoma $1,501 4 $60, % % 54.7% 32.1% Texas $1,661 3 $70, % % 46.5% 45.5% Alabama $1,248 6 $57, % % 53.9% 34.4% Arkansas $1, $54, % % 55.2% 30.5% South Carolina $1, $59, % % 50.1% 44.9% Kansas $1,213 8 $66, % % 49.8% 37.6% Missouri $1, $61, % % 47.1% 45.9% Rhode Island $1,233 7 $72, % % 18.7% 81.0% Tennessee $1, $59, % % 53.2% 37.9% Kentucky $ $56, % % 53.6% 36.4% Nebraska $1, $65, % % 58.1% 32.7% North Carolina $ $61, % % 46.7% 49.9% Minnesota $1, $76, % % 34.7% 61.0% Georgia $ $65, % % 46.1% 49.7% Montana $ $59, % % 49.7% 44.5% North Dakota $1, $72, % % 58.1% 31.9% West Virginia $ $53, % % 54.1% 34.4% New Mexico $ $59, % % 49.7% 44.5% New York $1, $81, % % 22.5% 75.5% Indiana $ $61, % % 53.8% 37.6% Colorado $1, $76, % % 32.4% 65.8% Massachusetts $1, $89, % % 9.3% 90.4% Michigan $ $63, % % 44.7% 50.3% Sources: National Assocation of Insurance Commissioners: 2012 Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance. Released January U.S. Census Bureau for income data. Ranking and calculations by Property Insurance Report. The NAIC does not endorse any calculation or analysis based on its data. The HO-3 policy form is the most widely used form in homeowners insurance, representing nearly three quarters of all residential property coverage.

3 February 23, 2015 PROPERTY INSURANCE REPORT Page 3 The H U R T Index Homeowners Underwriting Resistance Test 2012 Homeowners Average Premium (HO-3 Form) as a Percentage of Average Household Income Average Average Household State Premium Rank Income Rank Prem/ Income Ratio 2012 Rank 2011 Rank Insured Home Values Below 100K 100K to 200K Over 200K South Dakota $ $62, % % 56.3% 34.4% Connecticut $1,160 9 $94, % % 12.9% 87.0% Maine $ $61, % % 39.1% 57.9% Iowa $ $64, % % 56.4% 34.3% Wyoming $ $68, % % 49.6% 44.4% California $ $82, % % 12.7% 87.2% Illinois $ $75, % % 28.8% 68.8% $ $81, % % 11.7% 87.9% Pennsylvania $ $69, % % 40.2% 57.5% Ohio $ $62, % % 51.8% 43.5% Vermont $ $68, % % 29.1% 69.2% Alaska $ $84, % % 26.5% 71.8% Dist. of Columbia $1, $102, % % 17.1% 82.8% Arizona $ $64, % % 44.5% 52.2% New Hampshire $ $80, % % 28.2% 70.6% New Jersey $ $94, % % 10.2% 89.6% Nevada $ $66, % % 34.3% 64.8% Virginia $ $84, % % 34.4% 63.3% Wisconsin $ $66, % % 42.0% 50.6% Idaho $ $58, % % 54.6% 40.8% Delaware $ $74, % % 28.6% 70.8% Maryland $ $92, % % 28.6% 70.8% Oregon $ $64, % % 38.0% 60.7% Washington $ $75, % % 28.7% 70.4% Utah $ $71, % % 44.0% 54.0% United States $1,034 $71, % 4.1% 36.8% 59.1% Sources: National Assocation of Insurance Commissioners: 2012 Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance. Released January U.S. Census Bureau for income data. Ranking and calculations by Property Insurance Report. The NAIC does not endorse any calculation or analysis based on its data. The HO-3 policy form is the most widely used form in homeowners insurance, representing nearly three quarters of all residential property coverage.

4 Page 4 PROPERTY INSURANCE REPORT February 23, 2015 HURT Continued from Page 1 owners insurance premiums are so hurtful to consumers pocketbooks that policymakers are likely to resist efforts at more detailed underwriting that could increase costs for anyone. States with a high HURT Index are likely to see protracted public policy debates on homeowners insurance. We first published this index in We produce a similar index for our sister publication, Auto Insurance Report, dubbed the PAIN Index, an equally childish acronym that stands for Personal Auto Insurance Nastiness. For a copy of that index, visit our website, www. riskinformation.com, where we have posted the issue on our home page. The 10 states with the highest HURT Index are no surprise, as they all have income levels below the national average and average homeowners premiums above the national average. The top five states are Florida, Louisiana, Mississippi, Oklahoma and Texas, the same order as a year ago. All have indices over 2%, and there is no doubt that purchasing homeowners insurance in these markets is very difficult for many residents. We believe the HURT Index becomes most valuable in revealing the market dynamics of states with wide gaps between insurance costs and income. Perhaps the best example is West Virginia, which has what appears to be a very modest $771 average homeowners insurance premium, lower than all but 10 other states and well below the $1,034 national average. But the Mountaineer State struggles with the nation s third-lowest average income, just $53,889, barely improved at all from a year earlier and lower than all but one state, Mississippi. The ratio of moderate insurance premium to extremely low income gives the state the 20th-highest HURT Index in Kentucky suffers a similar fate, with an average premium of $916, ranked 27th, but a low household income of $56,738, ranked 48th. The result is a HURT Index ranked 13th. Montana, a state that is not normally associated with homeowners insurance cost problems, is also revealed as a difficult market by the HURT Index. The state s average expenditure of $871 is below the national average, ranking at what would appear to be an affordable 29th in the nation. But with the 42th-ranked household income of just $59,281, the ratio of insurance costs to income hurtles the state up our HURT Index to 18th. The HURT Index also works in the opposite direction, revealing how apparently high-cost states are not nearly as troubled as they might seem. Connecticut is an excellent example of a state that lives at the other end of the HURT Index spectrum. With the nation s ninth-highest average homeowners premium, Connecticut would appear to face significant challenges. But blessed with the nation s second-highest household income of $94,796, Connecticut moves down the HURT Index to a ranking of 28th, far away from any real trouble. True, coastal Connecticut can be a troublesome place to buy insurance. And low-income buyers in Connecticut s urban areas will always struggle to pay their insurance premiums, but the overall story of the market is clearly more benign that it would initially appear. The District of Columbia has a similar average premium to Connecticut, but in 2012 it also boasted the nation s highest household income. The district s HURT Index is also well below the national average, ranking 39th, sharply improved from 20th in Looking to the states with the lowest HURT Indexes, the common mix is both low premium and moderate income. Washington and Utah, for example, enjoy the lowest indexes because they have premiums among the four lowest in the nation and incomes above the national average. Oregon has below-average income, but the nation s second-lowest premium. Maryland s average premium is low, and the nation s fourthhighest income is a bonus. As with any statistical analysis, we urge Please see HURT on Page 5

5 February 23, 2015 PROPERTY INSURANCE REPORT Page 5 Continued from Page 1 policies in three lava zones, leaving property owners fearful that they will have no ability to get coverage if their current insurer won t renew their policy. A number of homeowners noted in written testimony that they were frustrated by the fact that they might not be able to renew coverage even in areas that are not directly threatened by the current lava flow. Legislators have proposed bills that would prevent homeowners from losing coverage, but some of the solutions threaten to upset the market and potentially break the bank of the residual market. Insurers were working assiduously with regulators and lawmakers to find a workable solution, hoping the ultimate legislation would restrict the number of policies that they could HURT Continued from Page 4 readers to be cautious before drawing specific conclusions about individual states. These tables offer useful guidelines for identifying markets that are stable and those that might be in trouble. We can say with great confidence that homeowners insurance is a bigger burden for consumers in a state with a high HURT Index than in a state with a low HURT Index. But no one should fool themselves into thinking there is a statistically significant difference between top-ranked Florida and secondranked Louisiana, for example. The average premium represents policies covering the full range of insured home values. As we reported in our Feb. 9 issue, there is a wide disparity in the insured home values from state to state. Thus, a high average premium could well reflect higher insured home values, not a higher cost for each dollar of insurance coverage. Fortunately, the NAIC provides a breakdown of average premiums within bands of insured home values. We ran our HURT Index against the average premiums for homes insured for State Market Focus: HAWAII nonrenew in the lava zone without banning the practice outright. Hearings were taking place as this newsletter went to press. A Senate bill would have prohibited insurers from nonrenewing property coverage, except for nonpayment of premiums. A House bill would have allowed the Hurricane Relief Fund to reimburse the Property Insurance Association for extraordinary losses from volcanic eruptions and lava. The Independent Agents Association testified that doing so would threaten the ability of hurricane fund to pay the losses for which it was designed, and a state budget officer complained it threatened to deplete reserves in the hurricane fund that the state relied upon to close budget gaps. Please see HAWAII on Page 7 $150,000 to $174,999, one of the largest segments of insured home values. This results in a lower HURT Index for states with high average home values and a higher HURT Index for states with low average insured home values. For example, when normalized for high insured home values, Rhode Island s HURT Index ranking fell to 23rd from 11th; District of Columbia fell to 49th from 39th; Connecticut fell to 39th from 28th; New York fell to 43rd from 22nd and fell to 47th from 34th. Normalizing for low insured home values, South Dakota s HURT Index rises to 21st from 27th; and Iowa rises to 24th from 30th. Most important, normalizing for home value does not move any states from the top of the list to the bottom or the other way around. Florida is the biggest mover among the states with the highest index, dropping from first when considering average premium, to fourth when looking only at the narrower band of insured value. Still, the degree of challenge changes, but not the big picture. The states with a high HURT Index remain a major challenge, and states far down the list can relax, at least a little. PIR

6 Fairfax Financial Holdings $4, % 49.7% $4, % 29.2% $5, % 26.3% Hartford Financial Services $3, % 80.7% $3, % 32.3% $4, % 15.7% Assurant Inc. $2, % 24.6% $2, % 19.4% $3, % 39.0% Page MS&AD 6Insurance Grp Hldgs Inc. $1,656 PROPERTY 0.5% INSURANCE 58.8% $1,363 REPORT 0.4% 37.0% $1,395 February 0.4% 23, % Universal Group Inc. $1, % 15.3% $1, % 50.5% $1, % 4.7% State Market Focus: HAWAII Universal Insurance Holdings $1, % 8.9% $1, % 9.5% $1, % 17.5% Armed Forces Insurance Exchange $ % 30.0% $ % 14.3% $ % 47.8% $ $ Homeowners Multiperil $ Insurers 37.4 ACE Ltd. $ % 13.7% % % $ % 15.8% Farmers Insurance Group $ % 38.9% % % $ % 88.4% WBL Group/Fidelity National $ % 156.9% % % $ % 19.0% Groups Ranked by Total 2013 Direct $379 Premium 0.1 Written -0.3 (000) Allianz Group/Fireman s Fund $ % 3.7% % % $ % -2.7% Auto Club Exchange Group (SoCal) $ % 54.2% $ % 17.4% $ % 31.5% Mkt Loss Mkt Loss Mkt Loss Ameriprise Financial Inc. $ % 51.7% $ % 33.1% $ % 34.9% 2013 share Ratio 2012 share Ratio 2011 share Ratio QBE Group Insurance Name (Gen Cas/Unigard) Premium $ % % Premium $ % % Premium $ % % Travelers State Farm Companies Mutual Inc. $111,847 $ % 25.7 % $109,889 $ % % $107,701 $ % % MetLife Ocean Harbor Inc. Insurance Group $76,509 $ % % $80,640 $ % % $86,744 $ % % Nationwide USAA Insurance Mutual Group Group $29,651 $ % 20.3% $29,994 $ % % $30,585 $ % % Markel Tokio Marine Corp. Group $26,487 $ % % $25,683 $ % 57.9% $26,331 $ % 24.9% Argo Allstate Group Corp. International $20,358 -$ % 65.8% $20,727 -$ % 38.7% $21,641 $ % % AXIS Island Capital Holdings Holdings Inc. Ltd. $13,116 -$ % 39.4% $12,966 $ % % $13,306 $ % % Dongbu Insurance Co. Ltd. $12, % 25.1% $9, % 14.9% $7, % 16.1% American International Group $9, % 22.7% $9, % 12.6% $9, % 12.0% RLI Corp. $9, % 22.0% $9, % 30.5% $9, % 5.8% Liberty Mutual $8, % 61.9% $8, % 39.4% $8, % 33.1% Chubb Corp. $4, % 1.0% $4, % 7.4% $4, % 2.2% Fairfax Financial Holdings $4, % 49.7% $4, % 29.2% $5, % 26.3% Hartford Financial Services $3, % 80.7% $3, % 32.3% $4, % 15.7% Assurant Inc. $2, % 24.6% $2, % 19.4% $3, % 39.0% MS&AD Statewide Insurance Totals Grp Hldgs Inc. $343,324 $1, % % $342,385 $1, % % $348,780 $1, % % Universal Group Inc. $1, % 15.3% $1, % 50.5% $1, % 4.7% Source: SNL Financial, by permission, and the Property Insurance Report database. Universal Loss ratio Insurance is incurred Holdings losses as a percentage $1,235 of direct 0.4% premium 8.9% earned. $1,153 The ratio 0.3% does 9.5not % include $1,041 dividends 0.3or % loss 17.5% Armed adjustment Forces expense. Insurance Single Exchange year data can $870 be skewed 0.3% by 30.0 reserve % adjustments. $ % 14.3% $ % 47.8% $ $ $ Property Insurance Profit Margins ACE Ltd. $ % 13.7% % % $ % 15.8% Farmers Insurance Group $ % 38.9% % % $ % 88.4% WBL Group/Fidelity National $ % 156.9% % % $ % 19.0% Allianz Group/Fireman s Fund $ % 3.7% $ % -0.3% $ % -2.7% 10-Year Summary, % of Direct Premiums Earned, With National Averages Auto Club Exchange Group (SoCal) $ % 54.2% $ % 17.4% $ % 31.5% Avg Ameriprise Financial Inc. $ % 51.7% $ % 33.1% $ % 34.9% Total Total Total Total Total Total Total Total Total Total Total QBE Line Insurance of Business (Gen Cas/Unigard) Profit Profit $210 Profit 0.1Profit % -7.6% Profit Profit $ Profit % 26.8Profit % Profit $106 Profit 0.0% Profit 95.8% Travelers Companies Inc. $ % 5.7% $ % 0.5% $ % 13.4% State Homeowner MetLife Inc. $ % 32.2% $ % 19.4% $ % 55.7% Nationwide Nat l Homeowner Mutual Group $ % 5.7 % $ % % -2.4 $ % % Markel Corp. $0 0.0% 5.2% $0 0.0% % $0 0.0% % State Fire Argo Group International -$1 0.0% % -$9 0.0% % $ % 0.0% AXIS Nat l Capital Fire Holdings Ltd $ % 24.5 % 24.5 $ % % 8.2 $ % % State Comm MP Nat l Comm MP State Allied Lines Nat l Allied Lines Note: Profit calculations are by Property Insurance Report using data from the National Association of Insurance Statewide Commissioners. Totals Calculations $343,324 are estimates, 27.6 % some $342,385 based on national 20.8 averages. % $348, % Source: SNL Financial, by permission, and the Property Insurance Report database. Loss Warning: ratio is Property incurred losses Insurance as a percentage Report is of a direct confidential, premium earned. copyrighted The ratio newsletter does not include for subscribers dividends or loss only. adjustment No part expense. of this Single publication year data may can be be reproduced skewed by reserve by any adjustments. form or means, including photocopying, scanning,

7 February 23, 2015 PROPERTY INSURANCE REPORT Page 7 State Market Focus: HAWAII Continued Commercial from Multiperil Page 5 Nonliability Insurers Groups Another Ranked House by bill 2013 would Premiums bar HPIA Written member (000) insurers from denying coverage 2013to any Mkt property Loss Group Name Premiums share Ratio in a designated lava zone that was insured as of Tokio Marine Group $25, % 17.3% June 1, It also would require them to offer Allianz Group/Fireman s Fund $22, % 11.0% policies in those zones in proportion to their market State share. Farm Mutual The bill also would $8,117 prohibit 8.5 the % HPIA 16.4% Dongbu Insurance Co. Ltd. $9, % 33.5% or American member International insurers Group from imposing $7,757 a moratorium 8.1% 11.2% on Island policies Holdings in Inc. those zones. $5, % 6.3% Markel Corp. $2, % 50.5% The requirement that HPIA member insurers offer policies proportionate to their market Liberty Mutual $1, % -25.5% Nationwide Mutual Group $1, % 6.9% share may discourage certain insurers from Fairfax Financial Holdings $1, % 14.7% writing MS&AD Insurance property Group insurance, Holdings Inc. Insurance $1, Commissioner Hallmark Gordon Financial Services Ito said in written $939testimony. 1.0% 74.1% In % % addition, Chubb Corp. forcing insurers to accept $907 all 1.0 property % 1.3% QBE Insurance (Gen Cas/Unigard) $ % -10.5% risks may create solvency problems for smaller Zurich Insurance Group $ % 38.7% companies. Leading Insurance Group Ins Co. Ltd. $ % -1.9% American Insurers Financial were Group pressing Inc. for a $721 compromise 0.8% -18.2% that would Travelers prohibit Companies them Inc. from nonrenewing $ more % 25.8% than Dentists 5% Insurance of their Co. policies in a lava $599zone 0.6each % -14.4% year. CNA Financial Their Corp. proposal would also $405 require 0.4the % HPIA 30.0% CUNA Mutual Insurance Group $ % -25.7% to offer coverage when policies could not be obtained in the voluntary market or in the case of Church Mutual Insurance Co. $ % 61.0% Global Indemnity plc $ % -3.8% a state of emergency or disaster declaration. The SPARTA Insurance Holdings Inc. $ % 26.0% Jewelers Mutual Insurance Co. $ % 4.1% Swiss Re Ltd $ % 51.1% RLI Corp. $ % 5.1% Commercial Multiperil Nonliability Insurers Hartford Financial Services $ % 0.0% Groups Ranked by 2013 Premiums Written (000) Selective Insurance Group Inc. $90 0.1% 12.7% Hanover Insurance Group Inc. 2013$70 Mkt 0.1% -20.7% Loss Group Name Premiums share Ratio Allstate Corp. $58 0.1% 4.5% Tokio Marine Group $25, % Western World Ins Grp Inc. $54 0.1% 3.1% Allianz Group/Fireman s Fund $22, % IAT Reinsurance (U.S.) $42 0.0% -68.3% Dongbu Insurance Co. Ltd. $9, % FM Global $42 0.0% 0.0% State Farm Mutual $8, % Argo Group International $41 0.0% -5.8% American International Group $7, % Munich-American/American Modern $28 0.0% 48.0% Island Holdings Inc. $5, % Arch Capital Group Ltd. $18 0.0% 0.7% Markel Corp. $2, % Alleghany Corp. $17 0.0% 3.1% Liberty Mutual $1, % Catlin Group Ltd $14 0.0% 88.8% Nationwide Mutual Group $1, % 6.9% Fairfax Statewide Financial Holdings Totals $88,150 $1, % 14.7% 21.5% MS&AD Data Source: Insurance SNL Group Financial, Holdings by Inc. permission, $1,053 and 1.1 the % % Hallmark Property Financial Insurance Services Report Database. $ % 74.1% Chubb Loss Ratio Corp. is incurred losses as a percentage $907 of 1.0 direct % 1.3% premium earned. The ratio does not include dividends or QBE loss Insurance adjustment (Gen expense. Cas/Unigard) Single-year data $860 can 0.9 be % skewed -10.5% Zurich by reserve Insurance adjustments. Group $ % 38.7% Leading Insurance Group Ins Co. Ltd. $ % -1.9% American No part Financial of this Group publication Inc. $721 may be reproduced 0.8% -18.2% by any form or means, including photocopying, scanning, Companies fax or , Inc. without prior $707 permission 0.7% 25.8% of the Publisher. For information call (949) Travelers Dentists Insurance Co. $ % -14.4% CNA Financial Corp. $ % 30.0% CUNA Mutual Insurance Group $ % -25.7% Church Mutual Insurance Co. $ % 61.0% HPIA, under this proposal, could impose a sixmonth waiting period on some policies. The fear is that if private insurers start to run from lava zones, those homes would all fall into HPIA, threatening its insolvency The exact details may change, as negotiations were continuing as last Wednesday s hearing approached. In testimony before a Congressional subcommittee in November, Ito said that while cancellations of in-force policies are illegal in most situations, insurers are allowed to nonrenew at the end of a policy term. This has been the Insurance Division s greatest concern, he said, noting that insurers had issued some nonrenewals, but rescinded them when no other coverage was available. Since the lava flow has taken several months to reach populated areas and due to its slow movement, this provides insurers a potential opportunity to nonrenew policies in the lava s projected path, Ito testified. Nonrenewals may become an issue if the probability for Please see HAWAII on Page Insured Home Values Home National Value Average <$50K 0.0% 0.4% $50-75K 0.1% 0.9% $75-100K 0.4% 2.8% $ K 0.9% 6.2% $ K 1.9% 9.1% $ K 3.7% 10.9% $ K 5.3% 10.7% $ K 32.1% 31.2% $ K 25.8% 14.9% $ K 13.3% 6.5% >$500K 16.6% 6.5% Total exposures 213,794 50,660,829 Source: NAIC, Property Insurance Report

8 Page 8 PROPERTY INSURANCE REPORT February 23, 2015 State Market Focus: HAWAII W. R. Berkley Corp. $ % 38.4% Aspen Insurance Holdings Ltd. $ % -9.1% Allied Lines Insurers Allstate Corp. $ % 131.0% Arch Groups Capital Group Ranked Ltd. by 2013 Premiums $464 Written 0.5% (000)% Munich-American/American Modern $ % -3.9% 2013 Mkt Loss Group White Mountains Name Insurance Premiums $388 share 0.4% Ratio 10.5% Centauri Berkshire Specialty Hathaway Ins Inc. Co. $17,289 $ % 264.2% 0.0% ACE Chubb Ltd. Corp. $12,414 $ % 11.4% -7.1% AXIS Argo Group Capital International Holdings Ltd. $10,776 $ % 2.3% 0.0% American Allied World International Assurance Group Co. $9,399 $ % 42.3% 4.2% GeoVera Endurance Insurance Specialty Holdings HoldingsLtd $7,372 $ % -16.3% 0.0% Zurich Allianz Insurance Group/Fireman s Fund $6,555 $ % 2.1% 6.1% Tokio MS&AD Marine Insurance Group Group Holdings $5,211 $ % -12.7% 51.6% Assurant Ironshore Inc. Inc. $4,729 $ % 133.1% 8.2% USAA Enstar Insurance Group Ltd. Group $2,907 $ % -31.6% 46.0% FM Maiden Global Holdings Ltd. $2,407 $ % 15.1% 0.0% Swiss CNA Financial Re Ltd Corp. $2,282 $ % -17.0% -5.8% Markel HDI-Gerling Corp. America Insurance Co. $2,146 $ % -15.4% 9.4% Nationwide Global Indemnity Mutual plc Group $2,052 $ % -71.8% 34.1% Ocean Harbor Insurance Group $1, % 21.0% Statewide Totals $102, % Island Holdings Inc. $1, % 32.8% Data Source: SNL Financial, by permission, and the RLI Property Corp. Insurance Report Database. $1, % 41.9% XL Loss Group Ratio plcis incurred losses as a percentage $1,337 of 1.3 direct % -4.6% premium earned. The ratio does not include dividends or Travelers loss adjustment Companies expense. Inc. Single-year $1,305 data can 1.3 be % skewed 0.2% Alleghany by reserve Corp. adjustments. $1, % 1.0% Allied Lines Insurers Groups Ranked by 2013 Premiums Written (000) Continued from Page Mkt Loss loss Group increases. Name Premiums share Ratio Centauri Most Specialty existing Ins Co. homeowners $17,289 insurance 16.6% policies 0.0% cover ACE Ltd. any damage that results $12,414 from fire 11.9caused % -7.1% by AXIS the Capital heat Holdings from Ltd. a lava flow. $10,776 But after 10.3 lava % from 2.3% American International Group $9, % 4.2% the Kilauea volcano destroyed most of the homes GeoVera Insurance Holdings Ltd $7, % 0.0% in the town of Kalapana in 1990, many insurers Zurich Insurance Group $6, % 2.1% stopped Tokio Marine writing Group homeowners coverage $5, in % Lava 51.6% Zones Assurant 1 Inc. and 2, which have the $4,729 highest-risk 4.5% of 8.2% the nine USAA zones Insurance established Group on the Big $2,907Island 2.8% by the 46.0% U.S. FM Global Geological Survey. The $2,407 HPIA was 2.3% created, 0.0% Swiss Re Ltd $2, % -5.8% in part, to address the unavailability of insurance Markel Corp. $2, % -15.4% in those areas, and some homeowners can also Nationwide Mutual Group $2, % 34.1% obtain Ocean Harbor coverage Insurance from Group Lloyd s $1,993 of London. 1.9% It s 21.0% the Island threat Holdings of Inc. nonrenewals in those $1,614zones 1.6% that 32.8% has driven RLI Corp. this year s legislative action. $1, % 41.9% XL Group The plc current lava flow in Pahoa $1,337affects 1.3% Zones -4.6% Travelers Companies Inc. $1, % 0.2% 1, 2 and 3, Ito testified in November. Residents Alleghany Corp. $1, % 1.0% in those zones were able to purchase a homeowners QBE Insurance policy (Gen until Cas/Unigard) insurers began $1,036imposing 1.0% -20.1% Liberty Mutual $1, % 20.1% moratoriums Fairfax Financial Holdings on the sale of new $855 policies 0.8% in Au- 11.9% gust and September. Fire Insurers Insurers and HPIA also prevented homeowners from increasing coverage on Groups Ranked by 2013 Premiums Written (000) existing policies in areas that 2013 might be Mkt impacted Loss Group Name Premiums share Ratio FM Global $ % 26.5% Universal Group Inc. $ % 0.9% AXIS Capital Holdings Ltd. $ % 171.7% Fire Insurers Aspen Insurance Holdings Ltd. $ % -6.3% Groups Ranked by 2013 Premiums Written (000) XL Group plc Alleghany Group Name Corp. $ Premiums $ % Mkt share 0.8% -3.2% Loss Ratio -0.6% Arch American Capital International Group Ltd. Group $13,966 $ % 14.2% -4.5% Markel MS&AD Corp. Insurance Grp Hldgs Inc. $9,578 $ % -27.1% 34.2% Allianz Tokio Marine Group/Fireman s Fund $9,145 $ % -95.6% 4.2% Starr Dongbu International Insurance Co. Ltd. $6,009 $ % -37.3% 12.8% Chubb Zurich Insurance Corp. Group $4,485 $ % 43.5% 5.0% Allied Assurant World Inc. Assurance Co. $4,313 $ % -13.5% 3.0% Topa Liberty Equities MutualLtd. $3,206 $ % 61.2% 7.3% QBE Swiss Insurance Re Ltd (Gen Cas/Unigard) $2,897 $ % -32.6% -14.9% HCC Ocean Insurance Harbor Insurance Holdings Inc. Group $2,436 $ % 21.0% 3.3% Golden Island Holdings Bear Insurance Inc. Co. $2,372 $ % 31.2% 0.0% White ACE Ltd. Mountains Insurance $2,187 $ % 97.1% 8.6% Global Ironshore Indemnity Inc. plc $1,720 $ % -13.7% -7.7% Maiden RLI Corp. Holdings Ltd. $1,571 $ % 31.5% 19.6% Travelers Companies Inc. $1, % 16.3% Statewide Totals $85, % SCOR $1, % -7.2% Data Source: SNL Financial, by permission, and the USAA Property Insurance Insurance Group Report Database. $1, % 37.9% Fairfax Loss Ratio Financial is incurred Holdingslosses as a percentage $1,081 of 1.3 direct % 37.3% premium earned. The ratio does not include dividends or W. loss R. adjustment Berkley Corp. expense. Single-year data $973can be 1.2% skewed 28.4% Munich-American by reserve adjustments. Holding Corp. $ % 7.9% Liberty Mutual $1, % 20.1% Allstate Corp. $ % 53.3% QBE Warning: Insurance Property (Gen Cas/Unigard) Insurance $1,036 Report is 1.0 a % confidential, -20.1% copyrighted newsletter for subscribers only. FM Global $ % 26.5% Fairfax Financial fax or Holdings , without prior $855 permission 0.8% 11.9% of the Universal Publisher. Group For Inc. information call $752 (949) % 0.9% W. R. Berkley Corp. $ % 38.4% AXIS Capital Holdings Ltd. $ % 171.7% Aspen Insurance Holdings Ltd. $ % -9.1% Allstate Corp. $ % 131.0% Arch Capital Group Ltd. $ % % by the lava flow. American International Group $13, % 14.2% Commissioner Ito raised other concerns in MS&AD Insurance Grp Hldgs Inc. $9, % 34.2% his Tokio congressional Marine Group testimony, including a fear that $9, % 4.2% abandonment Dongbu Insurance Co. of Ltd. property exclusions $6, that % could 12.8% come Zurich Insurance into play Group if the lava flow $4,485 seems likely 5.4% 43.5% to cut Assurant off the Inc. town from the rest $4,313 of the island 5.2% and 3.0% Liberty Mutual $3, % 61.2% homeowners flee to avoid being trapped. Many Swiss Re Ltd $2, % -14.9% insurance policies have exclusions for when a Ocean Harbor Insurance Group $2, % 21.0% home is abandoned. However, Ito noted that if Island Holdings Inc. $2, % 31.2% the ACE government Ltd. evacuates an area, $2,187the 2.7 abandonment Ironshore exclusion Inc. is not triggered. $1,720 Loss 2.1 of % use -7.7% % 97.1% coverage RLI Corp. is also a concern. Ito $1,571 said most 1.9% insurers 19.6% Travelers Companies Inc. provide two weeks of coverage $1,495 for alternative 1.8% 16.3% SCOR $1, % -7.2% living expenses. USAA Insurance Group $1, % 37.9% On a longer term basis, he testified, the Fairfax Financial Holdings $1, % 37.3% concern W. R. Berkley is Corp. if the flow continues $973 through 1.2Pahoa % 28.4% and Munich-American results in Holding widespread Corp. devastation $858 like 1.0% Ka- 7.9% Allstate Corp. Please see HAWAII $ on % Page 53.3% 10 Aspen Insurance Holdings Ltd. $ % -6.3% XL Group plc $ % -3.2% Alleghany Corp. $ % -0.6%

9 February 23, 2015 PROPERTY INSURANCE REPORT Page 9 A change in home occupants increases shopping by 22% Timing is everything. No matter where you want your business to be, no matter how you define success, a well-executed data and analytics strategy will help you get there, faster, stronger. The combination of big data with powerful technology solutions is rapidly transforming the insurance industry. LexisNexis Active Insights delivers the data and analytics you need to succeed. For more information about LexisNexis Active Insights, visit lexisnexis.com/risk/pir2014 Risk Solutions Insurance LexisNexis Active Insights is a consumer reporting agency product provided by LexisNexis Risk Solutions and may only be accessed in compliance with the Fair Credit Reporting Act, 15 U.S.C. 1681, et seq. Due to the nature of the origin of public record information, the public records and commercially available data sources used in reports may contain errors. Source data is sometimes reported or entered inaccurately, processed poorly or incorrectly, and is generally not free from defect. This product or service aggregates and reports data, as provided by the public records and commercially available data sources, and is not the source of the data, nor is it a comprehensive compilation of the data. Before relying on any data, it should be independently verified. LexisNexis and the Knowledge Burst logo are registered trademarks of Reed Elsevier Properties Inc., used under license. Current Carrier and C.L.U.E. are registered trademarks of LexisNexis Risk Solutions Inc. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright 2014 LexisNexis.

10 Page 10 PROPERTY INSURANCE REPORT February 23, 2015 Focus: HAWAII Continued from Page 7 lapana, insurers may start to nonrenew. Homeowners in the area with mortgages will be unable to obtain insurance from the authorized market. In the worst case, their insurance would be forced placed at much higher rates. If insurance becomes unaffordable, properties might be truly abandoned and mortgages foreclosed on. The real estate market will be severely impacted. Lava wasn t the only disaster to befall last year: Hurricane Iselle made landfall, and a number of other storms missed the island. Insurers viewed the storms as a stress test on their catastrophe plans, all of which played out as they had hoped. There will be a day when the storms hit the bull s eye, or when the lava flows into a more populated zone, but until then remains very profitable for the insurers doing business there, ranking at the top of the charts. This is expected for a small state with tremendous risk for infrequent but devastating catastrophes. s 10-year profit margin of 36.8% for the decade ended 2013 was the best in the country and miles above everyone else. While 2013 wasn t the best year for home insurers, its 29.6% profit margin still ranked third. declined from the 11th most expensive state for homeowners insurance in 2005 to 24th in 2011 and 2012 with an average homeowners premium of $957 in Premiums for the standard HO-3 policy grew 39.3% for the decade ending 2012, considerably less than the 10-year growth of 54.8% for the nation. According to Perr & Knight s RateWatch, which tracks rates for the top 10 insurance groups by line and by state, homeowners rates in fell 4% between 2009 and Falling rates have kept the homeowners insurance market flat. Direct written premium grew 0.27% in 2013 and 0.63% over five years Slow growth is better than shrinking, which PROPERTY INSURANCE REPORT Established 1994 Brian P. Sullivan, Editor Telephone: (949) Leslie Werstein Hann, Managing Editor Telephone: (908) Patrick Sullivan, Associate Editor Telephone: (949) Subscription Information: (800) On the Web: Property Insurance Report, 2015, published weekly, 48 times a year, by Risk Information Inc., Magellan Isle, Dana Point, CA It is a violation of federal law to photocopy or reproduce any part of this publication without first obtaining permission from the Publisher. ISSN: Subscription Rates: $767 per year in U.S. and Canada. Elsewhere $807 per year. is what the homeowners market had been experiencing. Premiums fell 4% between 2010 and Insurers are hopeful that the market has turned the corner. This is still a market dominated by two companies, State Farm and Ocean Harbor, which does most of its homeowners business as Zephyr Insurance Co. Together, the two insurers control 54.9% of the market. Over the last few years, Ocean Harbor has been struggling, losing both market share and premium. USAA and Allstate have also been struggling. Their market share and premium have fallen either to State Farm and Tokio Marine or one of smaller insurers. In the political arena, change is in the air. Democrat David Ige was elected governor, beating out incumbent Gov. Neil Abercrombie in the Democratic primary and his Republican challenger, former Lt. Gov. James Duke Aion in the general election. Our sources expect the Inge administration to keep the current commissioner in office. Ito has been with the Insurance Division since 1993 and has served as commissioner since PIR

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