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 • Homeowners Insurance Profitability in Illinois • Conclusion
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
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.
Thank You for Your Attention Gary Wang, FCAS, MAAA (309) 807-2331 firstname.lastname@example.org