While credit performance remains strong and reserve releases continue, uncertainty remains regarding future NIW and IIF performance. Declining house prices and a potential recession are risks to the industry.

Since 2018, Milliman has been tracking the Private Mortgage Insurer (PMI) New Insurance Written (NIW) landscape and Insurance In Force (IIF) performance to keep our finger on the pulse of the market. The linked publication provides information and context regarding trends and differences amongst the PMIs’ businesses for 3Q 2022.

The full 3Q 2022 report provides 20+ pages of figures and commentary covering:

• Summary of NIW
• Summary of IIF
• Volume/persistency
• Performance
• Summary of capital markets ILN issuances
• Appendix: Additional excerpts from earnings calls
• Recession risk and pricing

The data used to compile this report includes publicly available PMIs’ disclosures (Earnings Releases, Financial Supplements, and 10-K/Qs) as well as additional aggregated industry data extracted from Milliman’s M-PIRe platform.

Download the full report