As interest rates and housing affordability continues to be a drag on the housing market, Milliman takes a closer look at NIW policy volume—which is down from recent years. Relative market share among insurers continues to be volatile. In-force policy performance continues to be strong. The first capital market insurance-linked note (ILN) issuance of 2023 occurred—notably at more attractive pricing as compared to late 2022 issuances.
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 2Q 2023.
The full 2Q 2023 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Home sales
- Summary of IIF
- Volume/persistency
- Performance
- Summary of capital markets ILN issuances
- Appendix: Additional excerpts from earnings calls
- Pricing and reinsurance
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.