New insurance written (NIW) in 2023 ended slightly lower than 2018 levels. In-force policy credit performance continues to be strong. Expectations for 2024 NIW are in line with 2023.
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 4Q 2023.
The full 4Q 2023 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Annual insurer-level composition
- Summary of IIF
- Volume/persistency
- Performance
- Summary of capital markets ILN issuances and early termination activity
- Appendix: Additional excerpts from earnings calls
- 2024 NIW expectations
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.