The 3Q 2024 NIW market is tracking levels similar to 2023. IIF levels grow modestly, driven by high average policy size. New notices ticked up, prompting further discussion on reserving, delinquency, and cure trends. The first capital market insurance-linked note (ILN) issuance of 2024 occurred—pricing at the tightest levels since early 2022.
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 2024.
The full 3Q 2024 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Summary of IIF
- Volume, policy count, and persistency
- Performance
- Summary of capital markets ILN issuances
- Structure enhancements
- Appendix: Additional excerpts from earnings calls
- New notice and claim rate assumptions
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.