New insurance written (NIW) in 2024, $299 billion, was 5% higher than 2023 but 34% lower than the 2019–2022 average. In-force policy credit performance continues to be strong. Hurricane activity and other delinquent inventory shifts prompted further discussion on reserving methodologies, new notices, and cure trends.
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 2024.
The full 4Q 2024 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Annual insurer-level composition
- Summary of IIF
- Volume/persistency
- Performance
- Reserving assumptions
- Summary of capital markets ILN issuances
- Appendix: Additional excerpts from earnings calls
- 2025 NIW expectations
- New administration and government-sponsored enterprise (GSE) reform
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.