Private Mortgage Insurer (PMI) market trends and highlights, 1Q 2023
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As mortgage originations continue to slow due to increases in interest rates and the related impact on housing affordability, the 1Q 2023 NIW market was the smallest since 1Q 2019. Relative market share among insurers continues to shift—particularly within LTV bands. Given the increased macroeconomic uncertainty, many private mortgage insurers mentioned pricing increases in their quarterly earnings calls. No capital market ILN issuance has taken place since 3Q 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 1Q 2023.
The full 1Q 2023 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Decomposition by LTV band
- 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.