As one of the leading providers of homeowners insurance in Florida, HCI said its expecting Hurricane Irma related losses in the U.S. $100 – 300 million range, most of which will be covered by the carriers’ reinsurance and retrospective provisions.
With a retention level set at $16 million, the insured losses will trigger HCI’s reinsurance recoveries, as well as trigger the loss of accrued benefits and deferrals under retrospective provisions within certain reinsurance contracts.
HCI’s captive reinsurance subsidiary, Claddaugh Casualty Insurance Company, which participates in the Homeowners Choice reinsurance program, estimates Hurricane Irma loss of its full coverage provided to the programme of $34 million.
Paresh Patel, HCI’s chairman and chief executive officer, said; “Our thoughts go out to all who have been affected by this hurricane.
“Our focus at this time is on our policyholders and ensuring their claims are handled quickly and efficiently. We have ample resources, including reinsurance recoveries and cash, to meet our obligations to policyholders.”
Hurricane Irma – the first major Florida hurricane since Wilma in 2005 – struck the Florida Keyes last week, before making a second landfall in the southwest coast of Florida.
