Reinsurance News
Florida reinsurance news
All of our Reinsurance News related to the Florida insurance marketplace, featuring news and analysis of the annual June renewal season, as well as Florida-specific stories.
More insolvencies possible without immediate Florida reforms: AM Best
8th December 2022
Analysts at AM Best have warned ahead of the second special session of Florida lawmakers that further insurer insolvencies are possible if “immediate and substantive” long-term reforms aren’t realised. Governor of Florida, Ron DeSantis, has called the session in order to work with the Legislature to introduce more competition and ... Read the full article
Hurricane Ian magnifies Florida homeowners’ re/insurance vulnerability: Fitch
6th December 2022
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses. The rating agency suggests that losses will resonate through the primary and assumed reinsurance markets with ... Read the full article
Florida governor reaffirms target of stabilising state insurance market
2nd December 2022
Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s insurance market. Recently, it was announced that the state is planning to undertake another Special ... Read the full article
Florida generates the most homeowners premiums in the US: AM Best
22nd November 2022
Florida is the US state with most premiums in homeowners insurance lines, AM Best analysts have revealed. Despite being only the third more populous state, it generated $12.4 billion of homeowners direct premium in 2021. That is more than California, the most populous state, with $11.2 billion of homeowners direct premium, ... Read the full article
Citizens increases Ian loss estimate to $3.8bn, expects 37% to be ceded to reinsurers & FHCF
15th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private reinsurers and the Florida Hurricane Catastrophe Fund (FHCF). The newly announced $3.8 billion total ... Read the full article
FutureProof expands team to support Florida E&S homeowners product launch
31st October 2022
FutureProof Technologies has announced two key hires to support the launch of a Florida E&S homeowners product through its algorithmic underwriting MGA. Andrea Ferrari joins FutureProof as Director of Underwriting, while Michael DSouza joins as Director of Catastrophe and Portfolio Management. FutureProof notes that Ferrari brings extensive experience from underwriting both admitted ... Read the full article
More property reforms proposed as Florida plans another Special Session
21st October 2022
The Governor of Florida, Ron DeSantis, has announced that he is planning to call a Special Session in December to address solutions to stabilise the state’s property insurance market following Hurricane Ian. DeSantis says he is working with the Legislature on a session to introduce more competition and policies that will ... Read the full article
Florida’s litigation environment & social inflation will boost Ian losses: Moody’s
17th October 2022
According to a report from Moody's, Hurricane Ian will inflict a heavy toll on Florida-only insurers, which have already been struggling with poor profitability, high claims litigation costs, weak capitalisation, inflation, and increased reinsurance costs in recent years. Florida-only players will bear outsized losses from Ian given their business concentration in ... Read the full article
Citizens warns policyholders of fraud as Hurricane Ian repairs begin
14th October 2022
Citizens Property Insurance has released a statement urging its policyholders recovering from Hurricane Ian to protect themselves from fraud and abuse by contacting their agent or Citizens first as they work through the recovery process. The company states that unscrupulous contractors and repair companies thrive in the frenzied days following any ... Read the full article
Data suggests Demotech rated carriers have sufficient reinsurance for Ian claims
14th October 2022
Rating agency and financial analysis firm, Demotech, Inc., has reported that, at this stage, all of the Florida-focused insurance carriers it rates will be able to handle claims from hurricane Ian within their reinsurance towers, based on early reporting and cat modelling results. Of course, the ultimate insurance and reinsurance industry ... Read the full article
FLOIR pegs initial Ian insured loss estimate at $3.28bn. Will rise significantly
7th October 2022
Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. A total of 375,293 claims a little over a week after ... Read the full article
Hurricane Ian will change the Florida re/insurance market landscape: RMS
4th October 2022
According to the Chief Risk Modelling Officer at RMS, Mohsen Rahnama, Hurricane Ian has the potential to be one of the largest, if not the largest, insured catastrophe losses in US history, with implications for both the Florida, reinsurance, retrocession, and ILS markets. Hurricane Ian made landfall on Wednesday the 28th ... Read the full article
Hurricane Ian to demonstrate challenge of insuring Florida property: DBRS Morningstar
3rd October 2022
A new note from DBRS Morningstar says that Hurricane Ian, which hit Florida in recent days, will showcase the challenges of insuring property in the state. The note says that the economic loss, which the company says is likely to top the $50bn caused by Hurricane Irma five years ago, comes ... Read the full article
Hurricane Ian to cause near record US fire & natural hazards loss: GlobalData
30th September 2022
After devastating Florida’s west coast as a strong Category 4 storm before weakening over land, Hurricane Ian is likely to bring incurred losses in US fire and natural hazards market to near record levels, according to analysts at GlobalData. Benjamin Hatton, Associate Insurance Analyst at GlobalData, described the storm as one ... Read the full article
CoreLogic estimates insured wind and surge loss from hurricane Ian up to $47bn
30th September 2022
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm surge losses in Florida of another $6bn to $15bn. It also said that this ... Read the full article
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