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.
Florida’s reinsurance programme to be tested by Hurricane Ian, says AM Best
28th September 2022
Florida’s new reinsurance programme is going to be tested by Hurricane Ian, says AM Best in a new commentary. It was created in recent months by state governor Ron DeSantis as the Reinsurance to Assist Policyholders (RAP) Program, designed to provide $2bn of coverage for hurricane losses. The reinsurance program’s $2bn coverage ... Read the full article
Over one million Florida homes at risk from Hurricane Ian storm surge: CoreLogic
27th September 2022
CoreLogic has released data analysis showing that more than one million single-family and multifamily homes along the Florida gulf coast with a reconstruction cost value (RCV) of approximately $258.3bn are at potential risk of storm surge damage from Hurricane Ian. Hurricane Ian has now reached major Category 3 status with ... Read the full article
Floridian insurers see underwriting improve in Q2 2022: Gallagher Re
23rd September 2022
According to reinsurance broker Gallagher Re’s Q2 Florida Market Watch Report, the combined ratio of the industry improved by 13.1% year-over-year to 109%. At the same time, loss & LAE reserve ratios at an industry level fell by 7.3% to 73.1% in Q2, as the expense ratio declined from 41.7% in ... Read the full article
Citizens’ President warns of market instability & reinsurance reliance
23rd September 2022
Citizens Property Insurance Corporation's President, Barry Gilway, has commented on the long-term instability he sees in the Florida market and its consequences both for Citizens and the wider reliance on reinsurance capacity. In a September report on Citizens’ performance and market share, Gilway described the company’s policy growth a “roller-coaster” since ... Read the full article
Reinsurer losses related to Florida specialists climb, says AM Best
22nd September 2022
According to a recent report by ratings agency AM Best, reinsurer losses related to Florida specialists continue to climb despite the fact there have been no significant storms in the region. Florida’s personal property specialists show a significantly higher dependency on reinsurance than the industry average, says Best, with premiums assumed ... Read the full article
Reinsurers diverge on Florida cat risk: Moody’s
16th September 2022
Reinsurers are showing a diverging appetite for Florida property catastrophe risk, says Moody’s, ahead of further anticipated price increases and coverage constraints going into 2023. The rating agency noted that many reinsurers chose to hold steady or cut their Florida exposures during the June 2022 renewals, in an effort to improve ... Read the full article
Florida insurers could struggle to respond to a $100bn repeat of Hurricane Andrew: RMS
26th August 2022
According to RMS, a Moody’s analytics company, because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane, such as Hurricane Andrew - which hit southwest Florida in 1992. RMS highlighted that the ... Read the full article
Florida market remains under strain from man-made crises
23rd August 2022
The legacy that arose from Hurricane Andrew’s landfall in Florida is under strain from the effects of man-made crises today, says a new report. The report, It’s Not Just the Weather: The Man-Made Crises Roiling Property Insurance Markets, posits that there are new and growing crises in many US states arising ... Read the full article
“Florida insurers facing multiple storms” – KBRA
18th August 2022
New research by KBRA says that Florida property insurers are facing storms on multiple fronts as the 2022 Atlantic hurricane season approaches its peak. The company’s work refers to the updated Atlantic hurricane season forecast that was released by Colorado State University at the beginning of the month. That work called ... Read the full article
Florida Citizens surpasses 1 million insurance policies
11th August 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013. Florida Citizens had added on average 32,000 new policies to its portfolios every month through 2021. The ... Read the full article
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
CSU, NOAA lower 2022 Atlantic hurricane forecasts
5th August 2022
The expectation is that the 2022 Atlantic Hurricane season will still experience an above-average level of activity, despite both Colorado State University (CSU) and the National Oceanic and Atmospheric Administration (NOAA) lowering their forecasts in recent days. In its August update, CSU now anticipates 18 named storms, eight hurricanes, and four ... Read the full article
Centauri carriers’ A rating affirmed as Demotech announces revisions
4th August 2022
The Centauri insurance companies, which operate in Hawaii and along many of the coastal states in the U.S., have had their 'A' (Exceptional) rating affirmed by Demotech, a move it says reflects disciplined underwriting and its robust reinsurance program. The anticipated changes to ratings of property insurers with a Florida focus ... Read the full article
Florida’s CFO says policyholders “will get the support they need”
28th July 2022
Florida’s Office of Insurance Regulation has made contingency plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation in the event of a “disruptive” financial rating downgrade from Demotech. Last week, Florida’s CFO, Jimmy Patronis, issued letters to Fannie Mae, Freddie Mac and the Federal Housing ... Read the full article
Florida enacts temporary reinsurance plan amid Demotech downgrades
27th July 2022
The Florida Office of Insurance Regulation (OIR) has made plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens) in the event of what it considers to be "disruptive" financial rating downgrades from regional rating agency, Demotech, Inc. Demotech recently wrote to 17 Floridian insurers to inform ... Read the full article
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