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 homeowners premiums unlikely to reduce amid reinsurance costs & inflation: KCC
11th October 2023
A new report authored by Karen Clark, Co-founder and CEO of Karen Clark & Company (KCC), explores the concern among Florida homeowners of increasing insurance premiums, which in turn is driving demand for legislative actions to reduce costs. On the back of hurricanes, other weather-related events, inflation, and excess litigation, insured losses ... Read the full article
Initial estimates point to Hurricane Idalia insured loss of below $10 billion
31st August 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there's been a range of early estimates for insured losses from Hurricane ... Read the full article
Hurricane Idalia forecast to hit Florida “near or at major intensity”
28th August 2023
Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then heading over extremely warm Gulf waters towards Florida's coast where the NHC forecast it could be near or at major intensity by landfall. Update: The latest NHC advisory, ... Read the full article
Everest bullish on trajectory of reinsurance industry for 2023 and beyond: CEO
18th August 2023
Juan Andrade, Everest Group Chief Executive Officer, suggests the reinsurance industry serves as a "bright light" in terms of what's happening in capital markets right now, as the firm remains "bullish" on the industry's trajectory for this year and beyond. Andrade's comments stem from an interview with Bloomberg, in which he ... Read the full article
Florida’s insurance market sees positive growth following reforms
15th August 2023
In a promising update from the Florida Office of Insurance Regulation (OIR), the state's insurance market continues to exhibit signs of robust growth. This development comes on the heels of recent legislative reforms aimed at bolstering Florida's property insurance sector. On August 11, OIR granted approval to Mainsail Insurance Company, a property ... Read the full article
Aon’s updated Florida hurricane model certified for ratemaking by Florida Commission
4th August 2023
Aon, a renowned global professional services firm, has received certification from the Florida Commission on Hurricane Loss Projection Methodology for the latest update to its Impact Forecasting Florida hurricane model. This certification allows the model to be utilised for ratemaking purposes in the state. The enhanced model incorporates cutting-edge research and ... Read the full article
Slide approved for significant takeout of Florida’s Citizens policies: CEO Lucas
1st August 2023
Bruce Lucas, the Chief Executive Officer (CEO) of full-stack insurtech Slide Insurance, has revealed to our sister publication Artemis that the firm has been approved for an up to 100,000 takeout of policies from Florida's Citizens Property Insurance Corporation, which would represent substantial growth for the firm. "We were just approved ... Read the full article
Florida homeowners insurance market shows signs of rebound amid market reforms: ALIRT
25th July 2023
In the midst of years of tumultuous market conditions, Florida's homeowners insurance sector seems to be experiencing an encouraging upturn, signaling a possible rebound for the beleaguered industry, according to a recent report by ALIRT Insurance Research. Over the past few years, Florida's property insurance market has been grappling with significant ... Read the full article
Florida’s insurance market overcomes challenges and shows signs of growth: Aon
10th July 2023
Florida's insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state's insurers, according to Aon's Reinsurance Market Dynamics report. Despite worries following Hurricane Ian about a possible shortage of capacity for Florida-based insurers, catastrophe reinsurance capacity was accessible during the mid-year renewal, ... Read the full article
Property cat loss hit rates in Florida up 30-40% in mid-year renewal: Gallagher Re
3rd July 2023
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals. Within the report, the broker highlighted the United States property market at the renewals. One notable figure was that catastrophe loss hit business in Florida increased 30-40%, ... Read the full article
Ample property cat reinsurance capacity available as order returned at mid-year renewals: Aon
29th June 2023
A sense of order returned to reinsurance renewals at the mid-year, helped by the catastrophe reinsurance market finding a new equilibrium with ample capacity available for property cat risks, according to insurance and reinsurance broker Aon. The broker's June and July 2023 Reinsurance Market Dynamics report dissects the mid-year renewals season, ... Read the full article
Tech & advanced digital marketing driving increased claims litigation: 4WARN interview
29th June 2023
The latest Artemis live video interview from our insurance-linked securities (ILS) focused sister publication, delves into the world of technology enabled claims instigation, which 4WARN Inc. explained is resulting in both higher claims and litigation. In recent years, claims frequency has become increasingly harder to predict for ... Read the full article
Moody’s RMS receives FCHLPM approval for version 23 of North Atlantic Hurricane Models
6th June 2023
Catastrophe risk modeller Moody’s RMS has announced that version 23 of its North Atlantic Hurricane Models has received approval from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). This certification allows the use of these models in residential rate filings with the Florida Office of Insurance Regulation. Moody’s RMS is ... Read the full article
Florida reinsurance market shows signs of recovery with strong rate momentum: Berenberg
5th June 2023
In a positive turn of events for the Florida reinsurance market, industry analysts from investment bank Berenberg have reported that the market is experiencing strong rate momentum and renewed interest from reinsurers. The current rate increases and expected profitability have attracted players such as Berkshire Hathaway, DE Shaw, Ariel Re, and ... Read the full article
HCI expands coverage for TypTap & Homeowners Choice at June renewal
2nd June 2023
Florida-based insurtech HCI Group has increased the reinsurance coverage for both its TypTap and Homeowners Choice subsidiaries at the June renewal. HCI has secured two reinsurance towers for its two insurance subsidiaries by entering into contracts with multiple private reinsurance companies and with the State Board of Administration of Florida, which ... Read the full article
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