Analysis from global reinsurance firm Swiss Re reveals that, while building code improvements in Florida have dramatically reduced the potential for insured losses from storms and hurricanes, that reduction is dwarfed by the huge gains in exposure in the state.
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Swiss-headquartered fintech Cerchia said today that the first risk transfer arrangement has now been traded on its capital markets focused direct risk transfer platform, with a buyer and seller coming together to trade a $100bn PCS trigger Florida wind industry-loss arrangement.
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Major hurricane Idalia has made landfall on the Florida Big Bend with winds around 125 mph near Keaton Beach at 7.45am EDT and now major hurricane impacts will spread through the landfall region of Florida, while hurricane and tropical storm impacts can be expected more widely and into Georgia and the Carolinas as well.
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Idalia has now become a hurricane, running a little behind the forecast schedule as it meandered around Cuba, but now moving into the far southern Gulf of Mexico, the NHC warns hurricane Idalia will be an “extremely dangerous major hurricane” for Florida.
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As tropical storm Idalia continues to develop, the latest from the NHC forecasts a Category 3 major hurricane Idalia will approach the Florida coastline, leading BMS Senior Meteorologist Andrew Siffert to highlight the potential for any storm of this kind to be a multi-billion dollar insurance and reinsurance market loss event.
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While still a tropical storm for now, Idalia is forecast to become a hurricane later today, after which there is little to stand in the way of hurricane Idalia intensifying rapidly to near or above major Category 3 strength, before its winds and surge impact the Florida Gulf Coast.
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The coming week is set to feature the first hurricane threat to Florida of the 2023 Atlantic hurricane season, as tropical storm Idalia is forecast to steadily intensify, move into the Gulf of Mexico and approach the Gulf coast of Florida as hurricane Idalia by Wednesday.
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The Florida insurance and reinsurance marketplace remains dysfunctional according to Swiss Re CFO John Dacey, who said that the reinsurance giant remains underweight in the state, despite some signs improvement could be on the horizon.
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While the general opinion in the insurance and reinsurance industry is that the outlook for the Florida marketplace is improved and the reforms, while taking time to bed in, will deliver benefits to insurers, the carriers operating there continue on their path of exposure management, by any means necessary.
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At the mid-year renewals, US primary insurance giant Allstate has shrunk its Florida reinsurance tower, and shifted all of its catastrophe bond coverage to the upper-layers of it.
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