Florida is considered ground-zero for global property catastrophe risk given its exposure to hurricanes and the significant insured values-at-risk.
As a result, the Florida market is effectively ground-zero for the catastrophe bond and insurance-linked securities (ILS) market, with a significant proportion of ILS market exposure linked to catastrophes that might occur in the state.
Florida’s property insurance marketplace is also known to have faced significant challenges, not just from losses, but with the just as real threat and impact of social inflation and litigation that have driven claims costs higher and ultimately raised insurance pricing. This has had a knock-on effect on reinsurance and ILS pricing for risks in Florida.
Florida’s lawmakers meet this week in a Special Session of the legislature that will have a significant focus on passing reforms to its pressured and often seen as dysfunctional property insurance market.
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In a report on the challenged Florida property insurance marketplace and legislative efforts to reform the sector, rating agency AM Best has warned that reinsurance costs could reach breaking point at June 2023’s renewals, surpassing the level of affordability.
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The Florida Office of Insurance Regulation (OIR) has approved the run-off plan for the UPC Insurance owned carrier United Property & Casualty Insurance Company (United P&C), with the insurer now placed under administrative supervision.
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Positive news for Florida’s insurance carriers this morning as the Office of Insurance Regulation (OIR) has stated that mortgage giants Fannie Mae and Freddie Mac have provided guidance that says they will accept insurance policies backed by a temporary reinsurance arrangement through Citizens Property Insurance Corporation.
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The two issues at the top of the agenda for lawmakers at next weeks Special Session of the legislature in Florida are reducing litigation and increasing the availability of reinsurance.
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The Florida property insurance market could face an even more challenging year ahead in 2023, as reinsurance capital loses its appetite for the state and private insurance capital shows now interest in moving in currently.
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According to Joseph Petrelli, President and Co-Founder of rating agency Demotech, the company has taken a decision that could see it declining to rate additional or new carriers in the beleaguered Florida property insurance market.
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With another Special Session of the Florida legislative set for later this month, Governor of the state Ron DeSantis has been outspoken on two key issues, one being reinsurance capital supply, the other the insurer of last resort Florida Citizens.
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The Florida Office of Insurance Regulation (OIR) says that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion.
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Legislative leaders in Florida have announced the dates for a Special Session to address property insurance and reinsurance issues in the state, with the Session to be held from December 12th to 16th.
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