Homeowners' insurance
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Twia filed for the rate hike in August after an actuarial analysis showed that rates were inadequate. -
Florida concentrated property insurers are expected to face capital struggles.
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American Integrity will take the largest chunk, out of six insurers total.
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The storm is projected to make landfall in the next 24 hours in the highly populated Tampa Bay region.
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Moody’s also predicts losses to the NFIP at potentially more than $2bn.
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The government flood insurance program now carries $21bn in debt.
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October 17 has been set as the deadline for written comment.
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The figure does not include NFIP losses.
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The residual insurer’s pricing is far from rate adequacy, and it is undercutting the commercial market.
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Sources expect loss amplification in claims from Georgia, the Carolinas and Tennessee.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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Insurers are fighting to recoup claims they have paid out.
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