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Inside P&C’s news team runs you through the key highlights of the week. -
Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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Bruce Lucas added that the company is no longer pursuing a Series B round.
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Recent tort reforms, carrier capital and reinsurance relationships will determine the future for Floridians.
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Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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It’s unclear how long some insurers will be able to sustain the cost of doing business in Florida, whether the question is making it through another quarter, another hurricane season or another renewal.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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The bills place additional requirements on insurers in the state and expand consumer protections.
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The program “exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
