Rates

The hard reinsurance market and elevated cat losses continued to drive rate increases.

The broker said increased reinsurance costs had not been passed onto customers.

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For the business line, this is the first month-on-month slowdown since October 2022.

The broker said clients could save money, increase limits and buy extra coverage.

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.

H1 2023 renewal rates for wind and fire-exposed properties in Florida, Louisiana and Texas increased more than 300% in some cases, exceeding the broker’s January forecast.

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Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.

Continuing rises in loss frequency and severity plus a difficult regulatory framework make the situation in California highly challenging for carriers.

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Early private deals have provided far more stability in this year’s renewal than last.