Universal
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes. -
If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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He continued that the program contains full protection for hurricanes and tropical storms with no gaps in coverage and no co-participation.
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The company cited the challenging Florida claims environment and inflationary and weather trends as the key reasons for the loss ratio increase.
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For most policy forms, all roof types must be 15 years or newer to write new business in certain counties.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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The reinsurer has put the first layer through its captive, a move that reflects the lack of reinsurance capacity for this high-risk business.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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