Hurricane

The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.

The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.

Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.

Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.

The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.

In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.

The modelling firm noted a shift towards stronger hurricanes making landfall.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.

Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.  

The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.

The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.