Hurricane

Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.

NOAA predicts there is a 65% chance of an above-normal season, a 25% chance of a near-normal season and a 10% chance of a below-normal season.

Researchers forecast 18 named storms, nine hurricanes and four major hurricanes between June and November 2022.

Industry association FAIR said a full reinsurance backstop should be provided.

A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.

The Florida Office of Insurance Regulation signed off a major block of policy cancellations as FedNat works on a plan to keep the Monarch brand afloat.

It is offering a significantly higher premium than prior-year cat bonds from the state insurer, after it stands to gain $135mn from cat bond payouts linked to Hurricane Ida.

In a survey report, the BMA warned that such “fallback” solutions failed to measure specific geographic features affected by climate change.

UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.

The issuance is seeking named storm cover in Florida, Georgia and South Carolina.

The carrier has already secured 85% of all-states, first-event cover for the June renewal.

Reduced capacity and inflation have driven up prices over April.