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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital. -
The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
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The NAIC argued that crass use of industry data would not accurately reflect climate change impacts on affordability.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
