Universal

CEO Downes stressed it was too early to say how the new law will impact insurance pricing.

The insurer was hit by $5mn of cat losses in Q1 2019, adding 2.4 points to the combined ratio.

The increase gives an early indication that reinsurers may be able to secure significant increases at this year’s Floridian renewals.

The insurer fell to a loss of $9.8mn in Q4 2018 after strengthening prior-year reserves.

The Florida-based insurer reported a $15mn cat loss for the full year.

The Florida-based insurer added around $80mn to its Irma loss estimate.

The initial estimate suggests an ultimate outcome broadly in line with market expectations.

Florida insurers reported manageable catastrophe losses in the third quarter. However, Irma loss creep continued to mount for some, as questions arose over potential coverage gaps following collateral release.

The insurer’s Irma losses have risen by a further 25 percent to $754mn.

The Florida-based carrier said prior-year loss events including Hurricane Irma produced negligible development in the period.

The initial estimate has come in at half its current Hurricane Irma gross loss.

Floir data shows that First Protective has the largest market share, at 9.4 percent, followed by USAA, with 7.6 percent.