Insurers Say Losses from Sandy Won’t Hit Florida

Insurance experts say the costs associated with losses from superstorm Sandy in the northeast should not affect Florida homeowners.

Sam Miller of the Florida Insurance Council said Tuesday that the Florida market is dominated by state-backed Citizens and local insurers who operate only in Florida along with a smaller number of Florida-only subsidiaries of a few national carriers.

Miller says none should experience significant losses because of Sandy.

Lynne McChristian of the Insurance Information Institute says Sandy’s effect on reinsurance markets should be minimal since much of the damage is from water and that is covered by the National Flood Insurance Program.

Florida business and homeowners have experienced sharp increases in recent years on property policies although the state has not seen a hurricane since Wilma in late 2005.

Latest Comments

• November 2, 2012 at 8:41 am

  gatorcane says:

  The fact that NJ,NY and Md politicans and regulators are negating hurricane deductibles will have an affect on cat re pricing in those states and may be a consideration in fut... read more
• November 1, 2012 at 9:48 am

  Mr. Solvent says:

  Re-insurers will certainly bring this storm up during negotiations at a minimum. The only real question is how many of these losses fall on re-insurance and how many fall on ... read more
• October 31, 2012 at 2:35 pm

  Cheetoh Mulligan says:

  The other article says they expect $7 to $15 billion in non-flood, insured losses. That is not enough to pierce reinsurance responses?