Florida reinsurance News

Rising Premiums, Low Catastrophe Losses Boost U.S., Bermuda Reinsurers’ H1 Profits

U.S. and Bermuda reinsurers reported strong operating performance for the first six months of 2022, supported by continued pricing increases in most reinsurance and specialty lines of business as well as tighter terms and conditions and low catastrophe losses, according …

Florida Property Reinsurance Premiums Rise by as Much as 50%: Gallagher Re

Property reinsurance rates rose by as much as 50% in Florida at July 1 renewals and by up to 40% in the United States overall, reinsurance broker Gallagher Re said on Friday, as reinsurers grappled with higher inflation and natural …

Midyear Prop-Catastrophe Reinsurance Capacity Down for 1st Time in Decades: Aon

For the first time since the devastating U.S. hurricanes of 2004 and 2005, property-catastrophe capacity contracted during the June/July reinsurance renewal period, Aon said in a new report released yesterday. While the reinsurance market remained stable on the casualty side, …

With Inadequate Natural Catastrophe Prices, Swiss Re Gives Florida a Wide Berth

Premium rates for natural catastrophe risks in Florida continue to be inadequate, which is why Swiss Re is giving that market a wide berth — for the time being, at least. “Historically we believe the Florida market has been underpriced …

New Florida Law on Reinsurance Goes into Effect in July

A newly-enacted Florida law revises reinsurance statutes, providing insurers with credit for reinsurance and eliminating additional collateral requirements for a reinsurer if it is domiciled in a “reciprocal jurisdiction” and meets other requirements. The measure (SB 728), signed into law …

Florida Borrows $2.25B for Hurricane Fund While Rates Are Low

With hurricane season barreling down on Florida, the state is seizing on low interest rates to borrow $2.25 billion for its catastrophe insurance fund. The State Board of Administration Finance Corp. is joining state and local governments that have rushed …

A Tale of Two Floridas: Hurricane Irma’s Belated Impact on Reinsurers

Reinsurers expressed different views of loss developments related to Hurricane Irma, when executives reviewed the impact of the Florida event on second-quarter earnings reports earlier this month. Everest Re was among those negatively impacted, with a preannounced net reserve charge …

Fitch: Hurricane Irma Losses Substantial, But Won’t Weaken Insurer Ratings

Estimated insured losses for the insurance industry for Hurricane Irma range from $25 to $50 billion based on various loss estimates, according to a report from Fitch Ratings. The ratings agency said these losses will represent a substantial near-term earnings …

Key Florida Players to Highlight Importance of Catastrophe Reinsurance

Although the role of catastrophe reinsurance in a wind exposed region is intuitively obvious to an insurance professional and most insurer rating agencies, the need for transparency, education and open dialogue on this important topic is necessary. Consumers, members of …

Florida Regulators ‘Encouraged’ by Insurers’ Stress Test Results

Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report. The annual Reinsurance …