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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%. -
The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
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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.
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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.
