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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual. -
The bills place additional requirements on insurers in the state and expand consumer protections.
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In its update, CSU now anticipates 14 named storms, seven hurricanes and three major hurricanes.
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
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The carrier is obligated to use the RAP program and upped its ceded premiums.
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The forecaster is predicting 13 named storms, six hurricanes of which two are expected to be Category 3 or above.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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The forecaster is predicting there could be as many as 14 hurricanes in the North Atlantic between June and November.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near-normal" hurricane activity in the Atlantic this year.
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The loss for the month was 60% comprising losses from two wind and hail events.
