Best’s Market Segment Report: Florida Property Insurance Market Improves; Reinsurance Dependency Remains High
Higher homeowners’ premiums, a decline in legal costs related to recent legislative efforts and the ongoing de-population of the state-backed insurer of last resort are the backdrop as Florida’s property insurance market churns toward another hurricane season, according to a new AM Best report.
Given the more frequent and severe weather-related losses in recent years, as well as the inflationary impact on losses,
The analysis within the report is focused on the aggregated results of
To keep pace with rising reinsurance costs, primary carriers have had to push considerable rate increases onto policyholders, leading to direct premiums written increasing dramatically. The report includes an analysis of ceded reinsurance premium, which is a key industry measure of a primary insurers’ dependence on reinsurance. These active
The report also addresses the departure of carriers from
To access this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=343191.
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Source: AM Best
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