When It comes to hurricanes,
For evidence of how much the
It's quite a tum in the state's long, complex relationship with the insurance industry. Once,
Then came Hurricane Andrew in 1992, four storms in 2004, and Wilma in 2005. Amid public uproar and governmental reaction, the legacy carriers cut their exposure from 87% of all premiums in 1999 to a third in 2013. The state filled the void: As recently as 2012, state-run Citizens Property peaked at nearly 1.5 million policies and
Since then, however, Citizens has moved aggressively to unload policies. Its current number of policies, 488,565, makes Citizens the second-biggest property insurer in
Many of the
Weston is a rare bird: A wind- and hail-only "admitted" insurer, that is, an insurer subject to state rate regulation. It's also backed by the
Lyons says Weston believed that while some reinsurers understood the
Commercial residential - condo master associations, not individually owned units - accounted for 43% of the company's insured limits in April. Another 19% came from commercial structures such as hotels, office towers, retail, municipal buildings and houses of worship. Nearly all the remainder was in individual condos and homes.
Lyons says the majority of the properties it covers are within one mile of the coast, and 91% are within three miles. Weston had 32,219 policies as of March.
Weston, Lyons says, is one of the larger purchasers of reinsurance in
The low cost of capital brought in lots of newcomers, says
The trend in reinsurance, and its effect on
At the micro level, the question for homeowners is how much they pay and how safe the young companies are.
Insurers say their
State residents have seen
State regulators offer assurances that companies now are financially capable. Each year,
The office found that 112 participating insurers could handle such catastrophes, including all 67 participating
Meanwhile, some of the newcomers have springboarded into other southeastern states and the nation. Says Neal, "
Writing coverage beyond
Not all insurers have major expansion plans.