While it has paled in comparison to Hurricane Katrina, Wilma still could rank as the fifth costliest catastrophe in U.S. history and has put new strains on the Florida insurance market, according to a leading ratings agency.
Fitch Ratings said earlier this week that it does not believe Florida insurers have received an adequate return since Hurricane Andrew in 1992 and that they have not recovered from the 2004 season.
"As a result, there is little incentive for a well-capitalized insurer to remain in the market or for a start-up insurer to capitalize well," said Fitch spokesman Ken Reed.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
