Although Florida has weathered the past four hurricane seasons with barely a strong wind and also has been spared the recent massive flooding experienced in other states, it is important to note some longer range historical facts. According to Dr. Robert Hartwig from the Insurance Information Institute, Florida has accounted for 19 percent of all U.S. catastrophe-insured losses from 1980 to 2008, by far the largest share of any state. Also, eight of the top 12 most costly disasters in history have affected Florida. As of 2007, Florida was the most exposed state for hurricane loss, with a total insured value of almost $2.5 trillion, up over $532 billion since 2004.
Faced with this catastrophe exposure, there is a widespread understanding within the global insurance and reinsurance market that many Florida property insurers are fighting an uphill battle to generate sufficient premium to keep pace with associated cost drivers and to manage their hurricane exposure.
The Current Makeup of Florida's Property Insurance Market
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.
