The excess and surplus lines market could be another industry casualty of a Florida insurance reform law that is already delivering a direct blow against reinsurers, legislative and reinsurance experts gathered here warned.
For one, the expansion of Florida's Hurricane Catastrophe Fund could prompt more reinsurers to go after specialty business, aggravating softening market conditions in the E&S sector, reinsurance experts predicted during a panel discussion here at the midyear educational meeting of the National Association of Professional Surplus Lines Offices.
In addition, provisions of a Florida reform bill signed into law by Gov. Charlie Crist in January expand the role of Citizens Property Insurance Corp.–Florida's residual property insurance market. Those provisions could ultimately mean that Citizens partially supplants the E&S market's role in homeowners insurance, as well as encroach on its role as the market of last choice for commercial insurance, NAPSLO officials told National Underwriter.
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