Property insurers in Florida suffering from heavy losses

S&P Global Market Intelligence analyzed 51 insurance subsidiaries, of which 36 reported net losses during Q2 2021. (Photo: Sean Pavone/Adobe Stock)

Insurers that provide residential property insurance in the Sunshine State reported aggregate net income losses of $285.3 million during the second quarter of 2021, according to an S&P Global Market Intelligence analysis of regulatory filings. The period represents the fifth-straight quarter of triple-digit aggregate losses for insurers operating in the Florida homeowners market, with year-to-date losses totaling more than $500 million.

The analysis examined 51 insurance subsidiaries and excluded national carriers. Of the carriers analyzed, 36 reported net losses for Q2 2021, with Southern Fidelity Insurance Co. citing the most significant net loss for the quarter at $40.4 million. However, S&P did note that Southern Fidelity was among a small group of companies that received regulatory approval to cancel or non-renew policies this year.