Fitch Ratings expects tighter restrictions when reinsurance policies are renewed in 2023, while raising the possibility that Florida property insurers will not be able to buy all of the reinsurance they need. (Credit: bilanol/Adobe Stock) Fitch Ratings expects tighter restrictions when reinsurance policies are renewed in 2023, while raising the possibility that Florida property insurers will not be able to buy all of the reinsurance they need. (Credit: bilanol/Adobe Stock)

As Florida lawmakers try to stabilize the troubled property insurance system next month, they could face worsening problems with reinsurance, a critical part of the system.

Fitch Ratings released an analysis that said overall reinsurance prices are expected to increase by more than 10% in 2023, pointing to losses from disasters such as Hurricane Ian and “increasing frequency and severity of natural catastrophe claims.”

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