Heritage
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss. -
Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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So far, the company has received nearly 12,000 claims associated with the storm.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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The carrier is continuing diversifying business outside of Florida with an 18.9% reduction in policies in force and a 14.9% reduction of total insured value for Florida.
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Despite the looming uncertainty for other companies, Heritage's A rating was recently affirmed by Demotech on August 1.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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