Universal
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The pullback mirrors what the state went through last year before and after June 1.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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