KBRA Releases Research – Florida Insurance Balance Sheets Braced for Active Hurricane Season
2024年8月15日 - 3:26AM
ビジネスワイヤ(英語)
KBRA releases research discussing the financial position of
Florida insurers following widespread forecasts for an active
Atlantic storm season in 2024. In response to these forecasts, many
Florida property insurers have prepared by purchasing increased
reinsurance limits and coverage to protect their balance sheets. In
addition, recent regulatory reforms, combined with insurers
obtaining extensive rate increases, have attracted reinsurers to
participate in the market. Across KBRA’s rated universe, primary
insurance companies took different approaches in anticipation of
higher losses. These included utilizing a combination of the
traditional and capital markets, captives, and the Florida
Hurricane Catastrophe Fund, as well as recalibrating quota share
agreements and various expansions of their excess of loss
reinsurance programs.
Key Takeaways
- Due to the positive results for Florida insurance companies in
recent years, many companies were able to organically increase
their surplus position despite declining total insured value and
policy counts.
- Improved industry underwriting results in 2023 put downward
pressure on reinsurance pricing, where rates largely remained flat
and, in some instances, decreased year-over-year.
- Increased reinsurance capacity provided opportunities for
insurance companies to purchase larger towers, provide better
protection for multiple-event coverage, and adjust retentions.
Click here to view the report.
Related Publication
- Florida Insurers Ride 2023 Tailwinds While Bracing for
2024
About KBRA
KBRA is a full-service credit rating agency registered in the
U.S., the EU, and the UK, and is designated to provide structured
finance ratings in Canada. KBRA’s ratings can be used by investors
for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1005493
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Sean Campbell, Senior Analyst +1 646-731-3361
sean.campbell@kbra.com
Jack Morrison, Senior Director +1 646-731-2410
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Jonathan Harris, Senior Director +1 646-731-1235
jonathan.harris@kbra.com
Peter Giacone, Senior Managing Director +1 646-731-2407
peter.giacone@kbra.com
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