Heritage

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.

So far, the company has received nearly 12,000 claims associated with the storm.

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.

Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.

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.

With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.

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.

Despite the looming uncertainty for other companies, Heritage's A rating was recently affirmed by Demotech on August 1.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.

The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.