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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure. -
The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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A state-mandated, one-year moratorium on non-renewals is also in place.
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The regulator also emphasized the need for private flood insurance after hurricane Helene.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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Rates are now falling, but submissions are still rising, according to wholesale brokers.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Investigators are homing in on the likely causes of the incidents.
