Universal

Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.

Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.

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.

The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.

The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.

The executive steps into the role at a significant time where the company faces the task of dealing with the consequences of Hurricane Ian.

The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.

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.

Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.

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.