Florida
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
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United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
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The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
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The House amended the Senate’s earlier proposals, adding in restrictions on contractor solicitations but tempering legal fee reform.
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The state’s House Commerce Committee has approved the proposed legislation with three new amendments.
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Some measures have been re-introduced to tackle legal fee multipliers, but the House version remains weaker than a bill approved by the Senate.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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The winter increase in litigation from January to March runs counter to the usual trend, whereby cases spike in late spring.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.