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This article talks about coverage being available for most carriers, but not about prices. Reinsurance carriers suffering losses will raise rates to the carriers who will trickle it down to the consumer. The hope is that non renewal letters do not go out, putting many back into Citizens Insurance where they are not wanted or welcome, but may have to be???


Losses to the insurance industry from Hurricane Michael, a Category 4 storm that hit the Florida Panhandle before continuing a path of destruction through several other Southeast states, will be substantial but not enough to cause problems for insurers or a pullback in capacity, experts say.

Ohio-based ratings firm Demotech, which rates 52 Florida-based insurers as well as others in surrounding states affected by Michael, said these companies are well positioned to handle losses. “Demotech believes that each of the carriers that we review and rate that are exposed to loss and LAE from Hurricane Michael have in place a rigorous and vigorous catastrophe reinsurance program,” Demotech President Joseph L. Petrelli told Insurance Journal.

Others agree that Florida’s heavily-reinsured domestic insurers and an overall well-capitalized insurance industry should be able to handle Michael’s losses without major disruption.

A report by A.M. Best said depending on the severity of losses, primary insurers will likely share the loss burden with traditional reinsurers and alternative capital providers. Reinsurers with an outsize concentration in Florida will be more vulnerable than those with globally diversified catastrophe exposures, Moody’s said.

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