Insured losses from Hurricane Ian could reach upward of $57 billion, which places the Category 4 storm as the second costliest hurricane to hit the U.S. behind Katrina, according to estimates by the Insurance Information Institute.
With 11 Florida property insurers declaring insolvency within the past 12 months, the state property insurance marketplace was clearly “not in a great place for this storm,” BRP Group CEOBRP Group, Tampa Bay’s largest property and casualty insurance brokerage with nearly $600 million in total local premiums written in 2021, has approximately 180,000 clients in the state, according to Baldwin.
Floridians’ premiums have risen at a faster pace than the national average, or 33% increases each year versus 9% nationally, according to the III. Despite Floridians paying more than three times the national average for homeowners’ premiums, the state’s insurance marketplace“By our math right now, the state Florida insurance premium is about $12.5 billion to $13 billion, and $17.5 billion to $19 billion is what’s needed for actuarial adequacy.
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