Despite pounding parts of the East Coast, Hurricane Nicole will not hit Florida’s insurance market as hard as Hurricane Ian.
CoreLogic, a property-information and analytics firm, released an early estimate Friday that said Nicole’s privately insured losses will be less than $750 million. The modeled estimate represented “gross” losses, which typically means insurance carriers would not face the full amount because they are partially shielded by backup coverage known as reinsurance.
While Nicole won’t cause as large of losses as Ian, Fitch Ratings on Friday released an analysis that pointed to the combination of the storms continuing to build pressure on Florida’s troubled property-insurance system. “Citizens and FHCF are obligated to levy emergency assessments or issue bonds if claims and reimbursements exceed liquid resources, including reserves and premium collections, until obligations are fully met,” Fitch said in the analysis posted on its website. “Even if FHCF and Citizens do not need to tap the market this year, they will have exhausted much of their liquidity, leaving them more likely to have to borrow in the future to rebuild liquidity.
Gov. Ron DeSantis called a special legislative session in May to try to shore up the insurance system. Lawmakers took steps including providing $2 billion in reinsurance to carriers, but problems have persisted. Renner, who will formally take over as House speaker Nov. 22, cautioned that lower costs will “not happen overnight.”
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