Flight from Florida: investors put state insurers on notice


Flight from Florida: investors put state insurers on notice

The cost of premiums might be high but investors are not lining up to try and get into the Florida insurance market—they’re leaving in droves. An Intelligent Insurer panel discusses what is going on in the sunshine state.

“No-one wants to invest in Florida, no-one wants to write in Florida and a lot of these insurance programmes are going to end up in Citizens, the government programme. And all of this has to do with loss costs, social inflation, litigation increasing exorbitantly and not being able to get a handle on it and insurers not being able to make money in the state.”

This was the view of Sarah Morgan (pictured bottom left), vice president property reinsurance at Ariel Re, as she took part in an Intelligent Insurer panel session titled “Is Florida’s re/insurance market finally nearing collapse?”.

Her fellow panellists were Tim Mardon (pictured top left), global head of property reinsurance, SiriusPoint; Gerry Glombicki (pictured bottom right), senior director in the insurance team, Fitch ratings agency; Mark Friedlander (pictured top right), director of corporate communications and expert on the Florida insurance market, the Insurance Information Institute (Triple-I); and Brad Adderley (pictured centre), partner, Appleby.

Florida, market, investors, insurance, state, Gerry Glombicki, Fitch, Brad Adderley, Appleby, Tim Mardon, SiriusPoint, Mark Friedlander, Insurance

Intelligent Insurer