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Best: Reinsurance Pricing, Pandemic Add to Woes for Florida Property Insurers

July 9, 2020

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The numerous issues in Florida’s property insurance market, including higher reinsurance pricing and social inflation, continue to challenge the financial strength of Florida personal property writers and impact coverage availability and affordability in the state. These headwinds, according to a new AM Best report, have become more complex amid the COVID-19 pandemic.

The Best’s Market Segment Report, “Multiple Threats Flank the Florida Property Insurance Market,” states that despite the absence of a major hurricane in 2019, the combined ratio of 51 Florida-domiciled personal property insurers analyzed for this report, excluding Citizens Property Insurance Corporation, was 107.7, remaining essentially flat compared with 2017-2018, when two major hurricanes made landfall.

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