Disappointing Florida cat renewals
Tuesday, 06 05 2018, Category: Insurance and Reinsurance, Country: United States
A continued glut of capacity dampened rate increases in the recent June 1 renewals for Florida property-cat business. While rates did increase by 1.2 percent, the first rise in seven years, pricing remains 40 percent down on 2012, according to a new report by JLT Re.
The increase not match the rate increases recorded for US property-catastrophe business at 1 January 2018 despite a greater number of loss-affected programmes renewing after Hurricane Irma’s landfall in Florida last year.
Source: Intelligent Insurer