We are pleased to present Gallagher Re’s Florida Market Watch Report for year end 2021.

The selected insurance companies derive a majority of their premiums from the Florida personal property market. Key findings from the reports are summarised below.

Florida Market Watch Report YE 2021 Highlights

  • Year-end 2021 Florida Personal Lines Direct Written Premium (DPW) increased 8.2% to $10.4B compared to YE 2020 ($9.6B).
  • The ANTS are the only subgroup contained within this report to post an Underwriting Gain at YE 2021 (+$80.9M). Demotech rated companies saw a YOY improvement in their Underwriting results (+16.7%) while still operating in an Underwriting Loss in both 2020 (-$1.06Bn) and 2021 (-$884.9M). Citizens represented the largest YOY decrease in Underwriting results with a -$166.5M Underwriting loss (-69.3% YOY) while the Florida Specialists saw the smallest YOY deterioration in results with a -$1.5Bn Underwriting loss (-4.5% YOY).
  • The Florida total composite PHS saw a slight increase YTD (3.8%) as PHS increased by $199.9M (excluding Citizens). All subgroups contained within the report saw YOY PHS increases with AM Best rate companies realizing the largest YOY increase (+$251M or +7.7%).
  • Total composite Net Loss & LAE Reserves increased $327M from YE20 (excluding Citizens). Demotech rated companies are posting decreases in Net Loss & LAE Reserves while all other subgroups have seen reserve increases.
  • The Florida total composite Combined Ratio decreased YOY by -4.4% to 116.6%. The total composite Loss & LAE Ratios are down -3.9% YOY while expense ratios are also down slightly by -0.6%.