We are pleased to present Gallagher Re’s Florida Market Watch Report for Q3 2022.

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 Q3 2022 Report Highlights

  • Q3 2022 Florida All Lines Direct Written Premium (DPW) increased 10.9% to $15.7B compared to Q3 2021 ($14.2B).
  • All subgroups contained within this report have reported 2022 YTD Net Underwriting Losses. Citizens saw the largest YOY deterioration in net underwriting results (-2,084.4%) posting a $2.3Bn Net Underwriting Loss YTD.
  • Looking YTD, Florida Market PHS has decreased 23.5% from $12.0Bn to $9.2Bn. All subgroups have had PHS decrease 23.5%-32.5% YTD aside from the Florida Specialists (Excluding ANTS) who saw a 7.1% YTD deterioration in PHS.
  • Total composite Net Loss & LAE Reserves increased $3.2Bn from YE2021. Citizens posted the largest increase in Net Loss & LAE Reserves with an additional $2.6Bn added YTD.
  • The industry Combined Ratio deteriorated by 27.5 points YOY to 147.5%. Industry Net Loss & LAE ratios increased by 30.8 points (116.7%) YOY while expense ratios dropped by 3.4 points (30.8%).

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