We are pleased to present Gallagher Re’s Florida Market Watch Report for Q2 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 Q2 2022 Report Highlights

  • Q2 2022 Florida Personal Lines Direct Written Premium (DPW) increased 12.9% to $10.6B compared to Q2 2021 ($9.4B).
  • Citizens and the ANTS subgroup posted a positive Underwriting Gain at Q2 2022. Demotech rated companies saw a 39.2% Underwriting Loss improvement YOY while the FL Specialists saw a 27.1% YOY improvement in Underwriting Loss. Both the Demotech and FL Specialists subgroups operated at an Underwriting loss in Q2 2021 and 2022.
  • FL Market PHS has slightly improved YTD (+2.0%) as the total composite PHS increased by $237.3M. The PHS reductions seen by the FL Specialists (-1.3% YTD) and the ANTS (-0.8% YTD) were offset by Citizens’ PHS increase of +$303.7M or +4.7% YTD.
  • Total composite Net Loss & LAE Reserves increased $61.8M from YE2021. The FL Specialists were the only subgroup contained within this report to post reserve decreases (-$66.7M) while other subgroups have seen reserve increases.
  • The industry Combined Ratio improved by 13.1% YOY to 109.0%. Industry Net Loss & LAE ratios decreased by 7.3% YOY while expense ratios dropped by 5.9%.