Although Florida has weathered the past four hurricane seasons with barely a strong wind and also has been spared the recent massive flooding experienced in other states, it is important to note some longer range historical facts. According to Dr. Robert Hartwig from the Insurance Information Institute, Florida has accounted for 19 percent of all U.S. catastrophe-insured losses from 1980 to 2008, by far the largest share of any state. Also, eight of the top 12 most costly disasters in history have affected Florida. As of 2007, Florida was the most exposed state for hurricane loss, with a total insured value of almost $2.5 trillion, up over $532 billion since 2004.
Faced with this catastrophe exposure, there is a widespread understanding within the global insurance and reinsurance market that many Florida property insurers are fighting an uphill battle to generate sufficient premium to keep pace with associated cost drivers and to manage their hurricane exposure.
The Current Makeup of Florida's Property Insurance Market
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