By Noor Zainab Hussain, Manya Saini and Matt Tracy (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from ...
Great Big Sea founder making peace with his past | SaltWire - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market.
"Idalia went through a very rural region of the state, missing metropolitan areas in Tampa Bay and Jacksonville," the spokesman said. Losses will be pushed higher by construction costs, which increased significantly during the pandemic, and a rise in demand for construction labor and materials following the hurricane, Moody's noted.
"This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. Regardless, some insurance firms including Farmers Insurance, Bankers Insurance and Lexington Insurance, a unit of AIG, have pulled out of Florida because of the risk of heavy losses, according to a July report in USA Today.
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