While lawsuits against insurers in Florida are said to have declined again across the first three quarters of 2024, the claims environment following hurricane Milton is expected to provide a “true test” for the legislative reforms that were enacted to reduce the litigious property insurance environment in the state.It’s the second year running that litigated … Read more
By Lewis Nibbelin, Contributing Writer, Triple-I Babcock Ranch – a small community in southwestern Florida dubbed “The Hometown of Tomorrow” – made headlines for sheltering thousands of evacuees and never losing power during Hurricane Milton, which devastated numerous neighboring cities and left more than three million people without power. Hunters Point, a subdivision on Florida’s … Read more
The insurance and reinsurance businesses of Warren Buffett’s Berkshire Hathaway suffered from hurricane losses in the third-quarter with Helene and are expecting up to $1.5 billion of additional losses from hurricane Milton in the fourth-quarter.Reporting its third-quarter 2024 results today, Berkshire Hathaway revealed a steep decrease in insurance underwriting income to $750 million for the … Read more
According to the administrators of the Florida Hurricane Catastrophe Fund (FHCF), losses to the fund that provides a reinsurance-like reimbursement for a portion of residential property insurers’ hurricane losses from recent hurricanes Helene and Milton are expected to fall between $1.6 billion and as much as $6.2 billion.Paragon Strategic Solutions, the FHCF’s consulting actuary, puts … Read more
According to Aon’s Reinsurance Solutions division, combined industry losses from hurricanes Helene and Milton are expected to fall within a range of $34 billion to $50 billion, at which level insurance and reinsurance sector capital is well-positioned to absorb them and the events underscored the value of integrating innovative solutions such as parametrics.“The short-term prospect … Read more
