"Hurricane Idalia's Devastation: Florida Insurers Stand Strong Amid Market Pullback"
Originally Published 2 years ago — by Reuters
Florida-only insurers, including Citizens Property Insurance, are expecting fewer losses from Hurricane Idalia compared to previous storms in the state. The hurricane caused less destruction overall than feared, sparing metropolitan areas like Tampa Bay and Jacksonville. However, the top 10 Florida-only insurers, which cover 44% of the state's homes, are still vulnerable due to their geographic concentration. The insurance market in Florida has been facing challenges, leading to some insurers pulling out of the state. Despite this, insurers are well-capitalized to pay claims from Idalia, thanks to adequate levels of reinsurance. The exit of insurers from Florida is part of a broader pullback from the market, driven by losses from natural catastrophes and climate change.