Property Cat Loss Hit Rates in Florida Up 30-40% in Mid-year Renewal

Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals.

Within the report, the broker highlighted the United States property market at the renewals.

One notable figure was that catastrophe loss hit business in Florida increased 30-40%, which is largely down to last year’s hurricane Ian, the strongest hurricane to make landfall in Florida since 2018’s Michael.

According to the broker, property cat rate on line indexes appear to be at record high levels and general sentiment is that current pricing levels are more than adequate.

At the same time, for US Nationwide, cat loss hit business increased 30%-50%, which again can largely be attributed towards hurricane Ian.