Florida Property Insurance Market Improves; Reinsurance Dependency Remains High

Florida property insurance market improves

Higher homeowners’ premiums, a decline in legal costs related to recent legislative efforts and the ongoing de-population of the state-backed insurer of last resort are the backdrop as Florida’s property insurance market churns toward another hurricane season, according to a new AM Best report.

Gallagher Re: Multibillion-Dollar Insured Loss Expected from Holiday Weekend Storms

Hundreds of millions in losses from severe convective storms in June

Catastrophic severe convective storms over Memorial Day weekend will likely result in multibillion-dollar insured losses, according to Gallagher Re.
State Farm, the largest U.S. homeowners and personal automobile insurer, said it has taken in about 25,650 claims from 16 states from the storms.

Warren Buffett Worried About Potential for ‘Huge Losses’ in Booming, but Still Tiny Cyber Insurance Market

Warren Buffett worried about Cyber insurance market

One of the messages that Warren Buffett and Berkshire Hathaway’s top insurance executive, Ajit Jain, sent to investors during the company’s recent annual shareholder meeting in Omaha was that cyber insurance, while currently profitable, still has too many unknowns and risks for Berkshire, a huge player in the insurance market, to be fully comfortable underwriting.