Florida Domestic Insurer Market Update
It is fitting to be updating this Florida Domestic Insurer market review in 2022, a year which marks the 30th anniversary of Hurricane Andrew. This storm, which made landfall as a category 5 hurricane, wreaked extensive property damage in Homestead and surrounding environs, but more importantly upended the personal and commercial property insurance market in the entire Sunshine State. (Re)insurers realized all at once that their rates were wholly inadequate for the exposure to potential catastrophic wind losses. Carriers began exiting the market en masse, resulting in a coverage crisis.