In this article in The Insurer, Guy Carpenter’s Randy Fuller, Florida Segment Leader, indicated during an A.M. Best webinar briefing that June 1, 2023, property reinsurance renewals in Florida should be a “much more orderly renewal process than what we saw in 2022.”
Randy went on to say he is seeing “a bit more overall appetite” as some of the reinsurers that stepped back last year have either re-entered or increased their market participation this year.
“It is generally not massive increases in appetite,” he said. “I'd say it’s been characterized by cautious optimism. But it's been enough to make the renewal much more orderly than last year, and certainly much better than what many people feared might play out here for the 2023 renewals.”
Randy credits the Florida insurance reforms passed in December, which he said are “returning confidence to reinsurers that the state is serious about fixing some of the dysfunctions that drove some of the past results.”
“As people get more comfortable with the idea that the reforms have been effective, you'll start to see more capital come off the sidelines,” he said. “We've already seen some of it come off the sidelines just on pure intuition and the sense that it's going to be effective.”