Damages from convective storms in the U.S., those that can come with hail, lightning, heavy rain and high winds, accounted for nearly 70% of the $50 billion in global catastrophic damages so far this year.
The pullback by insurers is happening despite years of skyrocketing premiums for property owners in hard hit states., saying that increasing wildfire risk and soaring construction costs mean they’ll no longer write new policies in the nation’s most populous state. said catastrophe losses doubled in its most recent quarter and the company, considered a bellwether for the insurance industry due to its size, said it lost money.
AAA insists it’s not leaving Florida, but that last year’s devastating hurricane season had led to an unprecedented rise in reinsurance rates, making it more costly to operate there. Florida has struggled to maintain stability in the state insurance market since 1992 when Hurricane Andrew flattened Homestead, wiped out some insurance carriers and left many remaining insurers anxious about writing or renewing policies in Florida. Risks for carriers have also been growing as climate change
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