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State Rate Filings
Insurers Submit Florida Homeowners Multiperil Filings in First Nine Months of 2022

See Best's Rankings list of Florida Homeowners Multi-Peril Filings by Rate Impact Greater Than 10%.
  • Best's Review Staff
  • November 2022
(Win McNamee/Getty Images)

(Win McNamee/Getty Images)

Insurance companies submitted nearly 90 Florida homeowners multiperil filings seeking rate increases with an overall impact of greater than 10%, with a disposition date from Jan. 1 to Oct. 1, 2022. All of the filings were approved.

The overall rate impact ranged from an increase of 10.5% to an increase of 48.7%, according to Best's State Rate Filings.

The Florida homeowners insurance market has been in turmoil this year, as insurers have faced escalating litigation costs tied to roof claims and increasing losses from secondary perils such as severe thunderstorms. Litigation has contributed to six insolvencies in Florida this year.

The market, already under stress, suffered another serious blow in late September when Hurricane Ian slammed into the southwest Florida coast. Insured losses were estimated at more than $50 billion.

“In nominal dollars, Ian will be the largest hurricane loss in Florida history,” catastrophe modeler Karen Clark & Co. said. “The total economic damage will be well over $100 billion, including uninsured properties, damage to infrastructure and other cleanup and recovery costs.”

AM Best discussed the challenges in the Florida market in a Best's Commentary released in early June.

“The Florida property insurance market has been under immense pressure and faces multiple challenges entering the 2022 hurricane season,” according to the report. “The deterioration in performance has been a by-product of the greater frequency of secondary perils (severe thunderstorms, wind, hail), rising reinsurance costs, escalating levels of litigation, and building codes that have been exploited by parties looking to profit,” according to the report.

At the time, AM Best said it believed that legislative reform passed in late May was a step in the right direction but did not provide significant immediate relief.

The Florida Legislature created the Reinsurance to Assist Policyholders Program to provide $2 billion of coverage for hurricane losses in the state. Hurricane Ian will be the first test of this new program, according to a Best's Commentary released in late September.

The legislation also included additional resources to make homes more resilient, eliminated one-way attorney fees in AOB-related claims and allowed insurers to offer a separate roof deductible, the report said.

“Hurricane Ian provides yet another opportunity for those soliciting claims to take advantage of the legal environment and not only will the event test the new RAP program, but also the restrictions on attorneys' fees for AOB claims and lodestar fee presumption. The AOB-related reform has already been challenged in court,” said Sridhar Manyem, director, industry research and analytics for AM Best.

Insurance Information Institute spokesman Mark Friedlander said litigation, not a tight reinsurance market, could drive more homeowners writer insolvencies in the wake of Ian.

Friedlander's projection is based on a level of claims similar to Hurricane Irma in 2017. Primary carriers operating when Ian made landfall on Sept. 28 near Cayo Costa on the Gulf Coast had apparently secured adequate reinsurance, he said. But 27 “smaller, regional, undercapitalized” writers were on the state regulatory watch list in July.

 

Best's Rankings

Florida Homeowners Multi-Peril Filings by Rate Impact Greater Than 10%

Filings were based on a disposition date from Jan. 1, 2022, to Oct. 1, 2022.

Company Name Overall
% Rate
Impact
Disposition
Date
Effective
Date
Filing
Status
Southern Farm Bureau Cas Group 48.70% 7/29/2022 10/1/2022 Approved
Florida Farm Bureau Casualty Ins Co 48.70% 7/29/2022 10/1/2022 Approved
Florida Farm Bureau General Insurance Co 48.70% 7/29/2022 10/1/2022 Approved
InSure Homes Group 26.30% 4/18/2022 12/22/2021 Approved
Cypress Property & Casualty Insurance Co 26.30% 4/18/2022 12/22/2021 Approved
Lighthouse Property Ins Corp 21.90% 2/7/2022 7/15/2021 Approved
Tower Hill Group 15.60% 2/24/2022 3/1/2022 Approved
Tower Hill Prime Insurance Company 15.60% 2/24/2022 3/1/2022 Approved
Clear Blue Insurance Group 15.30% 9/8/2022 3/21/2022 Approved
Clear Blue Insurance Company 15.30% 9/8/2022 3/21/2022 Approved
Spinnaker Insurance Group 15.30% 6/30/2022 10/15/2021 Approved
Spinnaker Insurance Company 15.30% 6/30/2022 10/15/2021 Approved
Tower Hill Group 14.90% 5/16/2022 3/1/2022 Approved
Tower Hill Signature Insurance Company 14.90% 5/16/2022 3/1/2022 Approved
Heritage Ins Holdings Group 14.90% 9/16/2022 10/1/2022 Approved
Heritage Property & Casualty Ins Company 14.90% 9/16/2022 10/1/2022 Approved
Kin Insurance Group 14.90% 4/25/2022 5/18/2021 Approved
Kin Interinsurance Network 14.90% 4/25/2022 5/18/2021 Approved
Clear Blue Insurance Group 14.90% 1/26/2022 11/5/2021 Approved
Clear Blue Insurance Company 14.90% 1/26/2022 11/5/2021 Approved
Southern Oak Insurance Co 14.90% 8/19/2022 12/21/2022 Approved
Allstate Insurance Group 14.90% 3/7/2022 8/7/2022 Approved
Castle Key Indemnity Company 14.90% 3/7/2022 8/7/2022 Approved
Markel Corporation Group 14.90% 1/25/2022 2/15/2021 Approved
National Specialty Insurance Company 14.90% 1/25/2022 2/15/2021 Approved
First Protective Insurance Co 14.90% 6/29/2022 8/26/2022 Approved
Allstate Insurance Group 14.90% 3/7/2022 11/28/2021 Approved
Castle Key Insurance Company 14.90% 3/7/2022 11/28/2021 Approved
Security First Insurance Co 14.90% 2/7/2022 6/28/2021 Approved
Southern Oak Insurance Co 14.90% 7/1/2022 8/15/2022 Approved
Amer Integrity Ins Co of FL 14.90% 6/29/2022 8/21/2021 Approved
FedNat Insurance Group 14.90% 3/7/2022 8/15/2021 Approved
Maison Insurance Company 14.90% 3/7/2022 8/15/2021 Approved
Florida Family Group 14.80% 6/2/2022 5/15/2022 Approved
Florida Family Home Insurance Company 14.80% 6/2/2022 5/15/2022 Approved
FedNat Insurance Group 14.80% 1/26/2022 3/3/2021 Approved
Monarch National Insurance Company 14.80% 1/26/2022 3/3/2021 Approved
Nationwide Group 14.80% 5/17/2022 6/13/2022 Approved
Nationwide Mutual Insurance Company 14.80% 5/17/2022 6/13/2022 Approved
Tokio Marine US PC Group 14.80% 7/28/2022 9/17/2022 Approved
Privilege Underwriters Reciprocal Exch 14.80% 7/28/2022 9/17/2022 Approved
Heritage Ins Holdings Group 14.80% 4/5/2022 1/1/2022 Approved
Heritage Property & Casualty Ins Company 14.80% 4/5/2022 1/1/2022 Approved
Farmers Insurance Group 14.80% 8/29/2022 10/10/2022 Approved
Farmers Casualty Insurance Company 14.80% 8/29/2022 10/10/2022 Approved
Southern Oak Insurance Co 14.80% 7/25/2022 1/1/2023 Approved
Tower Hill Group 14.80% 5/16/2022 3/1/2022 Approved
Tower Hill Signature Insurance Company 14.80% 5/16/2022 3/1/2022 Approved
AU Holding Company Group 14.80% 9/9/2022 7/1/2022 Approved
Centauri Specialty Insurance Company 14.80% 9/9/2022 7/1/2022 Approved
AU Holding Company Group 14.70% 4/7/2022 4/15/2022 Approved
Centauri Specialty Insurance Company 14.70% 4/7/2022 4/15/2022 Approved
Lighthouse Property Ins Corp 14.60% 2/16/2022 3/15/2022 Approved
Southern Farm Bureau Cas Group 14.50% 4/18/2022 6/1/2022 Approved
Southern Farm Bureau Casualty Ins Co 14.50% 4/18/2022 6/1/2022 Approved
Family Security Ins Co, Inc. 14.50% 4/19/2022 6/1/2021 Approved
US Coastal Insurance Group 14.50% 4/19/2022 3/1/2022 Approved
US Coastal Property and Casualty Ins Co 14.50% 4/19/2022 3/1/2022 Approved
United Insurance Group 14.50% 1/31/2022 7/1/2021 Approved
United Property & Casualty Ins Co 14.50% 1/31/2022 7/1/2021 Approved
Amer Integrity Ins Co of FL 14.50% 5/9/2022 7/24/2021 Approved
Clear Blue Insurance Group 14.40% 1/26/2022 3/15/2021 Approved
Clear Blue Insurance Company 14.40% 1/26/2022 3/15/2021 Approved
American Family Ins Group 14.30% 6/22/2022 10/2/2022 Approved
Amer Family Connect Prop and Cas Ins Co 14.30% 6/22/2022 10/2/2022 Approved
Auto Club Group 14.30% 8/11/2022 9/1/2022 Approved
Auto Club Insurance Company of Florida 14.30% 8/11/2022 9/1/2022 Approved
Southern Oak Insurance Co 13.90% 9/23/2022 1/1/2023 Approved
Bankers Financial Group 13.60% 7/6/2022 9/28/2021 Approved
First Community Insurance Company 13.60% 7/6/2022 9/28/2021 Approved
Amica Mutual Group 13.40% 2/9/2022 7/1/2022 Approved
Amica Mutual Insurance Company 13.40% 2/9/2022 7/1/2022 Approved
Olympus Insurance Company 13.10% 3/18/2022 5/1/2022 Approved
Allstate Insurance Group 12.90% 7/6/2022 9/4/2022 Approved
Castle Key Indemnity Company 12.90% 7/6/2022 9/4/2022 Approved
Allstate Insurance Group 12.90% 3/7/2022 11/28/2021 Approved
Castle Key Indemnity Company 12.90% 3/7/2022 11/28/2021 Approved
Amer Integrity Ins Co of FL 12.70% 1/26/2022 5/8/2021 Approved
St. Johns Insurance Company 12.20% 2/28/2022 2/15/2022 Approved
Progressive Insurance Group 11.90% 8/2/2022 6/16/2021 Approved
ASI Assurance Corp. 11.90% 8/2/2022 6/16/2021 Approved
ASI Preferred Insurance Corp. 11.90% 8/2/2022 6/16/2021 Approved
American Strategic Insurance Corp. 11.90% 8/2/2022 6/16/2021 Approved
Safepoint Insurance Company 11.70% 5/2/2022 5/1/2022 Approved
Ocean Harbor Ins Companies 11.20% 8/29/2022 8/15/2022 Approved
Safe Harbor Insurance Company 11.20% 8/29/2022 8/15/2022 Approved
Family Security Ins Co, Inc. 10.80% 6/29/2022 12/1/2021 Approved
W. R. Berkley Insurance Group 10.50% 6/9/2022 8/21/2022 Approved
Berkley Insurance Company 10.50% 6/9/2022 8/21/2022 Approved

Note: The disposition date refers to the date a department of insurance considers each submission to be closed, regardless of the final status.

Source: Best’s State Rate Filings; data as of Oct. 6, 2022.


For the full list or to get more on this and other state rate filings, visit Best's State Rate Filings.



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