Demotech, Inc. Releases a Special Report on the Impact of Storms on the Florida Property Insurance Market 1990-2010
Jan 3, 2012
Demotech, Inc., a Columbus, Ohio-based company that monitors insurer financial stability, issued a December 29, 2011 Special Report on the Impact of Storms on the Florida Property Insurance Market 1990-2010.
To view the Report, click here.
Demotech’s news release on the Report is reprinted below.
Should you have any questions or comments, please contact Colodny Fass.
Columbus, Ohio, December 29, 2011: Over the past twenty years, the US has experienced some of the deadliest, costliest and strongest tropical cyclones ever recorded. These cyclones have affected many different parts of the US and left a tremendous amount of damage in their wake.
Florida is one state in particular that has frequently faced tropical cyclones and has seen immense destruction and devastation from them. Florida is so well-known for the abundant number of hurricanes that have hit the state, that it has been nicknamed “the Hurricane State.”
More recorded hurricanes have hit Florida than any other state. Between the years of 1990 and 2011, Florida recorded damage from 96 different tropical cyclones. During this twenty-one year period, there was never a hurricane season in which Florida was not affected.
A timeline of the hurricanes, tropical storms and tropical depressions to affect Florida between 1990 and 2011 (Exhibit I) and a description (Exhibit II) of the effect each of these cyclones had in Florida show that Florida has seen numerous catastrophes and destruction over the years. Since 2000, there has been at least $74 billion worth of damage due to tropical cyclones in Florida. Exhibit III presents detailed descriptions of each hurricane and tropical storm that affected Florida from 2004 to 2010 and the amount of damage caused.
Exhibit V lists the insurance companies that were stated as impaired between 1992 and 2010. This exhibit also provides tables that show the number of Demotech, Inc. rated companies declared insolvent and the last Financial Stability Rating® (FSR) assigned prior to failure, regardless of when the last FSR was issued for each of those years. The Florida Homeowners Market Share Reports show the 25 insurance companies with the greatest amount of Direct Premium Written each year and the total Direct Premium Written for all Florida insurance companies’ from 1995 to 2010.
Demotech, Inc. researched the tropical cyclones that impacted Florida over the past twenty years and how these cyclones influenced the insurance industry and the success of Florida insurance companies. We are taking this opportunity to share our findings. Click here for the full report.
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