windstorm risk, the process to reallocate these risks will be a long and
“In the US there are a few other government programmes related to
“While private insurers would like to be more involved in this market,
“While there had been legislation in 2012 that would have moved those
rates to a more actuarially sound basis so that the premiums cover the cost of the losses that are paid out, those reforms were soon scaled back by the
“The continuing theme that we’ve seen is the private sector trying to
depopulate wind pools that are still over twice the size they were prior to hurricane Katrina—and the private carriers are able to depopulate some
“However, there’s still a need for residual markets where some of the risks themselves are uninsurable because of the age of a dwelling or the age of a roof, which is the principal reason that this market exists, but those that are in the residual market because of lack of capacity or unavailability of insurance, can be depopulated by private insurers that have built
In 2014, Florida’s Citizens, the insurer of last resort for Florida wind, transferred more than 300,000 policies back to the private sector, reducing
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