Hurricane Idalia today did much less damage than Hurricane Ian did last year.
Hurricane Idalia, which made landfall in Florida today, is testing a big bet by Berkshire Hathaway earlier this year. The company has ramped up its reinsurance underwriting in the state driven by attractive high premiums. Now it’s time to see whether the losses brought by this hurricane season will offset those gains.
So far, things are looking up for the Warren Buffett company. Hurricane Idalia made landfall Wednesday as a powerful Category 3 storm, but weakened to a Category 1 hurricane as it made its way across Florida toward Georgia. However, demand at the midyear renewal was down, particularly in Florida, said RenaissanceRe CEO Kevin O’Donnell in July’s earnings call. One of the reasons, he says, is that many primary insurers have reduced their exposure in the state or stopped underwriting altogether. Many of these policies went to Citizens, the state-backed property insurer, which typically purchases less reinsurance.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Berkshire Bet on Mild Florida Hurricanes This Year. It Might Be Paying Off.Hurricane Idalia today did much less damage than Hurricane Ian did last year.
Read more »
Hurricane Idalia, Hurricane Franklin put on powerful show as seen from spaceSatellite imagery from NOAA showed the power of Hurricane Idalia and Hurricane Franklin at sunrise on Tuesday morning.
Read more »
Hurricane Season, Not Climate Change, Is to Blame for Hurricane IdaliaThe data show the more likely impact is climate change is making hurricanes and other extreme weather events less frequent and less severe.
Read more »
Hurricane Idalia: Texas sends resources to Florida as hurricane approachesTexas A&M Task Force 1 has been deployed to Florida at the request of FEMA.
Read more »
Another major Florida hurricane threatens to worsen property insurance market, add ‘Hurricane Tax’ for policy holdersAs a major hurricane, Idalia not only threatens the lives of Floridians but also the progress of Florida’s property insurance market that was already in crisis.
Read more »