Florida Hurricane Insurance: Fact File
- Florida accounted for 14 percent of all U.S. insured catastrophe losses from 1985 to 2014: $68 billion out of $498.6 billion, based on data from the PCS division of ISO. (Adjusted for inflation by ISO using the GDP implicit price deflator.)
- Seven of the 10 costliest hurricanes in U.S. history have impacted Florida. Six of these storms occurred within just two years: 2004 and 2005. (See chart below.)
- The costliest hurricane, based on insured property losses to Florida, was 1992’s Hurricane Andrew. It caused $23.9 billion in damage to Florida and Louisiana in 1992 (in 2014 dollars). (See chart below.)
- Florida leads the nation in the number of flood policies, according to the National Flood Insurance Program, with about 2.0 million policies in force in 2014. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
- The number of people living in coastal areas in Florida increased by 2.8 million people, or 17.7 percent, from 15.6 million in 2000 to 18.3 million in 2010, according to the U.S. Census Bureau.
- The insured value of properties in coastal areas of Florida totaled $2.9 trillion in 2013, accounting for 79 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
- Given the growth in the number and value of insured property, a repeat of the hurricane that devastated Miami in 1926 would result in approximately $125 billion in insured damage today, according to Karen Clark and Company.
- Since its establishment in 2002, after the state passed legislation combining two separate high risk insurance pools known as the Florida Windstorm Underwriting Association and the Florida Residential Property & Casualty Joint Underwriting Association, Citizens Property Insurance Corporation (CPIC) has experienced exponential growth. As a result Florida Citizens has evolved from a market of last resort to the state’s largest property insurer.
- Florida Citizens Property Insurance Corporation provides multiperil and wind-only insurance coverage to Florida homeowners, commercial residential and commercial business property owners.
- Direct homeowners insurance premiums in Florida written by Citizens was $795 million in 2014, down from $1.3 billion in 2013.
- Citizens was the state's leading homeowners insurer in 2014, with a market share of 9.1, down from 14.5 percent in 2013. It is also the second largest commercial insurer, with a 6.6 percent market share, down from 8.2 percent in 2013.
- Florida Citizens had 981,799 policies with an exposure of $202 billion in fiscal year 2014, according to the Property Insurance Plans Service (PIPSO).
LEADING WRITERS OF COMMERCIAL INSURANCE IN FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)
LEADING WRITERS OF HOMEOWNERS INSURANCE IN FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)
LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)
TOP 10 MOST COSTLY HURRICANES IN THE UNITED STATES (1)
TOP THREE STATES BY INFLATION-ADJUSTED INSURED CATASTROPHE LOSSES, 1985-2014 (1)
ESTIMATED INSURED LOSSES FOR THE TOP 10 HISTORICAL HURRICANES BASED ON CURRENT EXPOSURES (1)
ESTIMATED VALUE OF INSURED COASTAL PROPERTIES VULNERABLE TO HURRICANES BY STATE, 2012 (1)
FEMA Regional Flood Fact Sheet: http://www.floodsmart.gov/floodsmart/pdfs/Region_4_Hurricane_fact_sheet_FINAL_for_web.pdf
Florida Citizens: Financial Statements
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles (See sections on Florida.)
I.I.I. Issues Updates: Residual Markets (See sections on Florida.)