Fact file: Florida hurricane insurance

September 2018

  • Florida accounted for 13 percent of all U.S. insured catastrophe losses from 1987 to 2016: $70.8 billion out of $364.3 billion, based on data from the PCS division of ISO. (Adjusted for inflation by ISO using the GDP implicit price deflator.)
  • Eight 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.)
  • The costliest hurricane, based on insured property losses to Florida, was 1992’s Hurricane Andrew. It caused $24.8 billion in damage to Florida and Louisiana (in 2017 dollars). (See chart.)
  • Florida leads the nation in the number of flood policies, according to the National Flood Insurance Program, with about 1.8 million policies in force in 2017. 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 4.2 million, or 27 percent, from 15.6 million in 2000 to 19.8 million in 2015, according to the U.S. Census Bureau. About 98 percent of the total population of Florida lives in one of the coastal counties.
  • The insured value of properties in coastal areas of Florida totaled $3.2 trillion in 2015, 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 have resulted in approximately $130.2 billion in insured damage in 2016, according to Karen Clark and Co.
  • After its establishment in 2002, when 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 Corp. (CPIC) 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 Corp. 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 $460.9 million in 2017 down from $795 million in 2014.
  • Citizens was the state's fourth leading homeowners insurer in 2017, with a market share of 5.0 percent, down from 9.1 percent in 2014. 
  • Florida Citizens had 482,765 policies with an exposure of $112.3 billion in fiscal year 2017, according to the Property Insurance Plans Service (PIPSO).

Top 10 Writers Of Commercial Insurance In Florida By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Assurant Inc. $2,143,666 9.8%
2 American International Group (AIG) 939,624 4.3
3 Chubb Ltd. 938,895 4.3
4 Zurich Insurance Group 860,317 3.9
5 Liberty Mutual 762,172 3.5
6 Travelers Companies Inc. 661,496 3.0
7 Berkshire Hathaway Inc. 643,934 2.9
8 Progressive 636,579 2.9
9 CNA Financial Corp. 601,804 2.8
10 American Financial Group Inc. 574,484 2.6

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Homeowners Insurance In Florida By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Universal Insurance Holdings $851,709 9.3%
2 State Farm 607,896 6.6
3 Tower Hill Group 600,184 6.5
4 Citizens Property Insurance Corp. 460,901 5.0
5 Federated National Insurance Co. 439,948 4.8
6 Heritage Insurance Hldgs Inc. 393,853 4.3
7 USAA Insurance Group 390,606 4.3
8 Security First Insurance Co. 323,234 3.5
9 Progressive 317,079 3.5
10 United Insurance Holdings 314,698 3.4

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Florida By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $4,678,326 24.4%
2 State Farm 3,042,871 15.9
3 Progressive 3,031,444 15.8
4 Allstate Corp. 1,842,800 9.6
5 USAA Insurance Group 1,357,367 7.1
6 Liberty Mutual 617,089 3.2
7 Travelers Companies Inc. 444,623 2.3
8 National General Holdings Corp. 413,351 2.2
9 Windhaven Insurance Co. 385,885 2.0
10 Kemper Corp. 369,308 1.9

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Costliest Hurricanes In The United States (1)

($ millions)

        Estimated insured losses (2)
Rank Date Location Hurricane Dollars when
occurred
In 2017
dollars (3)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $50,751
2 Sep.19-22, 2017 PR, UV Hurrican Maria (3) (3)
3 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 24,852
4 Sep. 6-12, 2017 AL, FL, GA, NC, PR, SC, UV Hurricane Irma (3) (3)
5 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME, NC, NH, NJ, NY, OH, PA, RI, VA, VT, WV Hurricane Sandy 18,750 20,240
6 Aug. 25-Sep. 1, 2017 AL, LA, MS, NC, TN, TX Hurricane Harvey (3) (3)
7 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 14,311
8 Oct. 24, 2005 FL Hurricane Wilma 10,300 12,719
9 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,518
10 Sep. 15-21, 2004 AL, DE, FL, GA, LA, MD, MS, NC, NJ, NY, OH, PA, TN, VA, WV Hurricane Ivan 7,110 9,053
8 Sep. 17-22, 1989 GA, NC, PR, SC, UV, VA Hurricane Hugo 4,195 7,378
9 Sep. 20-26, 2005 AL, AR, FL, LA, MS, TN, TX Hurricane Rita 5,627 6,949
10 Sep. 3-9, 2004 FL, GA, NC, NY, SC Hurricane Frances 4,595 5,851

(1) Property coverage only. Does not include flood damage covered by the federally administered National Flood Insurance Program.
(2) Adjusted for inflation through 2017 by the Insurance Information Institute using the GDP implicit price deflator.
(3) Loss estimate not yet available from PCS, but a relative ranking is provided.

Source: The Property Claim Services® (PCS®) unit of ISO®, a Verisk Analytics® company, U.S. Bureau of Economic Analysis.

View Archived Tables

Top Three States By Inflation-Adjusted Insured Catastrophe Losses, 1987-2016 (1)

(2016 $ billions)

(1) Adjusted for inflation through 2016 by ISO using the GDP implicit price deflator. Excludes catastrophes causing direct losses less than $25  million in 1997 dollars. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(2) Includes the other 47 states plus Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.

Source: The Property Claim Services® (PCS®) unit of ISO®, a Verisk Analytics® company.

View Archived Graphs

Estimated Insured Losses For The Top 10 Historical Hurricanes Based On Current Exposures (1)

($ billions)

Rank Date Event Category 2015 insured loss
1 Sep. 18, 1926 Great Miami Hurricane 4 $119
2 Sep. 17, 1928 Okeechobee Hurricane 4 72
3 Sep. 17, 1947 Fort Lauderdale Hurricane 3 60
4 Aug. 29, 2005 Hurricane Katrina 3 58
5 Sep. 9, 1965 Hurricane Betsy 4 53
6 Aug. 24, 1992 Hurricane Andrew 5 52
7 Sep. 10, 1960 Hurricane Donna 4 46
8 Sep. 21, 1938 The Great New England Hurricane 3 44
9 Sep. 9, 1900 Galveston Hurricane 4 44
10 Sep. 15, 1950 Hurricane Easy 2 28

(1) Modeled loss to property, contents and business interruption and additional living expenses for residential, mobile home, commercial and auto exposures as of end-2015. Losses include demand surge.

Source: AIR Worldwide Corporation.

Storm Surge Risk By State By Number Of Homes and Reconstruction Value, 2018 (1)

 

    By number of single-family homes
Rank State Extreme Very high High Moderate Low (2)
1 Florida 351,093 1,064,674 1,752,603 2,292,791 2,774,175
2 Louisiana 72,256 207,442 624,521 747,111 817,480
3 Texas 39,109 117,558 253,947 384,944 543,847
4 New Jersey 95,659 278,539 382,065 471,353 (3)
5 New York 75,238 224,558 347,236 462,380 (3)
6 Virginia 26,960 94,378 246,824 366,478 409,129
7 South Carolina 35,934 126,997 209,026 294,239 347,030
8 North Carolina 32,282 95,286 160,831 210,233 259,718
9 Massachusetts 11,048 46,558 102,189 157,898 (3)
10 Georgia 8,887 50,409 105,735 141,518 152,559
11 Maryland 17,824 60,553 99,056 125,417 (3)
12 Mississippi 9,261 30,353 60,620 90,010 101,720
13 Pennsylvania 932 20,815 56,830 83,808 (3)
14 Connecticut 7,167 28,497 46,618 67,207 (3)
15 Alabama 6,379 17,306 32,331 44,744 57,973
16 Delaware 8,901 24,649 40,048 56,418 (3)
17 Rhode Island 1,876 8,153 17,312 26,484 (3)
18 Maine 5,645 7,960 11,851 18,150 (3)
19 New Hampshire 284 4,551 7,446 9,753 (3)
  Total homes potentially affected 806,735 2,509,236 4,557,089 6,050,936 6,942,499
    By reconstruction value (4)
($ millions)
Rank State Extreme Very high High Moderate Low (2)
1 Florida $68,993 $214,615 $353,434 $458,546 $552,418
2 New York 29,069 92,193 142,654 190,524 (3)
3 Louisiana 15,058 44,362 141,431 169,398 186,089
4 New Jersey 27,211 83,141 116,379 146,074 (3)
5 Texas 6,545 20,281 46,590 73,690 103,258
6 Virginia 6,889 23,533 57,148 84,231 95,057
7 South Carolina 10,366 33,690 52,352 70,363 80,775
8 North Carolina 6,503 19,557 33,348 43,888 54,356
9 Massachusetts 2,980 13,364 29,309 46,443 (3)
10 Georgia 2,740 13,213 24,703 31,745 33,764
11 Maryland 4,349 14,484 23,474 29,807 (3)
12 Connecticut 2,559 9,609 15,453 22,112 (3)
13 Mississippi 1,977 6,157 11,914 17,373 19,558
14 Pennsylvania 216 4,664 13,121 19,445 (3)
15 Delaware 2,636 7,021 11,464 16,078 (3)
16 Alabama 1,204 3,124 5,790 7,962 10,140
17 Rhode Island 529 2,408 5,094 7,809 (3)
18 Maine 1,281 1,914 2,960 4,634 (3)
19 New Hampshire 64 933 1,721 2,312 (3)
  Total homes potentially affected $191,171 $608,264 $1,088,339 $1,442,436 $1,620,653

(1) The risk categories are cumulative and increase in value from extreme to low. Exreme risk signals the higher risk of damage from a weak hurricane while low risk includes up to Category 5 hurricanes that are the least likely to occur but will cause more storm surge damage inland.
(2) The low risk category refers to Category 5 hurricanes, which are not common along the northeastern Atlantic Coast.
(3) Storm surge risk in the low category for homes on the northeastern Atlantic Coast is not shown due to the extremely low probability of a Category 5 storm affecting these areas.
(4) Represents the cost to completely rebuild including labor and materials by geographic location.

Source: CoreLogic, Inc., a data and analytics company.

Additional resources

Florida Citizens: Financial Statements

Back to top

Catastrophes | Homeowners
Facts + Statistics: Flood insurance
Catastrophes
Facts + Statistics: Hurricanes