Insurer Report Card scores for the second quarter are in!
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LEADING THE WAY FOR INSURERS
November 11, 2022
Insurer Report Card Scores
Insurer Report Card scores for the second quarter of this year are in. Give yourselves a pat on the back for a job well done!
In this quarter, there were 78 insurers with an overall “A” grade for the reporting period. We wish we could list all these high-performing insurers like we normally do, but we would run out of space!
The overall grades are calculated by taking the average percentage grades across these three categories:
- Percentage of submissions accepted vs. the total number of submissions. This is the number of submissions accepted during the reporting period compared to the total number of submissions during the reporting period.
- Percentage of transactions submitted on a timely basis. This is the number of transactions that contained an effective date within the reporting period compared to the total number of transactions submitted within the reporting period.
- Percentage of timely submissions. This is the number of submissions made on or before the reporting deadline with one or more transactions that contain an effective date within the reporting period.
Congratulations once again on a job well done.
Top Coverages From the Third Quarter
Our third-quarter report was released at the end of October and is full of helpful information on marketplace activity, top coverages by premium, top insurers by premium, and more.
Commercial Property remained the top coverage by premium for the third consecutive time this year, with the total premium reaching $1,081,893,416 across 46,356 policies. Along with being the only coverage to exceed a billion dollars in premium for the third quarter, Commercial Property also accounted for 36% of the total Florida marketplace premium.
Commercial General Liability remained the second-highest coverage by premium, with $406,562,421 across 53,997 policies, accounting for 13% of the total premium. Excess Commercial General Liability took third with $234,623,303 in premium and 7,309 policies, making up 8% of the total premium.
View our third quarter report for more marketplace statistics and information on the top coverages and insurers.
Marketplace Statistics
The third quarter of 2022 experienced considerable growth compared to last year’s third quarter. When contrasting with performance in 2021, premium grew by 43%, policy count by 7%, and average cost per policy by 34%.
These increases reflect overall marketplace growth, with total premium going from $2.1 billion in the third quarter of 2021 to $3 billion in the third quarter of 2022.
The largest increase in premium for the quarter was driven by a sizeable uptick in August and September, up by 51% and 52%, respectively. July’s premium increased by 27% compared with the third quarter of 2021.
However, marketplace growth did experience a dip from the second quarter 2022. Third quarter premium for 2022 was down by 20%, a slower decline than 2021, which saw a 30% decline from the second to third quarters.
The fluctuations reflected in the numbers reported are in line with previous years, as activity typically peaks in the second quarter and gradually decreases towards the end of the year. It appears 2022 is following the same historical trend.
For more data and statistics on the Florida surplus lines marketplace, please visit FSLSO.com. Find other insights into premium, coverages, and more using our Florida Market Data tool.
Hurricane Ian Notices From the Office of Insurance Regulation
The Florida Office of Insurance Regulation (OIR) issued two notices on September 28, 2022, in response to Hurricane Ian, addressing specified coverages and activities. These directives address standardized requirements for insurers as a result of the hurricane and provide instructions for reporting related claims.
OIR also issued a notice on October 10, 2022, addressing claims reporting related to Hurricane Ian. This notice addresses updated instructions for reporting instructions for insurers.
On October 12, 2022, OIR issued its most recent notice regarding required reporting. Per the notice,
“OIR is continuing to require daily catastrophe reporting for Hurricane Ian through Friday, October 14 - Friday, October 21. Data must be submitted daily by 12 p.m. ET, including Saturday, October 15 and Sunday, October 16. Please note, the catastrophe reporting template for this reporting deadline has been modified. A new template must be downloaded from within IRFS. Please submit data for all visible fields on the template.”
On October 21, 2022, OIR provided notice to insurers, asking them to file a 2022 Catastrophe Reporting Form (CRF) through the Insurance Regulation Filing System (IRFS). OIR instituted this data call for the purpose of collecting additional claims and other relevant information from insurers related to a natural disaster causing catastrophic damage in the state of Florida. In the notice, OIR continued to require daily catastrophe reporting for Hurricane Ian from Monday, October 24 – Friday, October 28.
On October 31, 2022, OIR issued a notice now requiring weekly simplified catastrophe reporting for Hurricane Ian through the month of November. Weekly reporting deadlines for November are:
Wednesday, November 2, 2022
Wednesday, November 9, 2022
Wednesday, November 16, 2022
Wednesday, November 23, 2022
Wednesday, November 30, 2022
Data must be reported by 12 PM ET for each reporting deadline.
OIR also provided a list of frequently asked questions related to Hurricane Ian. Please click below to view OIR’s Hurricane Ian information and review the notices. If you have questions, email DisasterReporting@floir.com or call (850) 413-3147.
FSLSO is Open on Veterans Day
Veterans Day is Friday, November 11, and FSLSO will be open during our regular business hours of 8:30 AM to 5:00 PM.
We would like to thank those who serve our country through active duty in the armed forces and those who have retired from service. We’re grateful for the sacrifices you’ve made and the dedication you’ve shown to our country.
Insurer Updates
The following are updates on authorizations and name changes to eligible surplus lines insurers.
The following were added to Florida’s eligibility listing:
Bricktown Specialty Insurance Company (NAIC# 17166) approved by OIR as a Federally Authorized Foreign Insurer
Fireman’s Fund Indemnity Corporation (NAIC# 11380) approved by OIR as a Federally Authorized Foreign Insurer
Harleysville Insurance Company of New York (NAIC# 10674) approved by OIR via a Letter of Eligibility
Intrepid Specialty Insurance Company (NAIC# 17181) approved by OIR as a Federally Authorized Foreign Insurer
Pure Specialty Exchange (NAIC# 17148) approved by OIR as a Federally Authorized Foreign Insurer
SiriusPoint Specialty Insurance Corporation (NAIC# 16820) approved by OIR via a Letter of Eligibility
SureChoice Underwriters Reciprocal Exchange (NAIC# 17030) approved by OIR as a Federally Authorized Foreign Insurer
The following insurers were added to the NAIC’s IID listing:
HDI Global SE (NAIC# AA1340106)
Zurich Insurance Company Ltd (NAIC# AA1460190)
The following insurers had a name change:
Helvetia Swiss Insurance Company In Liechtenstein Ltd. (NAIC # AA1490002) is now Helvetia Global Solutions Ltd.
Hudson Specialty Insurance Company (NAIC# 37079) is now Hilltop Specialty Insurance Company
Have questions? Don't hesitate to contact us anytime: insurer.services@fslso.com or 800.562.4496.
