Universal Insurance Holdings (Universal) has released an updated statement regarding Hurricane Ian.
Universal has received approximately 18,000 claims, which have mainly been handled by its in-house claims infrastructure. The company estimates a gross ultimate loss of approximately US$1 billion, leaving it within the range of its US$3 billion overall reinsurance tower.
Based on the most recent total insured value data of Florida’s residential industry, Universal’s overall homeowners market share for the state is approximately 7.9 per cent. However, its market share in the hurricane’s strongest wind path is approximately 3.8 per cent.
In the counties most severely affected, Universal’s exposure to policies providing roof and external structural coverage is only approximatle 2.2 per cent. Additionally, Universal’s insurance companies do not cover flood insurance.
Stephen Donaght, CEO of Universal, says: “We are focused on helping our policyholders rebuild and return to normalcy. Our claims, catastrophe response and customer service teams are on the ground and on the phone, helping our policyholders in their time of need. With our staff, disaster preparedness planning and conservative reinsurance program, we are well prepared for this event and maintain substantial reinsurance protection for any subsequent events.
“Our strong reinsurance relationships have been formed over many years and we have access to our share of the Florida Office of Insurance Regulation’s Reinsurance to Assist Policymakers layer of reinsurance coverage for the 2023-2024 renewal given that we deferred participation this year, on top of significant multi-year excess of loss catastrophe coverage that is part of next year’s program.”
