Friday, May 24

Looking for good insurance news? Maybe it’s reinsurance

The start of the Atlantic hurricane season on June 1 is also an important day in the insurance industry.

In addition, it’s the day when many insurance companies must secure their own insurance, also known as reinsurance.

Large global big money firms offer reinsurance and over the last few years it’s been expensive, helping to fuel premium hikes for homeowners.

“We have heard the reinsurance is going to be a good year for the carriers,” Robert Norberg, of Arden Insurance in Lantana, said.

Recently, Citizens Insurance, the state back insurer of last resort, was reportedly seeking $5.5 billion in reinsurance and looking to negotiate a price under $750 million.

Private companies will seek different coverages at different prices, but Norberg points out the deals could eventually be beneficial for ratepayers.

“That means less they pay out, it transfers to the policyholders,” Norberg said.

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