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"From time to time based on directives, preservation of policyholder surplus or exposure and risk management," the ASI filing states, "the Company may place limitations on exposures and/or coverage minimums in certain areas of the State. regarding potential exposure management efforts.
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The revised rule manual would also insert new language that echoes a 2020 filing by FedNat Insurance Co. The November filing also seeks to tighten coverage restrictions on homes of unconventional construction beyond an existing limit on log homes to include do-it-yourself, dome, A-frame and shell homes, as well as properties that do not meet building codes. But the regulator disapproved the filing as it said the rules lacked support and were "unreasonable." The ASI companies said that those rules were intended to manage catastrophe risk exposure, especially in counties where homes with older roofs had been generating higher loss ratios than other areas of the state. Homes in certain counties, including Palm Beach, Broward and Miami-Dade along south Florida's Atlantic coast, would have been required to have roofs that were five years old or newer the threshold would have been set at 10 years in the counties not specified in the filing. The state regulator previously rejected stricter roofing criteria proposed by the ASI companies that would have applied only to new business.
A Florida Office of Insurance Regulation data call found that the number of roof claims and the share of those claims that have been subject to litigation have increased in recent years.
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More recently, insurers have also flagged an escalation in roofing contractor solicitations of policyholders for full roof replacements in the aftermath of hurricanes and other natural catastrophes. The International Association of Certified Home Inspectors puts the estimated life expectancy of asphalt shingle roofs in the state at between 10 and 12 years as compared with 20 years elsewhere. The age of roofs is a particular concern in Florida due to the state's climate. Its Florida direct premiums written have expanded at a faster pace over the last four quarters than at any point since Progressive first made a noncontrolling investment in the homeowners group in 2012. The trajectory of ASI's Florida growth on a year-over-year basis has been especially noteworthy. The ASI subgroup, as consolidated by S&P Global Market Intelligence, generated 29.1% of its total direct premiums written for the first half of 2021 from Florida, up from 27.8% in the year-earlier period. 5 writer of homeowners business in Florida in 2020, trailing Universal Insurance Holdings Inc., the state-run Citizens Property Insurance Corp., State Farm Florida Insurance Co.
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Their existing rule manual only specifies that roofs needed to be in "good condition," meaning free of damage, creasing or heavy granular loss, and that composition shingle roofs must have been replaced within 15 years.
1 that include a requirement that roofs on underlying properties be 15 years and newer for both new and renewal business. submitted rule revisions to the Florida Office of Insurance Regulation on Nov. Progressive's ASI Preferred Insurance Corp. With Progressive's property insurance combined ratio on a nationwide basis hitting 125.1% for the first three quarters of 2021, including 24 percentage points attributable to three natural catastrophes, the company's ability to reduce its business mix from states such as Florida, Texas and Louisiana will be key to its goal of producing less volatile and more profitable underwriting results. The Takeįlorida ranks as the largest state for Progressive's residential property insurance subsidiaries by a wide margin, and their presence in the catastrophe-prone Sunshine State has grown in recent years on both relative and absolute bases. could help the company execute its plan to create a more geographically balanced portfolio. Stricter coverage eligibility requirements in Florida proposed by the residential property insurance units of The Progressive Corp.
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