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South Florida Business Journal: California fires’ fallout reaches Florida

By January 24, 2025February 4th, 2025No Comments

NSI Insurance Group CEO and Chairman Oscar Seikaly connected with the Tampa Bay Business Journal on the impact of the California wildfires, noting how residential property insurers will sustain extreme losses from the event.

The reinsurance market has consolidated substantially over the last decade to a handful of remaining carriers that are responsible for coverage for a majority of the U.S. property insurance industry. Financial losses from an event in California will factor into how they price coverage across their entire portfolio in the coming year, meaning Florida carriers could seek a price hike, Seikaly said.

Read the full article here.