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Reinsurers Will Largely Be Writing the Checks to Pay for Irma Damage

Andrew, Katrina and other severe hurricanes from 1992 through 2005 devastated the state's insurance marketplace. Most brand-name national home insurers sharply reduced their presence. Picking up the slack today is a state-run "insurer of last resort," Citizens Property Insurance Corp., and some 50 small to midsize home insurers. Those carriers all are required to buy ample amounts of reinsurance to help ensure they have money for their policyholders, because they don't have the fat capital cushions of the national carriers.
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