Overview

Full Coverage: a hardening premium price cycle will cause revenue to spike

The Property, Casualty and Direct Insurance in Florida industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Industry profit margins have been tested by natural disasters and hurricanes in Florida
  • As interest rates rise, industry operators in Florida to place an emphasis on debt securities
  • The Federal Reserve is expected to continue their gradual process of normalizing interest rates

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    Industry Analysis & Industry Trends

    Operators in the Property, Casualty and Direct Insurance industry in Florida provide consumers and businesses with protection in case of a variety of events including, but is not limited to, car accidents, natural catastrophes, work-place injuries and medical malpractice. By underwriting an array of similar insurance policies, industry operators can effectively minimize their risk by spreading the risk over the pool of premiums. This makes the industry a vital part of the larger economy's risk management. Over the five years to 2017, industry revenue in Florida is expected to increase. Industry revenue growth can be attributed to a hardening premium price cycle as industry operators looked to bolster their excess reserves and improve profit margins...

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    Industry Report - Industry Locations Chapter

    Business locations for operators in the Property, Casualty and Direct Insurance industry in Florida is highly correlated to population distribution in the state. Since a high portion of the population is located in coastal parts of Florida, industry operators are more likely to open locations in these regions. The Tampa-Western region of Florida is home to 30.1% of Florida's population, the most of any region, as well as 50.3% of industry establishments. Similarly, the Miami-South and Orlando-East Central region of Florida houses 19.4% and 16.8% of industry establishment and 29.4% and 19.7% of the population respectively. By ..

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    Additional Insights for the Property, Casualty and Direct Insurance in Florida Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Property, Casualty and Direct Insurance in Florida Industry are

  • Ability to effectively manage risk
  • Offer a range of insurance products
  • Management of a high quality assets portfolio
  • IBISWorld analysts also discuss how external factors such as Homeownership rate in Florida and Number of businesses in Florida in the Property, Casualty and Direct Insurance in Florida industry impact industry performance..

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    Industry Products

    What is the Property, Casualty and Direct Insurance in Florida Industry?

    Operators in this industry are primarily engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Industry participants also protect real estate owners or creditors against losses sustained as a result of any title defect to real property. This industry does not include insurance coverage for life, disability, accidental death, dismemberment or health risks.

    Industry Products
    Private passenger auto
    Commercial auto
    Homeowners multiple peril
    Commercial multiple peril
    Workers' compensation
    Allied lines
    Fire
    Industry Activities
    Directly underwriting automobile insurance
    Directly underwriting homeowners' insurance
    Directly underwriting title insurance
    Directly underwriting workers' compensation insurance
    Directly underwriting medical malpractice insurance
    Reinsuring policies from other insurance companies

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Homeownership rate in Florida
  • Number of businesses in Florida
  • Unemployment rate in Florida
  • Yield on 10-year Treasury note
  • Natural disaster index

  • Current Performance
  • Florida landscape
  • Investment income
  • Industry participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Pricing Cycle
  • Investment conditions
  • Table: Property, Casualty and Direct Insurance in Florida Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Property, Casualty and Direct Insurance in Florida Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Mining
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Private passenger auto
  • Homeowners multiple peril
  • Other
  • Allied lines
  • Workers' compensation
  • Commercial multiple peril
  • Commercial auto
  • Fire
  • Chart: Property, Casualty and Direct Insurance in Florida Industry Products and Services Segmentation

  • Major Markets
  • Other commercial market
  • Private vehicle market
  • Other private market
  • Commercial auto market
  • Other insurance carriers
  • Chart: Major Market Segmentation for the Property, Casualty and Direct Insurance in Florida Industry

  • Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Loss and loss adjustment expenses
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Property, Casualty and Direct Insurance in Florida

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Property, Casualty and Direct Insurance in Florida Industry

  • Major Companies
    Berkshire Hathaway Inc.Progressive Corp.State Farm Mutual Automobile Insurance CompanyAllstate Insurance CompanyCitizens Property Insurance Corporation
  • Table: Berkshire Hathaway Inc. - financial performance
  • Table: Progressive Corp. - financial performance
  • Table: State Farm Mutual Automobile Insurance Company - financial performance
  • Table: Allstate Insurance Company - financial performance
  • Table: Citizens Property Insurance Corporation - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Property, Casualty and Direct Insurance in Florida Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Property, Casualty and Direct Insurance in Florida Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Motor Vehicle Registrations (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Capacity
  • The supply of insurance or the maximum amount of insurance a company or market can underwrite, which is determined by a firm's financial strength or surplus.
  • Cede
  • The action of an insurer passing risk to a reinsurer. The cedent purchases a contract, indemnifying them for specific losses realized in assuming liability through the issuance of insurance policies.
  • Combined Ratio
  • A measurement of a firm's underwriting performance and profitability; it equals the loss ratio plus the expense ratio.
  • Expense Ratio
  • Underwriting or operation expenses as a percentage of earned premiums, indicating the percentage of premium income that was consumed in writing insurance business.
  • Loss Ratio
  • The percentage of premiums earned that were paid out as claims; it equals loss-incurred and loss-adjusted expenses (LLAE) divided by earned premiums.
  • Policyholder Surplus
  • The difference between an insurer's liabilities and its assets and is the financial cushion that protects policyholders in case of unexpectedly high claims.
  • Title Insurance
  • Indemnity insurance that protects against financial loss from defects in title to real property and from invalidity of mortgage liens.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Property, Casualty and Direct Insurance in Florida:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Property, Casualty and Direct Insurance in Florida market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Property, Casualty and Direct Insurance in Florida, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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