Bermuda reinsurers may opt for declining participation in the Florida property market ahead of the projected above average Atlantic storm season forecast by climatologists.

Even after the Florida legislature last week used record speed to pass sweeping new measures in an attempt to stabilise the state’s property insurance market, it may not be enough to rekindle declining interest.

Ron DeSantis, the Florida governor, Thursday signed bipartisan legislation implementing the most significant and comprehensive property insurance reforms Florida has seen in decades to provide short-term and long-term relief for Floridians to combat skyrocketing insurance costs, his office said. (See related media).

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There was also legislation which modifies structural inspection and financial reserve requirements for condominium associations. This, after the devastating Surfside condo collapse that killed 98 people a year ago, June.

Last week, improved settlements to families who lost loved ones in the condo catastrophe swelled to more than a billion dollars, while the payout to unit owners also increased to $96 million.

Bills on property insurance and building safety sent to the governor were designed to protect consumers, increase insurer transparency, reduce frivolous litigation and improve the safety of condominiums, the office of the senate president said.

There were fears that the tortured Florida property insurance market was itself collapsing, with homeowners annually facing huge insurance increases, fuelled in part by rampant litigation and fraud.

Insurers were leaving the Florida market. Some had already gone bust and still more were cancelling policies, limiting coverage and imposing double digit premium increases.

There are a long list of interconnected issues affecting all parties from homeowners to reinsurers and no one sees complete relief, even with the 11th hour legislative measures.

In fact, with some immediate improvements proposed for homeowners, a midyear reinsurance market survey by Reinsurance News and Artemis reflected industry pessimism that the legislative efforts will have any real impact this year. (See related story).

The survey involved senior reinsurance market executives on industry issues broadly, and included a more specific focus on Florida.

Anticipating emergency legislative changes, the survey polled their views on potential outcome.

Just under 11 per cent expected the legislative changes could have an effect within six months.

Thirty-six per cent said it would be between six months and a year before there were any positive outcomes; more than 37 per cent said one to two years; and, 16 per cent said even longer.

Meanwhile, Artemis quoted analysts KBW: “Virtually all executives doubt that the Florida legislature’s recently convened special session will materially impact either rate trends or reinsurers’ underwriting appetites for the June 1 renewals...”