Gulfshore Insurance > Gulfshore Blog > Private Risk Services > 2022 Insurance Market Update

PRS 2022 Insurance Market Update 12021 has been a rough year for homeowners. Annual U.S. severe weather insured losses for 2021 have surpassed $20 billion, even before the year is complete. Many are predicting that, because of these disasters and the ongoing impact of COVID-19, the losses insurers currently face may turn into insurance premium increases for homeowners next year and into the future.

We continue to see top-rated specialty insurance companies reduce or manage their exposure, with many high net worth, middle market, and E&S carriers taking rate increases and making changes to guidelines in attempts to manage their exposure and reinsurance. At Gulfshore Insurance, we continue to monitor the hardening market and work diligently on our clients’ behalf to secure competitive options.

Below is an update on the changes taking place in the market for these top-rated specialty providers:


  • AM Best A Rating
  • AIG has earned a reputation as one of the world’s oldest and largest insurers.
  • AIG is No. 72 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • While still a great option for clients with multiple homes, AIG continues to have limited capacity in coastal areas and especially Florida and California. In Florida, they continue to require a qualifying out-of-state residence.

Berkley One

  • AM Best A+ Rating
  • Berkley One is No. 372 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • Berkley One is continuing to expand their footprint and now writing homes in 22 states and the District of Columbia. They are targeting well-balanced, multi-line accounts in Southwest Florida with a qualifying second residence.
  • Berkley One is now offering Classic Auto and/or Recreational Marine in 11 states


  • AM Best A++ Rating
  • The world’s largest Property & Casualty company operating in 54 countries & territories, Chubb has always been a strong performer in the marketplace.
  • Chubb has a $2M minimum entry for primary residences in Charlotte, Collier, Lee, Manatee, Pinellas, and Sarasota counties. The minimum entry for primary residences outside those counties is $1M.
  • Chubb requires a minimum $50,000 total account premium for Florida condos regardless of whether the condo coverage is with or without wind.


  • AM Best A+ Rating
  • Cincinnati was added back to the Fortune 500 List in 2021. Cincinnati is No. 386 among the top 500 public companies in the world based on a mix of four metrics for 2021 results: sales, profits, assets, and market value.
  • Cincinnati recently revamped their Yacht program and has been systematically rolling out the changes.
  • While Cincinnati continues to be a competitive solution for multistate accounts, they have broadened their appetite to include qualifying Florida accounts with no out of state balance.


  • AM Best Rating was upgraded to A+ (Superior) in 2021.
  • Policyholder-owned insurance offering broad and flexible policies, allowing you to tailor the coverage to meet YOUR needs.
  • Named “Best Insurance Underwriter” by Family Wealth Report Awards 2021 for the sixth consecutive year and “Best High Net Worth Insurance Company” at the 2021 Private Asset Management Awards for the fourth consecutive year.


  • In 2021, Vault released their Florida Automobile product.
  • Vault is available in 16 states and the District of Columbia.
  • Vault has tightened up their guidelines around year built and Dwelling Coverage and they are no longer allowing monoline secondary homes.
  • Vault is rated A- by A.M. Best.

For individuals and families with distinctive assets, it is critical to make sure you have specialized coverage. Trust the advisors at Gulfshore Insurance to know precisely how to meet those needs.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your high net worth risks and exposures. Gulfshore Insurance services Naples, North Naples, Port Royal, Park Shore, Pelican Bay, The Moorings, Naples Beach, Marco Island, Bonita Springs, Sanibel Island, Captiva, Fort Myers, Sarasota, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.