My previous job was at an insurance company in part of the country that is not disaster prone. Even then, once in a decade hailstorms would essentially wipe out reserves and necessitate reinsurance. It would take probably 5 years to recover from the effects. You always had your fingers crossed during hail season that you'd finish the year in a position to get some bonuses. And this was a mutual insurance company, so no quarterly shareholder pressure, just long-term sustainability goals. That company would never dare expand into Florida.

Here's a white paper talking about the history of FL specifically: https://floridapolicyproject.com/wp-content/uploads/2024/05/...

You can pull the annual reports for any publicly traded insurance company if you are curious about the numbers.