News Source: South Florida Sun-Sentinel Author: Ron Hurtibse Date Published: January 28. 2023 State Farm Florida is the third-largest property insurance company in Florida, by policy count. It’s a fact that the Florida offshoot of the national insurer hasn’t wanted you to know over the past eight years. State-owned Citizens Property Insurance Corp., the so-called “insurer of last…
What if everyone had Citizens Insurance for their home
News Source: South Florida Sun-Sentinel Author: Roy Hurtibise Date Published: January 15th, 2023 Why not just expand state-run Citizens Property Insurance Corp. to cover all homeowners in Florida? It’s a timely question for the fast-growing state-owned insurer of last resort after a run of costly hurricanes and heavy litigation have resulted in five straight years of collective insurance industry…
News Source: E&E News Date Published: December 15th Author: Thomas Frank Hundreds of thousands of Florida property owners face requirements to buy flood insurance under a precedent-setting bill approved Wednesday by the state Legislature. It’s the first mandate of its kind in the country. The requirement applies to properties across the state, regardless of whether they…
Florida Senate Committee Passes Reform Bill; Would Make Citizens ‘Noncompetitive’
News Source: Insurance Journal Author: William Rabb Date Published: December 13th A Florida Senate Committee spent about two hours Monday reviewing a sweeping property insurance reform bill before approving it along party lines – with no changes. All nine Republicans on the Senate Banking and Insurance Committee voted in favor of Senate Bill 2A, authored by…
FEMA reports NFIP has paid $793m in claims so far following Hurricane Ian
News Source: Reinsurance News Date Published: November 29th Author: Kane Wells The U.S. Federal Emergency Management Agency (FEMA) has reported that the National Flood Insurance Program (NFIP) has paid $793 million in claims following Hurricane Ian, as Federal support nears $3 billion. FEMA suggests that more than $2.97 billion in federal grants, disaster loans and flood insurance payments…
News Source: Tampa Bay Times Author: Jim Saunders Date Published: November 15th TALLAHASSEE — Despite pounding parts of the East Coast, Hurricane Nicole will not hit Florida’s insurance market as hard as Hurricane Ian. CoreLogic, a property information and analytics firm, released an early estimate Friday that said Nicole’s privately insured losses will be less than $750 million.…
News Source: Insurance Journal Author: William Rabb Date Published: November 8, 2022 One of the largest providers of reinsurance for Florida carriers is predicting major increases in rates next year, a move that could add fuel to the fire for a reform package at the upcoming special session of the Florida Legislature. In an earnings call last week,…
Thanks to Ian, we’re all going to pay more for insurance next year
News Source: South Florida Sun-Sentinel Author: Ron Hurtibise Date Published: October 16 Hurricane Ian didn’t break Florida’s property insurance market. Insurers have the capacity to pay claims from the storm, which struck Southwest Florida last month as a Category 4 hurricane that destroyed hundreds of structures and killed more than 100 people. Losses estimated by domestic insurers have been readjusted…
News Source: Claims Journal Author: WIlliam Rabb Date Published: October 11 While some analysts are predicting that the property insurance industry will be able to manage Hurricane Ian and its estimated $50 billion in insured losses, a few are now warning that the storm could significantly erode the Florida Hurricane Catastrophe Fund’s surplus, which could spell trouble for…
Fla. mulls home insurer rating options
News Source: Insurance NewsNet Date Published: October 7th Responding to public officials who have lashed out at the state’s largest homeowners insurance ratings agency over its threats to downgrade more than a dozen property insurers, a bipartisan group of Florida lawmakers last month supported spending up to $1.5 million to research their options. Yet some in the insurance industry doubt…