As hurricane season approaches, three insurers are canceling thousands of Florida customers

  News Source: South Florida Sun Sentinel Author: Ron Hurtibise Date: May 17, 2021 As insurers continue to bemoan heavy claims losses and litigation costs in South and Central Florida, state insurance regulators are allowing three companies to cancel or not renew thousands of policies, forcing those jilted customers to find new coverage weeks before hurricane…

Florida Property Insurance Industry in Tenuous Financial State, Despite AOB Reform

News Provided by: Florida Record Article by: Michael Carroll February 26, 2021 Restrictions on assignment-of-benefits (AOB) property insurance claims signed into law in 2019 have failed to control lawsuits blamed for pushing up insurance premium costs in Florida, according to a nonprofit insurance consumers group. The AOB reforms contained in House Bill 7065 attempted to…

Improving the Transparency of Florida Hurricane Catastrophe Fund’s (FHCF) Ratemaking

The Florida Hurricane Catastrophe Fund’s Ratemaking Formula Report is an “Actuarial Communication” as governed by actuary profession’s U.S. Standards of Practice, specifically #41.  Therefore, it must adhere to the following standard (from section 3.2 of #41) unless the actuary discloses a deviation from standards and explains why: “In the actuarial report, the actuary should state the actuarial…

Florida Homeowners Insurance Market Update

FAIR is deeply concerned about the recently reported operating results of Florida-based insurance companies. We have also heard from a number of affected policyholders of insurance companies that have failed, i.e., Florida Specialty, Windhaven. Fourth quarter 2019 financial data will result in additional operating losses beyond the dollar amounts already reported. Moreover, Floridians will face…