Top

Tag: Florida


Risk Management, Trends

Florida insurers bought 11% more reinsurance in 2023. Data suggests lawsuits slowing

January 10, 2024

Via: Artemis BM

Florida insurance carriers purchased 11% more in reinsurance over the course of 2023 than a year earlier and while market conditions were certainly hard, it was not as challenging as had been forecast for the domestic Floridian insurance market. In […]


Financial, Risk Management

Florida reforms open runway for tens of billions in fresh capital: Fermat’s Seo

December 18, 2023

Via: Artemis BM

The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management […]


Financial, Risk Management

Florida Citizens targets $5.5bn of reinsurance for 2024. Cat bonds need replacing

December 5, 2023

Via: Artemis BM

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 […]


Financial, Risk Management

Is Florida’s insurance market finally recovering?

October 19, 2023

Via: Insurance Business

Florida’s insurance market has managed to see an upturn after years of struggling with profitability. This is according to Mark Friedlander of the Insurance Information Institute (Triple-I), who pointed to figures from the state’s insurance regulator. “According to data from […]


News

Which state has the least satisfied homeowners’ insurance customers?

September 26, 2023

Via: Insurance Business

Customers in Florida are more dissatisfied with their homeowners’ insurance than customers in any other state, according to a new report from Clearsurance.com. The report found that Florida homeowners deal with several issues that make homeowners’ insurance more complicated than […]


News

Hurricane Idalia forecast to hit Florida “near or at major intensity”

August 28, 2023

Via: Reinsurance News

Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then heading over extremely warm Gulf waters towards Florida’s coast where the NHC forecast it could be near […]


Financial, Risk Management

Ray of Sunshine: Florida Insurers Show Quarterly Profit as Citizens Takeouts Rise

August 2, 2023

Via: Insurance Journal

For the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P Global Market Intelligence. Excluding Citizens Property Insurance Corp., Florida property insurers reported $38.6 million in profit […]


Regulatory / Legal

DeSantis called on to take immediate action to address Florida’s insurance crisis

July 17, 2023

Via: Insurance Business

Florida State Senator Tracie Davis has called on Governor Ron DeSantis to take immediate action and convene another special session to address skyrocketing insurance premiums and policy cancellations. Davis, who represents Jacksonville, said the property insurance reforms passed after a […]


News

Florida’s insurance woes threaten Republican votes, says Trump ex-official

July 13, 2023

Via: Insurance Business

The precarious state of Florida’s insurance market could cause the Republican Party to lose votes in the next election, a Trump ex-official has warned. Michael Caputo, who served as the assistant secretary of public affairs under former President Donald Trump’s […]


News

Farmers pulls out of Florida, affecting 100,000 policies

July 12, 2023

Via: Reinsurance News

Farmers will no longer offer coverage in Florida, ending auto, home, and other policies in the state, with the decision set to impact an estimated 100,000 policyholders. The organisation notified the Florida Office of Insurance Regulation (OIR) of its decision. […]


Risk Management, Trends

What is a Florida reinsurance all about?

June 29, 2023

Via: Insurance Business

Florida has a unique property insurance market consisting mostly of small and medium-sized local insurers that rely heavily on reinsurance. These companies serve to fill the gap left by national insurers that have shied away from providing coverage in the […]


Financial, Risk Management

Further reinsurance pricing-power increases expected at mid-year FL renewals

May 24, 2023

Via: Reinsurance News

Analysts at BMO Capital Markets anticipate +30-40% reinsurance pricing-power increases at the mid-year Florida renewals, compared to reinsurance pricing of +28-38% at Jan 1. According to BMO’s analysts, Terms & Conditions remain “as tight as can be”, meaning reinsurers will […]


Financial, Risk Management

Florida renewal sees orderly process and price increases, driven by recent reforms: JMP Securities

May 22, 2023

Via: Reinsurance News

The Florida insurance market is poised to experience a marked contrast during its June 1 renewal, characterised by an early and orderly process, according to JMP Securities. However, the renewal will also bring significant price increases as the market seeks […]


Regulatory / Legal

It’s Time to Roll up Our Sleeves and Rebuild the Florida Insurance Market

May 10, 2023

Via: Insurance Journal

With the Florida legislative changes passed in December – prohibiting assignments of benefits and one-way attorney fees – there is now an opportunity to change the dynamic in Florida and create a more stable market. Historically, the main tools to […]


Financial, Risk Management

Kin secures $100m of Florida named storm reinsurance via second cat bond

April 6, 2023

Via: Reinsurance News

Kin Insurance, a direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million. Kin Interinsurance Network has secured a new reinsurance agreement with Hestia Re., a newly […]


Regulatory / Legal

Florida Insurance Agent Who Used $5M in Premiums for Safari, Condos Gets 14 Years

March 23, 2023

Via: Insurance Journal

More than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in […]


Regulatory / Legal

Florida moves to tackle insurance lawsuit abuse

March 13, 2023

Via: Insurance Business

The National Insurance Crime Bureau (NICB) has applauded the Florida House Judiciary Committee and the Senate Committee on Banking & Insurance for passing two significant bills aimed at reducing insurance lawsuit abuse. House Bill 837 and Senate Bill 236, supported […]


Regulatory / Legal

FEMA approves over 7,600 Florida households for group flood insurance policies

February 6, 2023

Via: Insurance Business

As part of the federal government’s support for homeowners severely impacted by Hurricanes Ian and Nicole, the Federal Emergency Management Agency (FEMA) has announced that it has approved 7,644 households in Florida with group flood insurance policies for three years. […]


Financial, Risk Management

Long-term relief coming for Florida insurance market – AM Best

December 21, 2022

Via: Reinsurance News

A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. Now, AM Best says that the elimination of assignment of […]


Regulatory / Legal

Florida property reforms pass House despite criticism

December 15, 2022

Via: Reinsurance News

Florida’s property insurance reform bill has been passed by the House and awaits a signature from State Governor Ron DeSantis, despite opposition from Democrats. The bill aims to create a $1 billion reinsurance fund, reduce litigation costs and may compel […]