Tag: Florida

August 28, 2023

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 […]

August 2, 2023

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 […]

July 17, 2023

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 […]

July 13, 2023

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 […]

July 12, 2023

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. […]

June 29, 2023

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 […]

May 24, 2023

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 […]

May 22, 2023

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 […]

May 10, 2023

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 […]

April 6, 2023

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 […]

March 23, 2023

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 […]

March 13, 2023

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 […]

February 6, 2023

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. […]

December 21, 2022

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 […]

December 15, 2022

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 […]

December 12, 2022

Florida-based primary insurer, FedNat Holding Company, has announced that it and certain wholly-owned subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S., with the company set to explore all strategic alternatives, including a sale […]

December 9, 2022

Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.” Reinsurance capacity […]

December 6, 2022

The Florida Legislature will conduct a special session during the week of December 12 focusing on fixes for a failing, flailing insurance market in the state that has reached crisis levels. Symptoms of the crisis include the financial collapse of […]

November 7, 2022

The National Hurricane Center (NHC) warns of a “prolonged period of hazardous weather” for much of Florida state as subtropical storm Nicole has formed northeast of the Bahamas and is expected to bear down on Florida’s east coast, with near […]

October 17, 2022

Florida’s property insurer of last resort Citizens Property Insurance Corporation said Friday that it is now estimating a hurricane Ian claim-count of around 100,000, down dramatically from its earlier assessment of a burden of over 225,000 claims being anticipated. Now, […]