December 21, 2022
Via: Reinsurance NewsA 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
Via: Reinsurance NewsFlorida’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
Via: Reinsurance NewsFlorida-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 […]
Geo-Political, Risk Management
December 9, 2022
Via: Artemis BMHurricane 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
Via: Insurance JournalThe 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 […]
Geo-Political, Risk Management
November 7, 2022
Via: Artemis BMThe 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
Via: Artemis BMFlorida’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, […]
October 3, 2022
Via: Insurance JournalLate last week President Joe Biden signed legislation passed by Congress to extend the National Flood Insurance Program’s authorization to Dec. 16, 2022. “NFIP reauthorization is an opportunity for Congress to take bold steps to reduce the complexity of the […]
Geo-Political, Risk Management
October 3, 2022
Via: Insurance BusinessHurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found. The global credit rating agency has projected that […]
Geo-Political, Risk Management
September 29, 2022
Via: Insurance BusinessAs I type, Hurricane Ian is bearing down on the west coast of Florida and looking likely to make landfall in the Port Charlotte area. Having intensified to a category four storm – with winds of 155mph just a couple […]
September 22, 2022
Via: Insurance BusinessNew data from Citizens Property Insurance – Florida’s insurer of last resort – reveals that it had added about 8,000 policies last week, bringing the insurer’s total policyholder count to just over a million. As of September 16, Citizens’ total […]
Geo-Political, Risk Management
September 16, 2022
Via: Reinsurance NewsReinsurers are showing a diverging appetite for Florida property catastrophe risk, says Moody’s, ahead of further anticipated price increases and coverage constraints going into 2023. The rating agency noted that many reinsurers chose to hold steady or cut their Florida […]
September 15, 2022
Via: Insurance JournalMango Questions State-Run Ratings Agency Idea Florida-domiciled property carriers are extremely reliant on the reinsurance market, making them vulnerable to coming price hikes, a just-released report from the AM Best financial rating firm said. Despite that, AM Best is willing […]
September 1, 2022
Via: Insurance BusinessFlorida’s Office of Insurance Regulation (OIR) is looking into the possibility of raising the $700,000 cap on policies sold by the state insurer of last resort, Citizens Property Insurance Corp. By law, Citizens is prohibited from providing replacement cost coverage […]
Geo-Political, Risk Management
August 18, 2022
Via: Reinsurance NewsNew research by KBRA says that Florida property insurers are facing storms on multiple fronts as the 2022 Atlantic hurricane season approaches its peak. The company’s work refers to the updated Atlantic hurricane season forecast that was released by Colorado […]
August 4, 2022
Via: Insurance BusinessFlorida’s Office of Insurance Regulation (OIR) is referring the Miami, FL-based Weston Property & Casualty Insurance to receivership, just as the insurance company’s ratings were withdrawn. The regulator submitted an affidavit to be reviewed and approved by a Leon County […]
Financial, Regulatory / Legal, Risk Management
July 22, 2022
Via: Reinsurance NewsRating agency Demotech sent a letter to 17 Floridian insurers on Tuesday explaining that they are likely to have their A ratings downgraded on July 26th, a move the Florida Office of Insurance Regulation (OIR) describes as an “example of […]
July 11, 2022
Via: Insurance JournalDan Alexander has seen the worst of the Florida property insurance market from the inside-out – from agents who’ve quit to carriers that have gone insolvent or stopped writing new business, to having to manage policyholders that are mad at […]
June 27, 2022
Via: Insurance BusinessFlorida’s Office of Insurance Regulation (OIR) has established the personal property and commercial property insurance rates of Citizens Property Insurance Corporation – the state-backed insurer of last resort – for 2022. The OIR held a virtual public rate hearing to […]
June 23, 2022
Via: Insurance JournalThe head of a small, South Florida investment firm has been charged with insurance fraud after he submitted a $300,000 roof-leak claim to his insurer, American International Group, along with allegedly fake photos of mold and other damage to his […]