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Floridians favor cat fund fix

by R.J. Lehmann on December 7, 2011 · View Comments

As the Florida Legislature gets set to convene in January, a new survey suggests most would be willing to pay more in insurance costs if it meant avoiding assessments for the state’s cat fund.

An ALEC task force has been considering a model bill that would essentially strike all state-run licensing regimes and replace them with private equivalents.

Creating a national disaster insurance program backed by the federal government would encourage further coastal development in hazardous areas and would effectively subsidize the destruction of wetlands, dunes and other natural defenses to storm surge, Florida Wildlife Federation President Manley Fuller argues in an op-ed that appeared in a number of Florida daily newspapers. Rather [...]

Florida’s insurer-of-last resort is coming forward with a plan to begin shrinking book of 1.5 million policyholders.

Florida’s Citizens Property Insurance Corp. is ending coverage for screened porches and patios.

Meanwhile, a new report from Florida TaxWatch concurs that reform of Florida’s property insurance system must go beyond fixes to the cat fund to include changes to Citizens, the guaranty fund and the private market.

Center on Finance, Insurance and Real Estate Director Eli Lehrer wonders if some Michigan auto insurers or their agents are intentionally encouraging registration fraud.

Florida’s state-run reinsurer would be unable to borrow enough money following a major storm to pay all of its potential obligations, according to a new report from the fund’s own financial advisor.

Last year, Citizens paid out nearly $250 million in claims while only collecting a little over $30 million in sink hole premium. Essentially, Florida doesn’t have a sink hole problem, but rather an insurance claims problem, writes Florida director Christian R. Cámara.

Yesterday, Out of the FIRE discussed the growing problem of sinkhole claims in the Florida insurance market, citing a piece by Heartland Senior Fellow Don Brown. Florida’s P&C insurance problem is a potential fiscal nightmare. The financial burden created by the state’s government-run insurer Citizens Property Insurance Corporation and Catastrophe Fund could drown the state in the [...]

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