The proposal comes as the state continues to wait for recommendations from Gov. Robert Bentley’s Affordable Homeowners Insurance Commission on ways to improve the affordability and availability of coverage.
Hurricane Irene made an impact, but tornadoes and hailstorms account for most of the industry’s losses, the rating agency said.
Florida’s insurer-of-last resort is coming forward with a plan to begin shrinking book of 1.5 million policyholders.
No good could come from reauthorizing the National Conference of Insurance Legislators’ natural disaster catastrophe fund model law.
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.
Florida property insurers would need to raise rates by more than 70% to reach a 14% ROE target, according to Aon Benfield.
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.
When the levee breaks…
Ignoring the lessons of Katrina, Sens. Thad Cochran and Mark Pryor are trying to change pending Senate flood insurance reform legislation to exempt properties behind levees and dams from the requirement to purchase flood insurance.
A proposal from Rep. Richard Neal and Sen. Bob Menendez would raise costs and reduce capacity for U.S. insurance consumers.