The Mississippi Windstorm Underwriting Association, which has not raised wind pool rates since 2006, is retaining $71.5 million of risk this year, up from $51.5 million in 2011.
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Mississippi wind pool buys $815 million of reinsurance
The Texas Department of Insurance recently approved several homeowners insurance rate increases that were submitted by Allstate Fire and Casualty and Allstate Texas Lloyds. These rate increases, according to Allstate corporate relations spokesperson Kristen Beaman, are necessary due to rising loss costs, which are rising faster than premiums. From Insurance Journal: Homeowner insurance rate hikes [...]
Property owners in South Florida are preparing for a new series of building codes designed to better prepare new and reconstructed homes from wind and water damage after major coastal storms. Some builders and homeowners are concerned that the new codes will lead to higher home construction costs and higher insurance rates. From the Sun-Sentinel: [...]
The wind pool board of Mississippi Windstorm Underwriting Association, the state’s windstorm insurer of last resort, is in London this week to purchase reinsurance to back up its state run reinsurer. In an effort to keep the cost of reinsurance down, the wind pool board makes an annual trip to London and Bermuda to negotiate a [...]
Florida has been taking a dangerous gamble with its policies on hurricane insurance in recent years. The state under former Governor Charlie Crist kept the rates of its state run insurer Citizens Property Insurance Corporation so low that private insurers were driven out of the state and Citizens became the main insurer for the world’s [...]
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