Here are some recent articles of interest that I found this week for the insurance industry, Florida insurance law, Florida insurance claims, and Florida insurance trends. Enjoy!
Insurance industry may be woefully unprepared for climate change
Ceres, an environmental investor advocacy group, has released the results of a new surveyit has conducted in the insurance industry. According to the survey, the majority of U.S. insurance companies are woefully unprepared to handle the risks associated with climate change. While many insurers have been relatively cavalier with their claims that not enough is being done to mitigate climate change, several companies have done little to prepare themselves for future environmental risks.
According to the survey, only 10% of insurers operating in the U.S. have made public climate change management statements, offering information about what these companies plan to do about the issue. These companies have made little to no effort to showcase the steps they are taking to make use of climate risk management programs or how they are approaching core underwriting and investment issues that could be influenced by a changing climate.
Read more here…
Florida Approves Up to 183K Takeouts from Citizens for 2015
The Florida Office of Insurance Regulation (OIR) has approved the removal of up to 180,040 personal residential policies and 2,527 commercial residential polices from Citizens Property Insurance Corp.
The OIR said these are the first take-outs approved for 2015.
The number approved for takeout is not necessarily the number that will actually be removed from Citizens. In 2014, the total number of policies approved for take-outs was 1,109,644 while the actual number of policies removed from Citizens this year as of September 18, 2014 is 127,550, according to OIR.
By statute, policyholders may choose to remain covered by Citizens during take-out offers; however, they may be at risk of higher assessments if they stay with Citizens.
The approvals for 2015 involve the following nine companies…Read more here.
Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!
