Tag: Florida

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!

Florida Gov. Scott Agrees to Meet with Climate Scientists
Florida Gov. Rick Scott said his administration would be “happy to meet” with 10 scientists from Florida universities who want to talk about climate change, a subject he has been reluctant to address.

A letter from the scientists was delivered to Scott’s office Tuesday. Scott and other Republicans have been skeptical of global warming and the governor has worked with the GOP-controlled Legislature to dismantle climate change initiatives.

When a federal report earlier this year highlighted Florida — and Miami in particular — among the parts of the country most vulnerable to global warming and rising sea levels, Scott said: “I’m not a scientist” when asked about it.  Read more here… 

Is this a bad thing? Florida Frets That With Proposed Rate Cut, Citizens Could Be Too Competitive
Florida’s state-backed property insurer’s proposed rate reduction is raising questions about whether it will make the insurer competitive with the private market.

Citizens Property Insurance Corp. recently proposed 2015 rates that include a statewide average 2.9 percent rate decrease on all residential policyholders.
The proposed rate cut comes after eight years without any significant hurricane losses and five years of rate increases following the so-called “glide-path,” which limits annual rate increases to 10 percent.
The rate changes also follow Citizens’ recent decision to transfer $3.1 billion in risk for the 2014 hurricane season through a combination of traditional reinsurance and catastrophe bonds, a $1.5 billion deal that is the largest of its kind on record.  Read more here… 

Flood Insurance Rates Set to Rise in Florida
Flood insurance rates in Florida are set to increase yet again. Thousands of homeowners throughout the state are likely to see higher rates in the coming months as the National Flood Insurance Program continues to raise rates throughout the country. These rates are based on flood maps devised by FEMA. The federal agency has been making revisions to these flood maps recently in order to better account for the changing risks associated with natural disasters and provide insurance entities a better understanding of these risks.  Read more here… 

Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!

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!

Florida Approves Southern Oak Take-Out of 10,000 Policies from Citizens
The Florida Office of Insurance Regulation (OIR) said it has approved the removal of up to 10,000 multi-peril personal residential policies from the state-backed property insurer Citizens Property Insurance Corp. by Southern Oak Insurance Co.

Southern Oak requested in April to remove 8,500 policies from Citizens’ personal lines account (non-coastal properties) and 1,500 from the coastal account (coastal properties) for the September 16, 2014 take-out period, according to OIR.

This is part of the state’s ongoing effort to reduce the number of policies in Citizens and transfer them into the private insurance market. OIR said this announcement brings the total number of policies approved for take-outs this year to 369,341.

Read more here…

Keep a Hurricane Preparation Checklist
In areas where hurricanes can strike, it’s a good idea to have a closet or an area set aside for storm preparedness storage. There, you can keep items you’ll need in case disaster strikes suddenly or you need to evacuate.
It’s also important to know the difference between a watch and a warning, and when they are issued for tropical storms and hurricanes.

Read more here…

Don’t Forget About Flood Insurance
The Atlantic hurricane season has arrived and that means people may need to consider ways to protect themselves. This year’s hurricane season has already been somewhat active, but no devastating storms have yet struck the U.S. This does not mean that the country is safe from such disasters, only that one hasn’t showed up yet. It is impossible to tell when or where a powerful hurricane will form, so it may be a good idea to get a better understanding of flood insurance.
Read more here…

Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!

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!

No New Rights in Florida’s Homeowners’ Bill of Rights
Florida’s passage of a homeowners’ claims bill of rights left few satisfied after lawmakers largely codified current law while avoiding controversial issues such as the practice of policyholders assigning their claims payments to contractors.
The bill of rights was a priority of the state’s Chief Financial Officer Jeff Atwater and was initially drafted by the state’s insurance consumer advocate’s office.
Read more here…

Homeowners insurance rate reductions coming to Florida
Florida’s Citizens Property Insurance, the state’s largest provider of homeowners insurance coverage, has announced rate reductions for 2015. This will be the first time the state-run insurance organization has been able to offer a rate reduction in several years. The insurer has been facing monumental financial problems recently and has been struggling to overcome these issues while also complying with it duty to provide coverage to its policyholders. The forthcoming rate reduction may go a long way in improving the tarnished relationship that the organization has with its customers.
Read more here…

Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!

Here are some recent articles of interest that I found this week for the Florida insurance industry. Enjoy!

Flood Insurance Enters the Limelight as Hurricane Season Begins
The 2014 Atlantic hurricane season has started, and weather forecasters are predicting that this season may be quite active, but the storms emerging during the season may be modest due to the effects of El Nino. There is no certain way to tell whether or not the hurricane season will be free of any powerful storms, as 2012′s Hurricane Sandy was quite unexpected itself. The impact of an unexpected storm can be devastating, which is why there is a growing interest in insurance coverage that is designed to protect against such natural disasters.  Read more here.. 

The Insurance Industry and Climate Change
When it comes to climate change, insurance can be a tricky subject. The global insurance industry does not typically deal in “what ifs” and many large insurers are not willing to debate whether or not climate change is real. These insurers are more apt to address the issue of climate change by offering new insurance products and finding ways to mitigate the risks associated with the phenomenon. Powerful storms, rising temperatures, and depleting food and water resources are becoming issues that the insurance industry is beginning to involve itself in.  Read more here…

Florida Gov. Scott Signs Flood Insurance, Credit Claims, Parasailing Bills
Florida Gov. Rick Scott signed into law on Friday dozens of measures covering everything from flood insurance, electronic cigarettes and parasailing.

The Republican governor, who has been holding re-election campaign events for most of this month, did the bill signings privately. Scott and previous governors usually hold public bill signings during the summer, but he has spent little time in the Capitol since the end of the annual legislative session.  Read more here.. 

Florida ‘Hurricane Tax’ Sent to Early Retirement
A1.3 percent surcharge on most property/casualty policies in Florida to help pay for past hurricane claims is coming to an end earlier than originally planned.
The Florida Cabinet voted this week to end the assessment on policyholders that was begun in 2008 and was expected to continue until 2016.

State law requires an assessment whenever the Florida Hurricane Catastrophe Fund (FHCF) does not have enough cash to pay insurers for the losses they incur. The surcharge, called the “hurricane tax” by some, is used to fund revenue bonds to pay the losses.

FHCF ran out of money following Wilma, which was the fourth storm of 2005 and the eighth storm that hit the state during a two-year period. The FHCF had to borrow about $2.6 billion to pay its obligations to private insurers.  Read more here… 

Florida Judge Approves Deal for Heritage to Assume Sunshine State Policies
A Florida judge has signed-off on a plan by regulators to allow a failed Florida property insurer’s policyholders to be assumed by another company, although policyholders will retain the option to seek coverage elsewhere.

Leon County Judge Kevin Carroll on Friday approved the deal that could result in Heritage Property and Casualty Insurance Co. assuming as many as 36,000 policyholders left seeking coverage due to the insolvency of the Sunshine State Insurance Co.

The Jacksonville, Fla.-based Sunshine State was taken over by the Department of Financial Services Division of Rehabilitation and Liquidation on June 3 after the state Office of Insurance Regulation reported the insurer could no longer meet the state’s capital requirements.  Read more here… 

Florida Private Flood Bill Now Law But Market May Take a While to Develop
Florida Gov. Rick Scott has signed legislation designed to encourage private insurers to offer flood insurance, but the industry is tamping down expectations that it will result in a viable market in the near future.

The legislation creates a statutory framework allowing private insurers to offer four different types of flood coverage ranging from standard coverage, which mirrors the current National Flood Insurance Program policies, to three other enhanced coverages.
The legislation also allows private insurers to file their own rates prior to October 1, 2019, after which they must be approved by regulators. The time period is so Florida insurers can develop state flood data that is currently not available under the NFIP.  Read more here… 

Aspen Opens Miami Hub for Expansion in Latin America
Aspen Insurance said it is expanding its presence in Latin America with the opening of a regional hub in Miami, joining a group of re/insurers that have also located Latin American operations in the city.

The Miami office and Aspen’s expanded energy team will serve the onshore energy market in Latin America, which is part of Aspen’s previously announced strategy to expand its operations selectively in targeted market segments, according to the announcement.

The company recently named Gary Windsor to spearhead its onshore energy expansion into Latin America. The team will begin writing business from Miami in July, according to Tony Carroll, executive vice president and head of Marine, Energy and Construction.  Read more here…

Thank you for reading (and sharing). Stay tuned for next week’s weekly review for Florida Insurance Law!