News & Updates

Insurance

Early Session Promises Fast Start to Year

Early Session Promises Fast Start to Year

The holidays are only recently behind us as this year’s legislative session gets underway.  Insurance-related issues might not be as prominent from a statewide perspective as in some prior years—  some pre-session lists didn’t include insurance topics among the top five or ten issues to be addressed.  Nonetheless, for members of the industry, the session […]

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Irma Losses Surpass $7 Million

Irma Losses Surpass $7 Million

As we enter 2018, information reported to the Florida Office of Insurance Regulation indicates that insured losses from Hurricane Irma have topped $7 billion, now reaching $7.2 billion.  These losses arise from the 877,000 claims that have been reported by insurers.   More than 80 percent of the reported claims have been closed, with about […]

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Republican Field Grows for Governor’s Race

Republican Field Grows for Governor’s Race

U.S. Representative Ron DeSantis has filed to run for governor in 2018, joining Florida’s current Commissioner of Agriculture Adam Putnam.  In addition, Florida Speaker of the House Richard Corcoran has been rumored as a likely candidate, although he has not formally joined the race. DeSantis received a boost in name recognition when President Donald Trump […]

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Supreme Court Declines to Address Authority to Make Upcoming Appointments

Supreme Court Declines to Address Authority to Make Upcoming Appointments

The Florida Supreme Court dismissed a case that would have shed light on Governor Rick Scott’s ability to name three replacement justices as his term expires in January 19.  The end of three justices’ terms will coincide with Governor Scott’s expected last day in office, and of course the first day in office for his successor […]

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PIP Repeal Effort Will be Among 2018 Highlights

PIP Repeal Effort Will be Among 2018 Highlights

For the auto insurance industry, the potential repeal of Florida’s Personal Injury Protection (PIP), or no-fault, system has become an annual debate.  The 2018 legislative session will be no different as both legislative chambers are set to take up the issue. The Florida House of Representatives has advanced a version of PIP repeal that does […]

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Citizens Discusses Financial Soundness Following Irma

Citizens Discusses Financial Soundness Following Irma

Citizens Property Insurance Corporation recently updated its Hurricane Irma response and discussed the financial impact of the storm as the 2017 hurricane season has now drawn to a close.  Citizens reports that Irma will produce an estimated $1.2 billion in insured losses, but points out that the losses remain well within its claims-paying capacity. Citizens has […]

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OIR Approves Workers Compensation Rate Reduction

OIR Approves Workers Compensation Rate Reduction

The Florida Office of Insurance Regulation has issued a Final Order approving a 9.5% overall rate reduction and 9.8% premium level decrease for the National Council on Compensation Insurance (NCCI).  This reduction applies to new and renewal policies effective as of January 1, 2018. “I am pleased that today’s approval of NCCI’s rate filing will […]

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FSU Rises in Rankings…. for Risk Management and Insurance

FSU Rises in Rankings…. for Risk Management and Insurance

Florida State fans are accustomed to discussing rankings around this time of the year.  Typically, the rankings being discussed pertain to football and are associated with the playoff picture or bowl games.  This year, the football rankings are out the window, but another ranking warrants mentioning. FSU’s Dr. William T. Hold/The National Alliance program in […]

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FHCF Provides Early Look at 2018 Capacity

FHCF Provides Early Look at 2018 Capacity

The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses.  According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]

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FHCF Projects Irma Losses Well Within Fund Balance

FHCF Projects Irma Losses Well Within Fund Balance

The Florida Hurricane Catastrophe Fund will be triggered as a result of Hurricane Irma, but expected reimbursements are likely to remain well within the fund’s existing resources.  The FHCF’s actuarial consultant projects that the FHCF will reimburse insurers for between $3 billion and $6 billion in losses, with $5.1 being an appropriate and conservative estimate.  […]

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