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The Florida Hurricane Catastrophe Fund adopted its most recent bonding estimate this week and announced that it could fall $1.5 billion short of meeting its total outstanding reimbursement commitments in the first 12 months following a substantial hurricane. Over 24 months, however, the FHCF projects that it would be able to fully reimburse insurers for […]
The Florida Hurricane Catastrophe Fund (FHCF) Advisory Council convenes this afternoon by telephone conference to conduct its regular business and update the status of the FHCF. Perhaps of most interest to the insurance industry and interested parties, the Advisory Council will be reviewing and adopting an updating estimate of the FHCF’s bonding capacity.
The Office of Insurance Regulation has approved rates for Citizens’ homeowners and dwelling programs. The average rate increase is 10.8% for homeowners insurance and 8.8% for the dwelling program. Rate increases for sinkhole coverage are higher (by percentage), although less than Citizens’ indicated rates. The OIR approved the rates through an Order (attached). Citizens’ ratemaking […]
Insurance Consumer Advocate Robin Westcott sent a letter to Citizens Property Insurance Corporation seeking additional information about several aspects of Citizens’ proposed surplus note program. Her letter encourages Citizens to fully analyze the proposal to ensure that a cost-benefit analysis justifies the commitment of up to $350 million in surplus notes. The letter asks how Citizens […]
Today marks the date auto insurers must submit their rate filings reflecting savings associated with reforms to Florida’s Personal Injury Protection (PIP) laws. The legislature enacted a series of changes to Florida’s PIP laws based upon concerns that fraudulent and inflated claims were leading to unsustainable rate increases for the coverage. The legislation also tasked […]
The Florida Office of Insurance Regulation has approved an additional 60,000 policies to be removed from Citizens Property Insurance Corporation in November 2012. This is in addition to 150,000 policies previously approved for November assumption, and adds to the 84,339 policies already assumed during this calendar year. “One of the Office’s goals continues to be to support a […]
The Florida Office of Insurance Regulation held a public hearing today in Miami to seek additional information about Citizens Property Insurance Corporation’s recommended rate filings and to allow interested parties to comment. Florida law specifies that Citizens will submit actuarially sound rates, provided that no policyholders’ rates will go up by more than 10% (with […]
The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone […]
Speaking at this morning’s meeting of the Florida Cabinet, SBA Executive Director Ash Williams provided an update on the status of the Florida Hurricane Catastrophe Fund. Mr. Williams noted that the FHCF has $8.5 billion in cash on hand. Nonetheless, the FHCF seeks to move forward with pre-event bond financing because, as pointed out by […]
Citizens Property Insurance Corporation will take a look at the merits of writing builders risk insurance certain coastal areas. However, advisors recommend that if Citizens resumes writing business risk, it should do so only where the coverage is unavailable from the private market “at any price.” As a competing consideration, Citizens recognizes that if it is the only market for […]
