Reinsurance picture improves for Florida
reinsurance, Florida Hurricane Catastrophe Fund, Insurance Regulation News, Florida hurricane season, property insurers, Florida homeowners
News & Updates
Florida Hurricane Catastrophe Fund
Hurricane Catastrophe Fund gets healthier with season approaching, has $10.16B to pay claims
hurricane season, reinsurance, Florida Hurricane Catastrophe Fund, Insurance Regulation News
Storm Losses Increase FHCF Reliance on Bonding
The Florida Hurricane Catastrophe Fund (FHCF) projects that it would be able to meet its maximum single-season reimbursement obligation of $17 billion if the need arises. However, hurricane losses in recent years have reduced the FHCF’s available cash, increasing its anticipated reliance on post-event bonding. For the 2023-24 FHCF contract year, the insurance industry retains […]
Florida’s homeowners insurance market faces strains amid hurricane season challenges: Moody’s
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, property insurance, Florida homeowners, Hurricane Idalia
Property Insurance: Florida’s Big Elephant in the Room
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, property insurance, Florida Office of Insurance Regulation, Florida Insurance Commissioner
Hurricanes Take Toll on FHCF Capacity
The Florida Hurricane Catastrophe Fund (FHCF) recently projected a potential shortfall in its claims-paying capacity for the first time in many years. By statute, the FHCF provides up to $17 billion in reimbursement capacity to residential property insurers each year. However, that obligation is limited to the amount the FHCF actually can pay, if less […]
DeSantis wants insurance-focused special session
Florida Hurricane Catastrophe Fund, Florida Legislature, Insurance Regulation News, property insurance, Florida special session, Hurricane Ian
The big reason Florida insurance companies are failing isn’t just hurricane risk – it’s fraud and lawsuits
Citizens Property Insurance Corporation, Florida Hurricane Catastrophe Fund, Insurance Regulation News, assignment of benefits, Demotech, Hurricane Ian
Special Session Proposals Address Property Market Concerns
The Florida House of Representatives and Senate have released their proposals for next week’s special session on property insurance reform. The special session follows last month’s call from Governor Ron DeSantis for a special session dealing with the crisis in Florida’s residential property insurance market. Reinsurance Protection Although their proposals are subject to change when […]
Florida Market Needs Lasting Reform
The residential insurance market in Florida has experienced years of deterioration resulting in decreased availability of private market options, reductions in coverage and rising insurance premiums. As has been well established by the Florida Office of Insurance Regulation and others, Florida never really had a sinkhole problem, a mold problem, or a water damage problem…. […]