News & Updates

Hurricane Irma

FHCF Maintains $17 Billion Single-Season Capacity

FHCF Maintains $17 Billion Single-Season Capacity

The Florida Hurricane Catastrophe Fund (FHCF) continues to anticipate it will be able to meet its $17 billion in contracted single-season capacity if the need arises.  The FHCF projects its year-end 2019 fund balance will be $12.4 billion. Adding $1.7 billion in pre-event notes and an expected $1.0 billion in risk transfer (reinsurance), the FHCF projects […]

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OIR Emergency Order Extends Deadlines in Panhandle

OIR Emergency Order Extends Deadlines in Panhandle

The Florida Office of Insurance Regulation has issued an Emergency Order applicable to Florida’s Panhandle and Big Bend regions.  The order requires insurers to rescind recently issued cancellation and nonrenewal notices and to extend policyholders’ deadlines.  It is similar to one issued last year following Hurricane Irma, although this year’s order covers a narrower area light of Hurricane […]

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Citizens Defers Action on Rates

Citizens Defers Action on Rates

Citizens Property Insurance Corporation is delaying action on a proposed 2019 rate filing while it continues to look for ways to address concerns with assignments of benefits.  Citizens’ board recently decided to defer a proposed 7.9% statewide average increase for its personal residential programs.  The indicated rate need is much higher in some areas, but […]

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Revised Flood Insurance Disclosure Heads to Governor’s Desk

Revised Flood Insurance Disclosure Heads to Governor’s Desk

Hurricane Irma caused substantial damage from floods or rising water and renewed attention to the coverages and limitations of traditional homeowners’ insurance policies.  Although existing Florida law requires a disclosure in homeowners’ policies informing policyholders of their potential need to consider buying flood insurance, the Florida legislature decided to expand this disclosure in the 2018 […]

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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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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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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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