The Florida Office of Insurance Regulation (OIR) recently announced the results of its third year of catastrophe stress tests, which included all of the state’s 112 insurance companies, including 67 Florida-based insurers. Here’s the good news: The results showed that the Florida property insurance market can withstand significant catastrophic losses. All 112 companies that participated [...]
The FPCA recently worked with the South Florida Business Journal to publish an article regarding Florida's home insurance market and the financial stability of the domestics. This article, titled "Florida’s home insurance market is healthy, competitive" published today. Click here to view the article.
Florida Property & Casualty Association believes FOIR stress test results should give consumers confidence in their homeowners insurers to withstand the worst case storm seasons TALLAHASSEE, Fla., October 27, 2015 — The Florida Office of Insurance Regulation announced the results of its third year of catastrophe stress tests, which demonstrate that the Florida property insurance market can withstand significant catastrophic losses. All of the 112 insurance companies, including 67 Florida-based insurers, that participated in the Annual Reinsurance Data Call were found to have sufficient reinsurance, capital and surplus to pay policyholder claims in the event of a one in a 100 year storm. […]
Even if Florida gets blasted by four hurricanes in one season as it did a decade ago, 67 Florida-based insurance companies tested by the state have enough of a financial cushion to handle the damage, according to a new report touted by the state's top financial regulator Monday. Read more here
Gov. Rick Scott called on Florida legislators Thursday to set aside $250 million in the next state budget for economic incentive programs, an idea likely to face strong resistance from his fellow Republicans in the Senate, even though Scott's plan includes more oversight of spending by legislative leaders. Read more here
Florida's new insurance consumer advocate wants property insurance companies to produce data to back up their statements about rising water damage claims in South Florida. Read more here
Florida's third redistricting trial came to a close Monday, leaving the fate of the state's 27 congressional districts in the hands of a Leon County Circuit Court judge who has less than three weeks to make a recommendation to the Florida Supreme Court. Read more here
Florida Insurance Commissioner Kevin McCarty was honored with a Lifetime Achievement Award at the Florida Association for Insurance Reform's 3rd annual awards dinner Thursday night. Read more here
It may or may not weaken before getting anywhere near Florida, but Hurricane Danny’s surprise emergence as a Category 3 storm today has given homeowners and insurers a reminder a hurricane-free decade is no guarantee of future performance. “We encourage Floridians to join us in monitoring the news and weather reports to stay informed,” said [...]
For three years, state lawmakers have received mounting evidence about a scam in which frazzled homeowners are unknowingly signing away their insurance benefits to shady vendors during home repair emergencies. Read more here