FACT Book

The Florida Insurance FACT Book is the result of years of pertinent data accumulated by the Florida Insurance Council. It is a one-of-a-kind, constantly evolving, Florida-specific resource that includes important material compiled from Florida Insurance Council, along with data assembled from other Internet sites, including state agencies, the Florida Legislature and important national sources.

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Office of Insurance Regulation emergency rules from the 2004/2005 hurricane seasons are available on the “Hurricane Resource” website page of the Office website at: http://www.floir.com/Office/HurricaneSeason/2013hurricaneresourcepage.aspx. When you access this page, scroll down to the “Historical Resources” section (pictured below). Each of these links contain the storm data, emergency rules/orders associated with the corresponding year.

Historical Resources:

Hurricane Season Summaries are only available for years with major storms affecting Florida:

 

Life Insurers in YOUR State

FLORIDA

JOBS
  • 473 life insurers are licensed to do business in Florida and 11 are domiciled in the state.
  • The life insurance industry employs approximately 48,000 people in Florida.
  • In addition, the life insurance industry supports approximately 80,000 non-insurance jobs in Florida.
PROTECTION
  • Florida residents have $1 trillion in death benefi t coverage.
  • State residents own 7 million individual life insurance policies, with coverage averaging $131,000 per policyholder.
  • Group life insurance coverage amounts to $480 billion.
  • Individual life insurance coverage purchased in 2010 in Florida totaled $95 billion.
  • $22 billion was paid to Florida residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2010.
  • Annuity benefi ts paid in the state in 2010 totaled $5 billion.
INVESTMENTS
  • Life insurance companies invest approximately $240 billion in Florida’s economy.
  • About $192 billion of this investment is in stocks and bonds that help fi nance business development, job creation, and services in the state.
  • Life insurers provide $20 billion in mortgage loans on farm, residential, and commercial properties, and own $2 billion in real estate in Florida.
  • In 2010, life insurers held $2.5 billion of Florida-related Build America Bonds, or 45 percent of these bonds issued. These bonds include those issued by Broward County Schools, the Florida Turnpike Commission and the Florida State Board of Education.
ACROSS AMERICA
  • 75 million American families depend on life insurance industry products to protect their financial and retirement security.
  • The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
  • 20 percent of American’s long-term savings is in life insurance and annuities. These savings are key to the protection and guarantees these products provide.
  • In 2010, life insurers provided payments in excess of $557 billion, helping families guarantee long-term fi nancial security now and in retirement.
  • With 90 percent of the industry’s $5.3 trillion assets invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
  • Life insurers are the largest single source of bond fi nancing for American business, holding 18 percent of all U.S. corporate bonds.

2012
Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2010 annual
statement data; U.S. Bureau of Economic Analysis, 2010 data; U.S. Census Bureau, 2010 data; U.S.
Bureau of Labor Statistics, 2010 data; and U.S. Treasury Department, 2010 data.

AMERICAN COUNCIL OF LIFE INSURERS | F I N A N C I A L S E C U R I T Y . . . f o r L I F E .
101 Constitution Avenue, NW, Suite 700, Washington, DC 20001–2133 www.acli.com

Insured wind losses from category 1 or 2 hurricanes are generally much less than from major hurricanes – categories 3, 4 and 5. Sometimes, they are comparable to losses from a tropical storm; sometimes more severe. It depends on which part of Florida is affected and the concentration of development impacted.

Tropical Storm Debby from earlier this season produced $105 million in wind losses in Florida, according to Property Claim Services, the insurance community’s bookkeeper of catastrophic insured losses. (There was probably much more damage from flooding, not covered by homeowners policies. I don’t have the National Flood Insurance Program estimate yet. It could be  two or three times the wind damage, so total losses – wind and flood - might be $300 to $400 million.) Tropical Storm Faye from 2008 was $195 million in wind losses.

We have had one category 1 landfall in Florida this decade. Hurricane Katrina was a category 1 when it went across south Florida on its way to Mississippi and Louisiana. The estimated insured wind loss in Florida was $707 million. Hurricane Rita, while at one point a category 5 storm, was apparently at tropical storm strength only when it affected Florida in 2005, causing generally storm surge flooding.  The insured loss was estimated at $33.5 million.

Frances in 2004 was a category 2 at landfall in Florida.  Estimated insured loss was $4.275 billion. In 2005, Hurricane Dennis was a category 2 at landfall.  The insured wind loss estimate was $855 million.

Here are the major hurricanes from 2004/2005 and their insured wind losses in Florida:

2004: Charley, Jeanne, and Ivan were category 3 or better at landfall. Charley’s wind losses were $7.4 billion; Jeanne, $3 billion; and Ivan, $4.3 billion.

In 2005, Wilma was a category 3 at landfall, with $10.3 billion in losses.

Sam Miller

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