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An Ounce of Prevention Could Save Billions. Reduce your flood risks WASHINGTON (April 29, 2020) — In the last 10 years, flooding cost the U.S. $40.3 billion in damages. This does not include the damage associated with tropical cyclones, which represented an additional $431.3 billion, according to the National Oceanic and Atmospheric Association (NOAA). NAIC…
By: Greenberg Traurig Attached are draft copies of the 2020 Catastrophe Reporting Form templates from the OIR. They are soliciting feedback from the industry on this. There are two templates, a “simple” version which would be used in the weeks following a CAT event and an “enhanced” version for the months following a CAT. They…
You’ve just survived a severe storm, or a tornado and you’ve experienced some extensive damage to your home that require repairs, including the roof. Your contractor is now asking for your permission to speak with your insurance company on using an Assignment of Benefits. Before you sign, read the fine print. Otherwise, you may inadvertently…
Columbus, Ohio, April 2, 2020 – Florida focused carriers, including Citizens Property Insurance Corporation, dominate residential property insurance market share in Florida. Of these, at yearend 2019, Demotech reviewed and rated forty-six of them. As the first to review and rate independent, regional and specialty insurers in 1989, this is not surprising. In 1996, the…
For Immediate Release: Thursday, April 2, 2020 Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842 TALLAHASSEE, Fla. – Chief Financial Officer (CFO) Jimmy Patronis issued the following statement applauding Citizens Property Insurance Corporation for providing needed relief to more than 445,000 policyholders statewide during the COVID-19 pandemic. Citizens’ relief efforts are similar to hurricane response, and include…
STATE OF FLORIDA OFFICE OF THE GOVERNOR EXECUTIVE ORDER NUMBER 20-81 (Emergency Management-Extension ofExecutive Order 18-276) WHEREAS, on October 10, 2018, Hurricane Michael made landfall near Mexico Beach, Florida, as a Category 5 Hurricane, ranking by pressure as the third-most intense Atlantic hurricane to ever make landfall in the United States; and Read more
By: Katrina Callaway, FIC General Counsel The Board of Governors of Citizens Property Insurance Corporation (Citizens) met by phone on March 25, 2020. The Board meeting materials can be reviewed here. During the meeting, Citizens President, Barry Gilway, presented an overview of the domestic property insurance market to the Governors. He noted the profitability of…
By: Katrina Callaway, FIC General Counsel On March 17, 2020, staff of the Florida Hurricane Catastrophe Fund (FHCF) gave a hurricane reimbursement and financial update to their Advisory Council. As of February 29, 2020, the FHCF has reimbursed insurers almost $3.8B for Hurricane Irma claims and expects to reimburse $6B. For comparison purposes, the industry…
By: Katrina Callaway, FIC General Counsel The Florida Hurricane Catastrophe Fund Advisory Council received a report from the Fund’s actuaries during its meeting on March 17, 2020 showing rates for Fund coverage for 2020 are essentially level, with a rate on line of 7.02% for 2020 compared to a 7.06% rate on line for 2019.…
By: Katrina Callaway, FIC General Counsel The House passed two bills to the Senate containing their language prohibiting a condo unit owner’s property policy from allowing a unit owner to subrogate against the condo association if the association’s policy does not allow the association to subrogate against the unit owner. But, neither bill ultimately passed,…