Florida Insurance Council - Covering Florida Since 1962
FIC: FHCF Provides Hurricane Irma & Michael Loss Reimbursement Update By: Katrina Callaway, FIC General Counsel On May 19, 2020, Anne Bert, Chief Operating Officer, Florida Hurricane Catastrophe Fund (FHCF or Fund) provided the Fund’s Advisory Council an update on loss reimbursements paid to property insurers for losses due to Hurricane Irma in 2017 and…
May 14, 2020 Meeting Recap: Citizens Board Approves 2020 Risk Transfer Program The Citizens Property Insurance Corporation (Citizens) held a board conference call today for the purpose of approving the proposed 2020 Risk Transfer Program prepared by staff. The following materials were provided: the Executive Summary of 2020 Risk Transfer Program, the 2020 Layer Charts…
U.S. Death Toll from Tornadoes Was Higher Last Month Than Any Since May 2013 For immediate release New York Press Office: (917) 923-8245; media@iii.org NEW YORK, May 7, 2020—Severe convective storms—tornadoes, hail, thunderstorms with lightning, and straight-line winds—are among the biggest threats to life and property in the U.S., according to a white paper released…
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…