Category Archives: Property and Casualty

Recorded OIR 2020 Catastrophe Reporting Form Technical Assistance Webinar now available

FIC: FHCF Provides Hurricane Irma & Michael Loss Reimbursement Update

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…

GT: Meeting Recap: Citizens Board Approves 2020 Risk Transfer Program

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…

Triple-I White Paper—Costs of Convective Storms Are Rising

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…

NAIC: An Ounce of Prevention Could Save Billions: Reduce your flood risks

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…

GT: OIR Proposes Changes To Catastrophe Reporting Form & Requests Industry Feedback

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…

NAIC: What do do after a storm? Read the fine print and be aware of Assignment of Benefits.

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…

Demotech Rated Florida Carriers Evolve to Maintain FSRs of A or Better

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…

CFO Jimmy Patronis Applauds Citizens Property Insurance for Providing Relief to Policyholders in Wake of COVID-19

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…

Governor Ron DeSantis: #2020-81 Executive Order extends Executive Order 20-23 re: Hurricane Michael

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