Insurer recommendations

PCI offered a variety of suggestions for consideration by lawmakers, including:

• Enhancing the My Safe Florida Home Program to provide more effective economic incentives for consumers to retrofit homes that reduce losses from future storms.

• Implementing stricter land use policies to place reasonable limitations on development in high-risk areas.

• Promoting greater transparency in insurance transactions by making additional information on discounts, coverages and premium break-downs available to consumers.

• Strengthening the financial position of the FHCF through additional reinsurance.

• Providing insurers incentives to write more policies by allowing them to offer consumers a wider variety of limits and deductibles and reducing government control of rates.

• Allowing individual insurers to accumulate funds to pay for disaster losses on a tax free basis.

• Establishing a federal liquidity facility to provide a financial backstop to state catastrophe funds.

Topics Carriers