Florida property insurance market News

An Update on Florida Insurer Downgrade Situation: Demotech Commentary

Demotech began involvement with the Florida homeowners’ insurance market at the State of Florida’s invitation in 1996 and today reviews and rates 46 insurers that write approximately 66% of Florida’s homeowners’ insurance premium. While Demotech reviews and rates 403 entities …

More Than a Dozen Florida Insurers Facing Ratings Downgrades

The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen …

Florida Regulators ‘Encouraged’ by Insurers’ Stress Test Results

Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report. The annual Reinsurance …

A.M. Best Special Report: Florida Property Insurers Remain Untested

The property insurance market in Florida has significantly shifted in market share as Citizens Property Insurance Corp. (Citizens)—the state-run property insurance company—continues to depopulate and move policyholders to the private market, which has increasingly seen the emergence of newly formed, …

Florida Senate Democrats to Oppose Property Insurance Rate Hikes

With Florida lawmakers expected to consider formal changes to the state’s property insurance market next week, state Democrats are signaling that they will likely oppose any measure that results in higher rates. Senate Minority Leader Chris Smith (D-Oakland Park) said …

Private Insurers in Line to Take 150,000 Policies from Florida’s Citizens

Four Florida-based property insurers have been given the green light to remove up to 150,000 policies from the state-backed Citizens Property Insurance Corp., which would contribute to the greatest shift of policies to the private market since 2008. Citizens has …