Florida reinsurance costs News

Florida Property Insurance Market Inches Closer to Crisis – Part 2

The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …

Florida Property Insurance Market Inches Closer to Crisis – Part 1

After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …

How Florida’s Strained Insurance Market is Facing COVID-19, Hurricane Season

From the threat of insurer ratings downgrades to mounting carrier losses because of excessive litigation to increasing insurance rates, Florida’s insurance market got off to a rocky start in 2020. Then came the COVID-19 global pandemic, causing further stress to …

Key Florida Players to Highlight Importance of Catastrophe Reinsurance

Although the role of catastrophe reinsurance in a wind exposed region is intuitively obvious to an insurance professional and most insurer rating agencies, the need for transparency, education and open dialogue on this important topic is necessary. Consumers, members of …

Florida Insurance Rates Still High Despite Several Storm-Free Seasons

Living in a (semi)-tropical paradise has a price – and apparently, not even going nine years without a major hurricane strike will change that. While Florida’s property insurance market has stabilized somewhat since eight storms battered the state in 2004 …

Reinsurance Costs Helping to Lower Florida Homeowners Rates: OIR Report

Florida’s top insurance regulator says that state residents are starting to benefit from a more competitive homeowners market as rates have started to trend downward due in part to the reduction in reinsurance costs. Florida Insurance Commissioner Kevin McCarty released …

Florida to Report on Effect of Reinsurance Savings on Homeowners’ Rates

Florida Chief Financial Officer Jeff Atwater wants to know why home insurers are not passing along to insureds apparent savings they are realizing on reinsurance. The state’s insurance regulator says he will let Atwater know next month. Atwater sent a …