Renzo DowneyJanuary 13, 2020
6min445
Exiting capital and burdensome debt prompt the stability downgrade.
Tag: property insurance
Renzo DowneyJanuary 13, 2020
Michael MolineOctober 16, 2018
5min198
Hermine — $139 million. Matthew — $1.2 billion. Irma — 10.4 billion. Michael — who knows at this stage, but last week’s Category 4 hurricane, the most powerful storm to hit the Florida Panhandle in recorded history, will wind up costing the insurance companies plenty. Still, Florida’s industry — uniquely dominated by smaller players since […]
Ana CeballosNovember 3, 2017
4min262
Republican Sen. Anitere Flores, who represents the Irma-battered Florida Keys, said Friday that property insurance will be the “main” insurance issue she will tackle in the upcoming legislative session. “I made some promises to myself over the summer that I was going to have a much calmer session this year, and not be in the […]
Michael MolineMarch 15, 2017
1min391
Citizens Property Insurance Corp. can buy back some $300 million in reinsurance against a catastrophic storm because the risk of that happening is now projected to have fallen. The company’s board of governors voted unanimously to approve the move during a conference call Wednesday. Citizens, Florida’s property insurer of last resort, bought the coverage from […]
Michael MolineDecember 7, 2016
7min495
“Out of control” litigation costs are slowing efforts by Florida’s property insurer of last resort to shift risk onto private insurers, and may lead to aggressive restrictions on claims for water damage, the organization’s president said Wednesday. Rising litigation “is driving 80 percent of our attention and time,” Barry Gilway warned during a meeting of […]
Michael MolineOctober 24, 2016
1min332
The number of insurance claims following Hurricane Matthew has now surpassed 91,000, with estimated losses rising to $549 million. The grand total is 91,212, according to data posted Monday morning on the Florida Office of Insurance Regulation’s website. The numbers were good as of late Friday afternoon. Volusia County led in claims, at 26,664. Next came […]
Michael MolineOctober 17, 2016
1min292
The number of insurance claims filed following Hurricane Matthew has now surpassed 75,000, state regulators announced Monday. The estimated insurance loss was $454 million. When last counted on Friday afternoon, the Florida Office of Insurance Regulation had recorded 75,215 claims, of which 67,805 remained open. Residential property claims numbered 66,862; commercial, 1,660. The department posts […]
Staff ReportsOctober 10, 20161min285
Hurricane Matthew has generated nearly 5,000 insurance claims involving losses of $21 million, state regulators said Monday. They cautioned the results are preliminary, reflecting just three days of claims data — Friday through Sunday. “As many displaced consumers return to their communities and homes to assess damage and initiate the claims process, these numbers will increase […]
Michael MolineSeptember 27, 2016
5min308
Florida’s property insurer of last resort fears lingering damage from Hurricane Hermine — in the form of third-party claims officials and business leaders blame for escalating premiums. Thus far, of 837 Hermine-related insurance claims, third-party public adjusters filed seven — and five involved assignment of benefits agreements, or AOBs, staff members told a Citizens Property […]
Michael MolineSeptember 16, 2016
4min451
State regulators approved premium increases averaging 6.4 percent on homeowner policies issued by Citizens Property Insurance Corp., Florida’s state-run insurer of last resort. The Office of Insurance Regulation pared down that increase slightly from the 6.9 percent Citizens sought during a rate hearing last month. You can read the order here. The office approved rate […]