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Florida homeowners have been facing skyrocketing insurance costs in recent years, as increased hurricane risk and a shrinking pool of private insurers have pushed rates up. Citizens Property ...
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
TALLAHASSEE — Hurricane Milton “poses a significant threat to the Florida property insurance market,” particularly for insurers that focus their business on the state, the financial-rating ...
New insurance companies in Florida must be approved by the Office of Insurance Regulation (OIR), which reviews the firm's business plan, projections and financial condition. The judgment of the OIR has been questioned because six of the 18 companies licensed to write "takeout" policies between 2007 and 2011 failed, even though Florida had no ...
The day before Hurricane Milton landed twisters in Palm Beach County — damaging 315 homes in a neighborhood about 15 miles from her house — Patricia Cramer went online to pay her insurance ...
Hurricane Milton is intensifying in the steamy Gulf of Mexico as it heads for Florida's west coast, which is already trying to heal from Hurricane Helene, which hit two weeks ago.
Industry Loss Aggregate: the sum of losses to the insurance industry (as reported by PCS or PERILS) over a given time frame must breach the attachment level. Say for example, 3 hurricanes and 1 earthquake all affect the covered area for a catastrophe bond. Each hurricane does $20 billion in damages and the earthquake does $40 billion.
Many regulations and guidelines distributed are important benchmarks regarding hurricane protection. Miami-Dade County was the first in Florida to certify hurricane-resistant standards for structures which the Florida Building Code subsequently enacted across all requirements for hurricane-resistant buildings. Many other states reference the ...