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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 ...
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 ...
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 ...
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 ...
A 2021 analysis by then-Florida Insurance Commissioner David Altmaier found that Florida made up 8% of the nation’s homeowners’ claims in 2019, but 76% of its lawsuits.
Florida has been hit with four major hurricanes in the past four years, which has sent insurance premiums rocketing and caused some insurers to pull back on coverage. Florida homeowners fear ...
Hurricane Milton is intesifying and is headed towards Florida. Familiarizing yourself with a few key things in your home and flood insurance policies.
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.