Florida governor signs insurance reforms into law

19th December 2022

Florida governor Ron DeSantis has signed two bills, one of which is said to be the most-important insurance reform in the state in recent history. Senate Bill 2-A looks to further reform the state’s property insurance market through a number of actions. These include:

• Eliminating one-way attorney fees for property insurance claims,

Property players shift toward embedded insurance due to convenience: Cover Genius

16th December 2022

According to recent research by Momentive ai, commissioned by insurtech Cover Genius, property players demand convenience while poor customer outcomes incite a shift toward embedded insurance at the cost of traditional insurers. Cover Genius said: “Due to convenience, customers worldwide intend to switch to embedded insurance sources in the future (+36%) ... Read the full article

Florida Senate passes property insurance overhaul, now heads to House

14th December 2022

Florida’s property insurance reform bill has now been passed by the state Senate in a 27 to 13 vote that was along mostly party lines. Just one Democrat approved the Republican-brought bill, though two Republican senators voted against it. The proposed bill would create a $1 billion reinsurance fund, reduce litigation costs ... Read the full article

Pressure on Florida Citizens following exodus of private insurers: Fitch

12th December 2022

Fitch Ratings has suggested the pricing uncertainty and possible lack of reinsurance coverage in 2023 following Hurricane Ian may lead to a reduction in the number of Florida private homeowners specialists, highlighting the mounting pressure on state-sponsored Citizens to expand its underwriting exposure base. According to the rating agency, Florida homeowners’ ... Read the full article

More insolvencies possible without immediate Florida reforms: AM Best

8th December 2022

Analysts at AM Best have warned ahead of the second special session of Florida lawmakers that further insurer insolvencies are possible if “immediate and substantive” long-term reforms aren’t realised. Governor of Florida, Ron DeSantis, has called the session in order to work with the Legislature to introduce more competition and ... Read the full article

US policyholders and cedants to claim $13bn from Bermuda due to Hurricane Ian

7th December 2022

Data collected by the Bermuda Monetary Authority (BMA) suggests that re/insurers in the area will incur gross claim losses of more than $13bn in payments to policyholders and cedants in the US due to Hurricane Ian. The BMA said that based on publicly available estimates from catastrophe risk modellers and insurance ... Read the full article

Arbol’s parametric solution delivers $10m payout for Hurricane Ian damages

6th December 2022

Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and casualty insurer operating in nine U.S. states, was executed less than one month ... Read the full article

Florida governor reaffirms target of stabilising state insurance market

2nd December 2022

Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s insurance market. Recently, it was announced that the state is planning to undertake another Special ... Read the full article

Wildfire cat models would improve insurance access: Milliman

1st December 2022

New analysis from consulting firm Milliman has found that wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk. The work, called Use of Catastrophe Models in California Homeowners Ratemaking Formula, was done by the company on behalf of the Personal Insurance Federation of California ... Read the full article

Shore One appoints Brad Burton SVP, Operations

28th November 2022

US MGA, ShoreOne has announced the appointment of Brad Burton as Senior Vice President, Operations. Burton has more than 25 years of property and casualty industry experience, as well as a strong command of catastrophe management principles and oversight of underwriting and technology teams. He joined ShoreOne from Olympus Insurance Company, where ... Read the full article

Florida’s state insurer and reinsurer face no near-term risks from Ian: Fitch

17th November 2022

Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks to their capacity to service debt as a result of expected losses arising from Hurricane Ian. However, the firm said in a statement, increasing storm frequency and severity will erode ... Read the full article

Delos launches program to expand wildfire insurance in California

15th November 2022

Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners. It will also provide full home insurance policies to homeowners currently on the California Fair Access to Insurance ... Read the full article

P&C underwriting results expected to be worst since 2011, says Triple-I

14th November 2022

The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article

HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel

11th November 2022

Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article

SageSure and Gooshead partner up to launch Elevate

10th November 2022

Insurance provider SageSure and personal lines insurance agency Goosehead are to partner up and launch a reciprocal exchange called Elevate. The Texas-domiciled Elevate will look to protect homeowners in coastal states. It is exclusively available for distribution by Goosehead producers enrolled with SageSure, Elevate homeowners' insurance is developed, underwritten, and serviced by ... Read the full article