October 2015

Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report.

The annual Reinsurance Data Call conducted by OIR is part of its efforts to routinely monitor the financial strength of Florida property insurance companies. In an effort to “bolster consumer confidence levels,” Florida Chief Financial Officer Jeff Atwater asked Florida Insurance Commissioner Kevin McCarty to strengthen the financial stress tests insurers in the state are put through and to share the results with Florida’s policyholders, a statement from Atwater’s office said.

OIR released its findings this month in its “2015 Report of the Catastrophe Stress Test.”

“Florida has the unique characteristic of having the largest exposure to catastrophic hurricane risk of any state in the U.S. This characteristic puts Florida’s property insurance companies at a heightened level of risk and requires that Florida insurance regulators take a more in-depth look at the financial condition of insurance companies in this context,” the report said.

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Who ever says you do not need Flood Insurance in Florida, you are wrong. It may never happen to you, but if it does, for less that $400 each year, you can be covered if it is not required because you are in Zone X!!! Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Flood, Private Flood, Auto, Business & Commercial, & Life & Financial products as well. PLease enjoy the full article below!

Pasco County, Florida officials have learned that flooding this past summer could end up costing the county more than $107 million in repairs.

The Tampa Bay Times reports that the county’s Public Works Manager DiAnna Rawleigh told county commissioners Tuesday in New Port Richey that hundreds of roads are in need of repairs.


Citizens Property Insurance Corporation’s top executive warned the company’s Board of Governors Wednesday that water loss claims will continue to hamper efforts to reduce rates for many Florida policyholders.

“In claims the critical issue that has surfaced in the past two years is ‘water damage’ claims and this issue is severely impacting the loss picture in South Florida and the rates paid by tri-county constituents,” said President, CEO and Executive Director Barry Gilway.

Since January, 141,680 Citizens customers have found coverage from private companies in the state, the company said in a statement, which has allowed Citizens to shrink to under 586,000 policies from a peak of nearly 1.5 million in 2012.

Still, water loss remains a challenge for Citizens, with 50 percent of all reported new reported claims in 2013 being water damage related. It is especially a problem in Miami-Dade County where water loss claims now account for more than half of every premium dollar collected. If water claims there mirrored trends in other parts of the state, Citizens said, more than nine out of 10 Miami-Dade policyholders would see rate reductions for 2016. Instead, the Office of Insurance Regulation last month approved rates that call for an average 8.1 percent increase for Miami-Dade customers.

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