Citizens MAAC Committee


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State Finds Florida Specialty Insurance Insolvent; 90K Homeowners Lose Coverage

Florida personal lines insurer Florida Specialty Insurance Co. (FSIC) has been ordered into receivership and will be liquidated after state regulators determined the company is insolvent and unable to establish a viable business plan moving forward.

The Florida Department of Financial Services has been appointed as the receiver and the insurer’s more than 90,000 policyholders have been notified to find a new insurance company immediately. DFS has also alerted agents to assist their policyholders with finding new coverage

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Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Catastrophe modeling firms Karen Clark & Co. and RMS have released insured loss estimates for Hurricane Dorian, ranging from $500 million to $1.5 billion.

According to KCC, Dorian reached peak intensity of 185 mph while over the Bahamas, one of only four storms in the Atlantic basin since 1900 to reach this intensity.

In the U.S., Dorian made landfall off the coast of Cape Hatteras, North Carolina, on Sept. 6 as a Category 1 hurricane with maximum sustained winds of 90 mph. It brought some heavy rains and storm surge to the coast of South Carolina, but nothing like what was originally anticipated when it began heading towards the Southeast coast as a Category 3.

It ultimately stayed mostly offshore, bringing some flooding and damage but mostly sparing the region – a dramatic difference than what Dorian did to the Bahamas where it hit several islands with 210 mph winds.

“While Dorian caused material damage in several states, the overall impact to the U.S. could have been much worse had the storm taken a different track,” said Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models. “We were fortunate that the majority of Dorian’s damaging winds and storm surge remained offshore as it tracked along the U.S. coastline, before weakening, and eventually making landfall in North Carolina.”

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https://www.insurancejournal.com/news/southeast/2019/09/17/540133.htm

Please call  Lee from Calle Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no

The climate is changing, and it has become abundantly clear that Florida is going to be badly damaged in the decades ahead.

With the state experiencing increasingly devastating effects of severe tropical weather and frequent flooding in some neighborhoods, there has never been a more important time for Floridians to have information that can inform their decisions, especially when it comes to purchasing or renting a home

cost to them.

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https://www.insurancejournal.com/news/southeast/2019/08/14/535443.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Lot’s of bills to not only see what passed, but what did not pass, what is pending, what is close & why we have to wait. Please read the full article below & be informed.

https://www.insurancejournal.com/news/southeast/2019/06/27/530569.htm

 

 

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the coast.

The company said for the first time since 2005, Citizens will purchase traditional reinsurance for its PLA, which is comprised of 301,000 residential policies, most of which are not located along the coast. The reinsurance coverage will reduce Citizens’ PLA surplus exposure from 62 percent to 52 percent in the event of a 1-100 year storm.

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https://www.insurancejournal.com/news/southeast/2019/03/28/521996.htm

 

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Companies can be shut down or be told to non renew a large book of their business. This will be a huge problem for so many of his happens.

After reviewing the year-end financial statements of the Florida-based carriers it rates, Ohio-based ratings agency Demotech is warning that many insurers could see underwriting and operating losses in their year-end financial statements and that those insurers should be prepared to shore up and strengthen their reserves going forward.

“Florida has experienced three straight years of storms, as well as an [AOB] issue and other court issues – it’s a complex environment,” said Demotech President Joe Petrelli.

On Feb. 18, Demotech announced it had affirmed the Financial Stability Ratings (FSRs) of 51 of the 52 Florida-focused carriers it rates prior to the public release of their year-end financial statements, saying the companies had demonstrated to Demotech realistic estimates of gross and net loss and loss adjustment expense reserves related to claims arising from 2017’s Hurricane Irma and 2018’s Hurricane Michael and that their reinsurance was of “sufficient quality and quantity to expect reimbursement for outstanding losses and loss adjustment expenses…”

Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

Demotech further stated that going forward insurers will need to strengthen their loss and loss adjustment expense reserves to deal with the “difficult operational environment associated with assignment of benefits [AOB] and other judicial precedents that expanded insurer liability…”

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Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them

The push for assignment of benefits (AOB) reform in the 2019 Florida legislative session is in full swing, and the insurance industry and consumer advocates have pulled out all the stops to emphasize their contention that abuse of a policyholder benefit has led to a full-blown insurance crisis in the state.

Whether their efforts will be enough this year after six years of failed reform attempts remains to be seen. Lawmakers are weighing legislative options, but a bil

The industry isn’t giving up on what is its top issue in the 2019 session.

“We remain hopeful of the process and that members of the [Florida] Senate and House will work through the various issues that have been raised and will land on a piece of legislation that will be helpful for consumers and that actually address these issues,” said Michael Carlson, president of the Personal Insurance Federation of Florida (PIFF), which represents personal lines insurers in the state.

The AOB problem in Florida stems from unlicensed water remediation and roofing contractors who have homeowners sign over their insurance policy rights in exchange for repairs to their homes. The contractors, typically working with an attorney, file inflated or fake claims, and then pursue lawsuits against insurers when those claims are disputed or denied.

Florida’s one-way attorney fee statute, which the insurance industry, consumer advocates and the state’s insurance regulator agree is driving the AOB abuse, leaves insurers footing the bill for the inflated claims and the attorney fees if the insurer is found to have underpaid the claim by any amount.

“After six or seven years of this campaign to make changes and having looked at this issue from several different vantage points and a lot of data the industry has concluded this is an attorney fee-driven cottage industry,” said Carlson.

The current remedy supported by the industry and Florida’s insurance regulator was introduced by Florida Senator Doug Broxson, who chairs the Senate Banking & Insurance Committee. Senate Bill 122 would continue to allow policyholders and beneficiaries to recover attorney fees under Florida’s one-way attorney fee statute but would prohibit assignees from obtaining attorney fees.

l backed by the industry has already stalled in the Senate Banking & Insurance Committee.

 

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https://www.insurancejournal.com/news/southeast/2019/02/28/518891.htm

 

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