Hurricane Updates


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The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for mitigation efforts and underwriting of urban properties.

Committee Chairman Rep. Jeb Hensarling (R-Tex.) said the committee will reconvene on June 21 to consider additional bills to reauthorize the NFIP

The NFIP will expire on September 30 of this year unless Congress acts to renew it.

The property/casualty insurance industry still has some qualms about the major bill advanced by the committee because it cuts the reimbursement allowance for private insurance carriers and agents participating in the program.

The major bill p;

assed is the 21st Century Flood Reform Act of 2017 (H.R. 2874), which was introduced by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Subcommittee on Housing and Insurance. It passed by a vote of 30-26. It is a broad proposal that incorporates many of the ideas in individual bills. It aims to put the NFIP on stronger financial footing; improve flood mapping, mitigation efforts and claims handling; and encourage greater private insurer participation in the market

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http://www.insurancejournal.com/news/national/2017/06/16/454822.htm#

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Almost 1 million customers were still without power in the U.S. Southeast Monday after Hurricane Matthew brought devastating wind gusts and flooding to North Carolina, leaving at least 10 dead in the state.

Duke Energy Corp., owner of North Carolina’s largest utilities, estimated power may not be restored to some customers before Sunday. More than 153,000 were blacked out in Florida as of about 2 p.m. New York time Monday, with about 675,000 without power from Georgia to southeastern Virginia, according to data compiled by Bloomberg from utility websites.

The National Weather Service on Monday issued flood warnings for parts of central and eastern North Carolina after as much as 15 inches (38 centimeters) of rain in some spots. The storm made landfall Saturday in South Carolina and has now dissipated in the Atlantic.

“Flooding, downed trees and power lines have resulted in major power outages to our region, and we have discovered more than 800 broken poles and miles of downed lines – and still counting,” Duke Energy storm director Bobby Simpson said in a Sunday statement. Flooded roads blocked some repairs, the company said.

Matthew appears to have spared Florida’s citrus belt, with “negligible” harm to oranges and about 10 percent of the grapefruit crop blown from trees, Florida Citrus Mutual spokesman Andrew Meadows said Monday by phone. Flooding will delay the cotton harvest in North Carolina and South Carolina and may reduce its quality, Kyle Tapley, a meteorologist for MDA Weather Services, said by phone Monday from Gaithersburg, Maryland.

 

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http://www.insurancejournal.com/news/southeast/2016/10/10/428931.htm

A tornado picked up a southbound vehicle on Florida’s Turnpike near Fort Lauderdale Wednesday morning and dropped it in the northbound lane as a line of severe storms hit the area, officials said.

They said the storms tossed cars and trucks, knocked down trees and damaged some roofs.

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http://www.insurancejournal.com/news/southeast/2016/01/29/396790.htm

The state of Florida is marking a big milestone with the official end of the 2015 hurricane season – 10 years without a major hurricane making landfall in the state.

The Miami Herald reports that the hurricane-free streak is a new record for the state.

Experts say Floridians shouldn’t count on the streak continuing. Michael Brennan of the National Hurricane Center has been exceptionally lucky and that residents should always be prepared for the possibility of a storm hitting the state.

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http://www.insurancejournal.com/news/southeast/2015/12/01/390411.htm

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The property insurance market in Florida has significantly shifted in market share as Citizens Property Insurance Corp. (Citizens)—the state-run property insurance company—continues to depopulate and move policyholders to the private market, which has increasingly seen the emergence of newly formed, in-state writers.

While these new companies have experienced significant growth driven by the dynamics of Citizens’ shifting market position, there is significant risk as proper risk management, risk analytics and overall infrastructure to manage the growth are in some cases untested, according to a new special report from A.M. Best.

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While Florida has not had a significant hurricane in the past few years, it has been impacted by other unique issues, including sink-hole claims. The Best’s Special Report, titled, “Florida Property Insurers Remain Untested: Will 2015 Be the Year?,” states that these storms along with sink-hole losses, escalating reinsurance costs and general market conditions have caused many larger, national carriers to reduce Florida property exposures. Beginning in 2007 and continuing to the present time, many of the long-term top 10 insurance market leaders have been replaced by several less-experienced companies.

A.M. Best’s analytical process for Florida-concentrated companies encompasses the same qualitative and quantitative evaluations as all companies do.

In the case of those companies with exposure to wind events, a key component in the analysis is its exposure to hurricane loss and the recoveries of reinsured losses. Not surprising, many companies have a very high gross probable maximum loss. In addition, a stress test is performed on the company’s capitalization that measures the capital position post an event and its ability to absorb a subsequent event on its capitalization.

As was evident in 2004, when several hurricanes caused significant insured property losses, the possibility of multiple severe events and correspondingly multiple reinsurance retentions and reinstatements is a real possibility.

This group and the other carriers will eventually be tested when the major hurricane(s) make landfall in Florida. While the financial resources to respond to all their affected policyholders financial loss is considered measurable, the operational resources to handle the volume of claims in an efficient and timely fashion will be equally tested. A.M. Best will continue monitoring the Florida market, with analytical emphasis put on catastrophe risk management and the standard and stress-tested scenario measurement of risk- adjusted capitalization. Understanding each entity’s financial condition after single or multiple catastrophe events, as well as its ongoing ability to respond to subsequent events, continues to be a critical component of the interactive A.M. Best analysis and the assignment of ratings.

Source: A.M. Best

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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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Please enjoy the full article below,

http://www.insurancejournal.com/news/southeast/2015/10/01/383481.htm

The Florida Office of Insurance Regulation announced that it will conduct a public hearing later this month to discuss Citizens Property Insurance Corporation’s proposed 2016 rate changes for its business in the multi-peril and wind only Coastal Account (CA), Commercial Lines Account (CLA) and the Personal Lines Account (PLA).

The public hearing will be held on Aug. 25 at the Senate Office Building, at the Florida State Capitol located in Tallahassee, Florida. The hearing is scheduled to begin at 9:00 a.m.

Citizens has said its proposed rate package lowers rates for nearly half of Citizens’ personal lines policyholders while responding to increased water loss claims and continued inadequate rates for its remaining policyholders along the coast.

Listed in the chart below are the proposed rate changes as filed by Citizens. The Florida Office of Insurance Regulation is required, per statute, to render a decision on these filings within two weeks of the hearing.

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Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2015/08/14/378657.htm

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