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Citizens Property Insurance Corp., the Florida state-run insurer of last resort, is anticipating its policyholder count will increase in 2018 for the first time since its efforts to shed policies through depopulation began several years ago.

As it moves on from a tumultuous 2017 that included a major hurricane and ongoing assignment of benefits (AOB) abuse, Citizens executives said at its board of governors meeting last week that it anticipates more than 60,000 policyholders from private insurance companies will return to the state-run insurer of last resort.

Citizens President, CEO and Executive Director Barry Gilway told the board at the Dec. 13 meeting that the Florida domestic insurance market’s combined ratio and surplus have declined, and the majority of Florida insurers experienced negative net income for the first time in five years.

While the active 2017 storm season is one factor contributing to deteriorating insurer results, the biggest factor is increasing costs from nonweather-related losses and AOB abuse fueled by attorneys and contractors. The industry has started taking steps to limit losses from AOB, with some insurers not writing in certain areas of the state where it is the rampant.

Citizens, which is statutorily obligated to offer coverage when the private market will not, will have to pick up these policies. Gilway said he expects Citizens will see significantly less depopulation next year.

“When the market is healthy, and companies are making money, depopulation soars; when it becomes negative, depopulation drops. We are not expecting a lot of depopulation next year,” Gilway said.

Instead, Gilway said, Citizens is expecting its overall policy count of 442,000 – the lowest it has been since the company was formed in 2002 – to climb back up to around 500,000. Citizens policy count reached a high of 1.4 million before the depopulation program began in 2012.

Please read the full article below;

https://www.insurancejournal.com/news/southeast/2017/12/20/474844.htm

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Please call Lee at Acentria Insurance at 954-351-1960 or 954-270-7966 for free information or quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group & Financial products as well.

The hurricane season is officially over, but it didn’t go by without leaving a major mark on Florida and its insurance industry.

Hurricane Irma, a name most in the state won’t soon forget, first hit the Florida Keys as a category 4 storm on Sunday, Sept. 10, with 130-mile per hour winds. It then worked its way north passing over the east and west coasts.

Loss estimates from Hurricane Irma have ranged between $25 billion to $65 billion by catastrophe modelers. The Florida Office of Insurance Regulation (OIR) reported total estimated insured losses at more than $5.8 billion as of Nov. 13, with more than 689,000 residential property claims and 51,396 commercial property claims. Business interruption claims reached more than 3,700 as of Nov. 3.

In the immediate aftermath of the storm, 6.7 million homes and businesses — about 65 percent of the state — were without power.

The Florida Hurricane Catastrophe Fund said the state fund that provides backing to private insurers would pay about $5.1 billion in claims. Florida estimated it had spent nearly $650 million on emergency resources and clean up from the storm.

Florida’s state-run insurer of last resort, Citizens, expects $1.2 billion in insured losses and 70,000 Hurricane Irma claims over the next 18-24 months. The carrier said Nov. 29 it had closed nearly two-thirds of the 62,000 claims it had seen so far, including more than 42,400 claims in Miami-Dade, Broward and Monroe counties.

The damage to Florida crops was also epic. According to The Associated Press, Florida Agriculture Commissioner Adam Putnam said Irma’s path couldn’t have been “more lethal” for Florida agriculture, with few crops spared. More than half of the state’s iconic orange crop is estimated to be lost.

https://www.insurancejournal.com/news/southeast/2017/11/30/472582.htm

Please contact Lee at Acentria Insurance at 954-351-1960 for free quotes On Home Insurance, Flood Auto, Private Flood, Car Insurance, Business & Commercial policies and Life & Financial products as well.

Hurricane Irma’s damaging rampage through Florida may require the state fund that provides backing to private insurers to pay up to $5.1 billion in claims.

Anne Bert, chief operating officer for the Florida Hurricane Catastrophe Fund, said Thursday the fund will be able to pay claims with cash. That means the fund will

The financial health of the fund is important because the state can impose a surcharge on most insurance policies to replenish it if money runs out. Some critics have called the surcharge a “hurricane tax.”

The fund entered storm season in good financial shape and new estimates conclude the fund could borrow up to nearly $8 billion.

The $5.1 billion claims estimate is preliminary, but actuaries said they based it on experience from previous hurricanes.

not have to borrow any money.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2017/10/30/469653.htm

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto and Car Insurance, Business & Commercial Policies as well as Group Benefits & Life & Financial products as well.

Home Insurance, what will be happening now since Hurricane season 2017?  Well Insurance rates were already on the rise because of assignment of Benefit issues or AOB. Public Adjustors and how they try to turn all claims into huge payouts and the promises they tell people should not be allowed as they will take 20% of all funds and then the consumer has less to cover the actual repairs from the  claim. I hear the phrase “we will get you more money, but no Insurance company ever pays more than 100% of a claim , in fact you get less as you have a deductible and something’s are simply  not covered like  if it would be considered  maintenance and repairs. That being said, if a claim is not paid well and you think you should deserve more then you should hire an attorney as those fees are billed to the Insurance company and does not take away from the consumer’s payout. In fact if an attorney needs to they can hire a public adjustor and those costs will be billed to the Insurance company and not the Claimant which is better for the consumer. The worst is now to come because if you did hire a Public adjustor and now still need to hire an attorney, your PA also still gets paid even though the attorney will handle he claim as PA’s do not read and understand contracts in most cases. This was happening all before Hurricane season and rates had been projected to go up in the next 5 years from 10-50%. Having an agent that can shop many carriers is your best way to keep your rates in check. I highly recommend this si a question to always ask the agent and the answer should be 15 or more to give you the best chance of shopping well for your rates. There are about 35 carriers doing business currently in S. Florida so 15 or more is the magic number.

 

Well, this was happening and now in Florida we had Hurricanes Irma and Maria to a lesser degree. The effects of that are not yet known, but if we remember what happened after Hurricanes season 2004 and 2005 with Wilma, we did see a lot happen and some of that could be happening again as history tends to repeat itself. First, carriers , because of the reinsurance they have will likely be non-renewing people in specific zip codes to reduce the exposure they now carry in Florida. Many thousands of people will receive notices of non-renewal for what is called exposure management and have to get a new policy somewhere. That can mean new inspections and if the home has current damage, they will not be able  to get coverage till all repairs are made. As if rate hikes and non-renewals,  while having to pay for new inspections, is not enough, it could get worse. Although we fared well and many claims were below the deductibles and many claims were flood and not Home Insurance claims, some carriers will start to feel the pinch in their reserves that the state of Florida  requires them to have based on size. It is possible that many carriers will not be able to meet the increased requirements imposed next year and then the company will be put out of business and all policies from that carrier will also have to be rewritten. Either way, the consumer will be reminded about the after effects of Wilma as this begins to unwind next spring or so. To make it not quite as simple, the wind Mitigation Inspection now required to receive discounts on your Home Insurance policy, will again be revised from a 5 page form to a 6 page form which will make discounts harder to receive and raise prices without actually raising them. Remember that losing a discount is not a rate hike, but the consumer still feels the rate hike because of the loss of a discount.

 

My last item is on Flood Insurance in Broward County and Florida. Remember , because we live on a Peninsula surrounded by water , we are all in a flood zone and to not be in a flood zone in Florida is quite Impossible. If you are told you are not in a flood zone, that is incorrect, you are in Flood zone x which does not require flood Insurance because you are low risk. The prices are also low about $400 per year depending on a few items that need to be discussed. We saw what happened here in June with the floods in West Broward and we saw Texas and Florida as well as the Caribbean suffer so many flood claims, why should that be you. Seepage is a huge claim in Florida and it occurs in all flood zones including zone x which is now 70% of Broward county since August 2014. If prices are an issue, please remember that if you cannot afford the premium, you certainly cannot afford the claim. FEMA does not give money to you. What you receive from them, if anything will be a low interest or possibly no interest loan which will carry a lien on your property so be aware please. If anyone would like to discuss this or anything on Property Insurance please call me at 954-351-1960   at work or my cell is 954-270-7966.

 

Thank you,

 

Please call Lee at Acentria Insurance at 954-351-1960 for free quotes on Home, Insurance, Flood, Private Flood, Car and Auto Insurance, Business & Commercial polices & Life & financial as well as group benefits. I will refer to our best agents around the state of Florida.

 

New NFIP Re-authorization Deadline Holds:   December 8, 2017

 

Despite the recent flood events, it seems that the NFIP re-authorization will likely not occur in time for the Dec. 8 deadline with another short term extension likely.  The good news is that the Disaster Relief proposed by the Administration has forgiven $16 B in NFIP debt and the focus would indicate that it is unlikely that a lapse of the NFIP will occur.

NFIP Debt Forgiveness & the Trump Administration

 

The NFIP’s debt will drop to approximately $14.5B and offer enough available borrowing authority to pay all outstanding claims due to yesterday’s passage of a Disaster Relief Spending bill proposed by the Trump Administration and sent to the President for signature.

 

The Administration’s disaster spending proposal, including 16 B in NFIP debt forgiveness, came with 15 proposed NFIP reforms which could complicate any future NFIP re-authorization discussions.

 

While Wright Flood continues to work to oppose eliminating access to the NFIP for any property unable to find coverage in the private market, we do support proposed reforms that strengthen the development of a private flood insurance market.

What Does it All Mean for NFIP Re-authorization

 

While Congress remains engaged with NFIP re-authorization and reform

issues, Wright Flood looks to take advantage of the additional time afforded by the short term re-authorization to continue the push for our combined priorities including:

  • Long term, prompt NFIP re-authorization;
  • Fair, business driven compensation for WYO insurers and our insurance producer partners;
  • An even playing field to allow private insurers the opportunity to further develop a private market for flood insurance;
  • The ongoing financial stability of a robust NFIP

Please keep in touch and be on call should we need your political action and support during this process.  In the coming weeks, Members of Congress will be visiting areas impacted by Harvey and Irma.  If you see or gain access to any Member of Congress, make certain they understand the importance of long term NFIP re-authorization for the communities you serve and for you as a business in those communities. 

 

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life & Health Insurance and Group financial products as well.

 

Nearly 17,000 flood insurance claims connected with Hurricane Irma have been filed, and more are expected in the coming weeks.

The Sun-Sentinel reports that of 16,786 flood claims filed through Thursday, 3,969 were filed in Monroe County.

FEMA data shows that Miami-Dade residents have filed 1,870 claims, 829 have been filed in Broward County and 199 have come from Palm Beach County.

Other counties with large numbers of flood insurance claims are Duval, with 1,514, Lee, with1,426 and Collier with 1,364.

Fewer than 200 claims have been filed in Hillsborough, Pinellas and Charlotte counties – an example of how the Tampa Bay region was spared the severe impact feared by forecasters.

http://www.insurancejournal.com/news/southeast/2017/09/27/465727.htm

Please call Lee at 954-351-1960 for free quotes on Home Insurance, Flood, Private Flood, Auto, Business & Commercial policies as well as Life, Disability and all group products.

With two Florida landfalls in the same day, Hurricane Irma‘s destructive wind and flood damage could cost up to $65 billion for both insured and uninsured losses, according to a recent estimate by CoreLogic.

Residential property flood loss is estimated at up to $38 billion, CoreLogic reported, noting that includes storm surge, inland and flash flooding in five states – Florida, Alabama, Georgia, North Carolina and South Carolina

80 percent of the flood damage is uninsured, the company said.

Reported insured flood loss for commercial properties could top out at $8 billion.

AIR Worldwide estimated insured losses for the U.S. States resulting from Irma will range between $25 billion – $35 billion.

The catastrophe modeling firm noted the hurricane-force winds extended 80 miles from the eye and tropical storm–force winds extended more than 400 miles, covering the entire state and driving storm surge into both the Atlantic and Gulf coasts.

Downed trees, signs and utility poles and flooded or debris-strewn streets could be seen in the southern regions of the state, AIR Worldwide reported.

Karen Clark & Company estimated losses in the U.S and Caribbean at $25 billion. Of the $18 billion insured loss in the U.S., the majority is in Florida, followed by Georgia, South Carolina and Alabama, KCC reported.

As of Thursday, Sept. 21, the Florida Office of Insurance Regulation reported more than 397,000 residential property claims and just over 17,000 commercial property claims had been filed. Including all types of losses, total estimated insured losses thus far had passed the $3 billion mark. OIR has been updating claims data daily.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2017/09/22/465115.htm