LMA NEWSLETTER October 10, 2022

Consumers Tell the Story

I was in Southwest Florida this past week visiting the two insurance villages, among other places.  Rather than describe what I heard, I will let 71 year old Craig Stafford tell you in this short video:

Thank goodness for those who attended the insurance villages: the insurance company representatives who helped consumers get their claims …

Hurricane Ian

The latest

On this 12th day since Hurricane Ian struck Florida, all signs continue to point to this being more of a flood than a wind event in terms of total insurance claims.  Along its path 92 Floridians lost their lives.  The high-end Category 4 storm packing 155 mph winds made landfall on North …

Ian More a Flood Event

Many feared uninsured

Governor DeSantis this past week said again that Hurricane Ian was both a wind and a flood event.  “I’ve toured up and down the state and I would say the flood far exceeds the wind damage in terms of what I’m seeing,” he said from the Ft. Myers insurance village.  That includes …

Ian’s Impact on the Florida Insurance Market

Fraud warnings sounded early

Less than 24 hours after Hurricane Ian made landfall, Governor DeSantis, CFO Jimmy Patronis, and local law enforcement authorities were warning the public about fraud and unlawful contractor solicitation they may encounter during the cleanup.  There’s also news on the insurance villages set up to help residents with their damage claims, …

Another Insolvency, More Lawsuits

The AOB game continues

Just a few days before Hurricane Ian struck, the sixth Florida homeowners insurance company this year was declared insolvent by regulators.  Meanwhile Richie Kidwell and his Air Quality Assessors lose another AOB case in court, while Citizens Property Insurance cites such lawsuits as an “increasing problem” in the insurance crisis and …

NFIP Reauthorized – Again

Closing the flood protection gap

Congress has temporarily extended the National Flood Insurance Program through mid-December, while a report suggests insurance companies need partners to reduce flood risks worldwide.  Plus, FEMA clarifies underwriting requirements in its Risk Rating 2.0 methodology on federal flood insurance policies.  It’s all in this week’s Flood Digest.

NFIP Reauthorization:

Florida Economic News

Tourism, businesswomen, & revenue

While Hurricane Ian impacted Florida’s top two industries (agriculture and tourism), plans are underway to make sure tourists know that the Sunshine State is open for visits.  Meanwhile, state tax collections continued to top estimates going into the storm, and Florida is recognized as among the best states for women-owned businesses.  …

Neighbors Helping Neighbors

Hurricane Ian, amidst its destruction, created beauty in the form of neighbors helping neighbors overcome its adversity.  It’s something we’ve witnessed in past storms and almost forget, until we see it again in the next storm – the endearing nature of humanity and brotherly & sisterly love. 

Governor DeSantis saw it too, in St. Augustine, …