You’ve likely read that insurance company ratings agency Demotech last Thursday sent letters to several Florida-based homeowners insurance companies to inform of a potential downgrade of their “A” (Exceptional) Financial Stability Rating. The recent Demotech actions, while surprising with the …
More insurance companies are restricting their policywriting in Florida following reinsurance rate hikes as high as 50%, coupled with a 12% increase in the Florida Cat Fund premium. Meanwhile, ratings agency Demotech is still reviewing the …
The Florida Legislature’s May 23-25 special session didn’t come soon enough for yet another insurance company which is now trying to wind-down at least some of its operations among growing concern by ratings agencies of …
A new report says property and casualty insurance companies across the US paid upwards of an extra $9.2 billion in disaster claims because of insurance fraud last year. With hurricane season just a week away, …
Three more insurance companies went before Florida regulators last week seeking rate increases from 23% to 49%, citing in part the growing frequency and severity of claims litigation which is driving up costs for all Florida property …
The compromise reached between House and Senate leaders just prior to this week’s special session seemed doubtful at times and was certainly a product of pressure put on by industry leaders and other stakeholders, an increasingly …
Florida’s property insurance market turmoil has seen homeowners suffering big rate increases, with some losing their coverage, while a growing number of insurance companies are going insolvent or reducing or eliminating their policy-writing in the state. The …
The special session of the Florida Legislature on property insurance is set to begin two weeks from today as behind the scenes efforts to reach consensus on specific remedies continue to evolve. The Governor’s proclamation…
Another property insurance company is pulling out of Florida while another has its ratings stripped, the big migration of policies to Citizens Property Insurance has it seeking its largest rate hike in recent years, and a …
Someone else beating the incessant drum for a special legislative session is Joe Petrelli, President of Demotech, the ratings firm that provides financial analysis for many of Florida’s 52 domestic insurance carriers. He’s a …
