When the Citizens Property Insurance Corporation Board of Governors last met in December they had a novel idea. Rather than spend another $250 million on reinsurance like it did in 2021 and get nothing for it given it …
Pending any legislative action that would help depopulate its burgeoning 750,000 policy count, the Citizens Property Insurance Corporation’s Board of Governors on December 15 approved the maximum rate increase currently allowed by law: 11% for the …
Florida’s new Emergency Management Director Kevin Guthrie made a poignant point in a recent speech. He warned against the “Amazon Culture” where people expect things quickly, including hurricane recovery. “Had Hurricane Dorian actually hit Broward …
Another person who really knows about Florida’s property insurance market is Joe Petrelli. He’s President and Co-Founder of Demotech, a financial analysis and actuarial services firm that rates 42 insurance carriers that focus on Florida’s …
Ask any insurance agent and they will tell you “I’m worried.” Why are they worried? For starters, property insurance companies have no choice but to shrink their footprint and raise their rates. Some ask why? To which I …
2020 is presenting growing challenges to the property insurance market. Competition is keeping rates low, reinsurance costs are rising, there’s loss creep from Hurricanes Irma and now Michael, plus a backlog of claims litigation craziness as we introduced …
Reinsurance renewals for Florida insurance companies are winding to a close and as predicted, rates went up, sometimes significantly. Blame recent hurricanes Irma and Michael but also rising loss costs from Assignment of Benefits …
