With the severity of recent storms in the South, residents of Florida have been growing concerned about their insurance coverage. Now that hurricane season is in full swing – a season that the National Oceanic and Atmospheric Administration claims will be unusually active – many have unanswered questions about their coverage and whether or not they are protected in the worst case scenario. Local insurer Florian Insurance, Inc., is seeking to placate people’s worries by offering advice and insight on insurance operations. According to the Independent Insurance Agents and Brokers…
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Fllorida lawmakers concerned over insurer’s estimates of possible deficit
Florida officials are voicing their concern over assessments of a possible coverage shortfall made by the state’s homeowner’s insurance provider, Citizens Property Insurance. The insurer has enough financial resources to cover $15 billion in property damage, or what they consider a one-in-50 year hurricane event. Damages beyond that point, however, would require the insurer to levy the accounts of policyholders to offset the deficit. Considering the frequency and severity of natural disasters of late, this news has lawmakers worried over what troubles the hurricane season has in store. Citizen’s estimates…
Read MoreRisk Management Services hurricane catastrophe model approved by Florida Commission
The residential property insurance marketplace in the state of Florida is expected to face an even greater amount of volatility after the modeling commission for the state approved the use of a new catastrophe model by Risk Management Services (RMS). The RMS U.S. Model Version 11.0 was approved by the Florida Commission on Hurricane Loss Projection Methodology, which allows insurance companies to use it for the calculation of the potential exposure to hurricane loss. That said, this model has not been without controversy, especially in terms of its changes to…
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