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Florida’s Property Insurance Market Strengthens After Major Hurricanes

Florida’s Property Insurance Market Strengthens After Major Hurricanes

Despite recent hurricane challenges, Florida’s property insurance market is showing resilience, with reforms leading to rate reductions, new insurer entries, and declining reinsurance costs in 2024.
October 11, 2024 Insurance Industry Legislation & Regulation Property Risk Management Florida

New Emergency Rule Boosts Claims Transparency for Florida Insurance Consumers

New Emergency Rule Boosts Claims Transparency for Florida Insurance Consumers

Florida’s CFO Jimmy Patronis has introduced an emergency rule to improve the claims adjustment process, requiring adjusters to disclose changes to damage estimates and provide detailed explanations for any modifications, ensuring transparency for insurance policyholders.
October 11, 2024 Catastrophe Insurance Industry Legislation & Regulation Property Florida

Climate Change Intensifies Hurricane Helene’s Impact on Coastal and Inland Communities

Climate Change Intensifies Hurricane Helene’s Impact on Coastal and Inland Communities

Hurricane Helene, a Category 4 storm, caused catastrophic flooding and destruction from Florida’s coast to the Southern Appalachians. Research shows climate change intensified its rainfall, winds, and flooding risks.
October 11, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Georgia North Carolina South Carolina Tennessee

Rethinking Hurricane Risk: Why a Wind-Focused Approach Misses the Real Threat

Rethinking Hurricane Risk: Why a Wind-Focused Approach Misses the Real Threat

As climate change fuels stronger storms, the Saffir-Simpson scale’s wind-only focus is outdated. A refined system accounting for flooding, storm surge, and storm duration could improve safety and insurance coverage.
October 10, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

Hurricane Milton Could Deplete U.S. Insurers’ Catastrophe Budgets, Global Reinsurers Likely to Endure

Hurricane Milton Could Deplete U.S. Insurers’ Catastrophe Budgets, Global Reinsurers Likely to Endure

Hurricane Milton, a Category 5 storm expected to strike Florida, threatens to deplete U.S. property/casualty insurers’ catastrophe budgets and test global reinsurers’ limits, though most are expected to weather the storm without significant capital impacts.
October 10, 2024 Catastrophe Insurance Industry Property Risk Management Florida Georgia North Carolina South Carolina

Waffle House Index Signals Severe Impact from Hurricane Milton in Florida

Waffle House Index Signals Severe Impact from Hurricane Milton in Florida

The Waffle House Index, a quirky yet reliable gauge of storm severity, shows widespread closures across Florida as Hurricane Milton approaches, warning of significant damage and disruption.
October 9, 2024 Catastrophe Property Risk Management Technology Florida Georgia North Carolina South Carolina

Florida Urges EV Owners to Prepare for Fire Hazards as Hurricane Milton Approaches

Florida Urges EV Owners to Prepare for Fire Hazards as Hurricane Milton Approaches

Florida officials are cautioning residents about the potential fire hazards posed by lithium-ion batteries in EVs and other devices, urging proactive steps to prevent accidents as Hurricane Milton approaches.
October 9, 2024 Auto Catastrophe Property Risk Management Technology Florida

Florida Court Rules Unlicensed Contractors Can Still Enforce Condo Contracts

Florida Court Rules Unlicensed Contractors Can Still Enforce Condo Contracts

A Florida appeals court decision could reshape insurance defense strategies, ruling that being unlicensed doesn’t automatically void a storm-remediation contract, depending on the work’s scope.
October 9, 2024 Catastrophe Legislation & Regulation Litigation Property Florida

Federal Flood Maps Lag Behind Climate Disasters, Leaving Millions at Risk

Federal Flood Maps Lag Behind Climate Disasters, Leaving Millions at Risk

As climate-intensified storms expose the limitations of FEMA’s outdated flood maps, millions of Americans may face flood risks without adequate insurance protection, especially in areas prone to heavy rainfall.
October 9, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Georgia North Carolina South Carolina

Hurricane Milton Insurance Loss Projections Range from $15B to $150B, Says Icosa Investments

Hurricane Milton Insurance Loss Projections Range from $15B to $150B, Says Icosa Investments

Icosa Investments forecasts insurance losses from Hurricane Milton could span from $15 billion to over $150 billion, depending on the storm’s intensity and landfall, with significant implications for the cat bond market.
October 9, 2024 Catastrophe Insurance Industry Property Risk Management Florida

Hurricane Milton Threatens Central Florida with Potential Direct Hit

Hurricane Milton Threatens Central Florida with Potential Direct Hit

Hurricane Milton, set to make landfall as a Category 3 storm, could bring catastrophic impacts to Florida’s Gulf Coast, particularly the Tampa area, just two weeks after Hurricane Helene’s devastation.
October 9, 2024 Catastrophe Insurance Industry Property Risk Management Florida Georgia North Carolina South Carolina

Hurricane Milton Reaches Category 5 as Florida Orders Evacuations

Hurricane Milton Reaches Category 5 as Florida Orders Evacuations

Hurricane Milton intensifies to Category 5 as it heads toward Florida’s west coast, prompting evacuations while the state rushes to clear debris left by Hurricane Helene just two weeks ago.
October 7, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida

Hurricane Milton Strengthens to Category 4, Poised for Midweek Florida Landfall

Hurricane Milton Strengthens to Category 4, Poised for Midweek Florida Landfall

Hurricane Milton, now a powerful Category 4 storm, is set to make landfall midweek in Florida, bringing life-threatening storm surges, heavy rain, and strong winds.
October 7, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Georgia North Carolina South Carolina

Reinsurance Brokers Caution of Hurricane Milton’s Potential Impact on Florida

Reinsurance Brokers Caution of Hurricane Milton’s Potential Impact on Florida

Hurricane Milton is expected to intensify as it heads toward Florida. Reinsurance brokers are warning of potential significant impacts, including storm surges and wind damage.
October 7, 2024 Catastrophe Insurance Industry Property Risk Management Florida

Hurricane Milton Intensifies as It Heads for Florida, Threatening Tampa Bay and Orlando

Hurricane Milton Intensifies as It Heads for Florida, Threatening Tampa Bay and Orlando

Hurricane Milton has become a Category 3 storm and is expected to reach Category 4 as it nears Florida, prompting storm surge warnings for Tampa Bay and potential evacuations across the region.
October 7, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida