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What Happens Now That Florida’s Insurance Capital Stack is Decimated?

What Happens Now That Florida’s Insurance Capital Stack is Decimated?

The Florida insurance market capital stack is likely decimated after hurricane Ian’s landfall last week, raising the question of how this marketplace replenishes it and also highlighting the need for access to efficient sources of capital.
October 6, 2022 Insurance Industry Florida

FEMA Cuts Red Tape on Federal Flood Insurance Payments for Florida Policyholders

FEMA Cuts Red Tape on Federal Flood Insurance Payments for Florida Policyholders

The Federal Emergency Management Agency (FEMA) has expedited access to flood insurance dollars in the wake of Hurricane Ian, according to Chief Financial Officer Jimmy Patronis.
October 5, 2022 Property Florida

Verisk Projects Insured Losses from Hurricane Ian up to $57B

Verisk Projects Insured Losses from Hurricane Ian up to $57B

Insurers are bracing for a hit of up to $57 billion as they try to assess the damage from Hurricane Ian in Florida and South Carolina, risk modeling firm Verisk said on Monday.
October 3, 2022 Catastrophe Property Florida South Carolina

Insurers in Florida Temporarily Blocked from Dropping Policies

Insurers in Florida Temporarily Blocked from Dropping Policies

Insurance Commissioner David Altmaier on Wednesday issued an emergency order that will temporarily prevent property insurers from dropping customers in the aftermath of Hurricane Ian. The order will suspend cancellations or non-renewals of policies for two months.
October 3, 2022 Catastrophe Legislation & Regulation Property Florida

Hurricane Ian Leaves Billions In Damages in Florida

Hurricane Ian Leaves Billions In Damages in Florida

Hurricane Ian flooded major cities and devastated homes after it made landfall in Florida -- but the damage isn’t done. After temporarily becoming a tropical storm, Hurricane Ian accelerated to Category 1 strength on Thursday night as it barreled toward South Carolina, with landfall expected on Friday.
September 30, 2022 Auto Catastrophe Property Florida

Hurricane Ian Could Smash Florida’s Fragile Property Insurance Market

Hurricane Ian Could Smash Florida’s Fragile Property Insurance Market

A massive, deadly hurricane like Ian could topple the state’s already unstable property insurance market, some lawmakers and industry experts said Tuesday, as the storm took aim at Florida.
September 27, 2022 Insurance Industry Legislation & Regulation Litigation Property Florida

Sixth Florida Property Insurer Declared Insolvent

Sixth Florida Property Insurer Declared Insolvent

State regulators have asked a judge to place a property-insurance company in receivership, making it the sixth Florida property insurer declared insolvent this year amid widespread financial problems in the industry.
September 26, 2022 Legislation & Regulation Property Florida

Hurricane Ian to Reach Major Status on Way to Florida Landfall

Hurricane Ian to Reach Major Status on Way to Florida Landfall

As projected, tropical storm Ian continued to intensify and has now been upgraded to a hurricane by the National Hurricane Center (NHC), with the model consensus showing a rapidly intensifying hurricane Ian reaching Category 3 or 4 strength as it heads towards the Florida Peninsula.
September 26, 2022 Catastrophe Property Florida

Therapeutic Tears and a Compassionate Judge: $1.1B Allocated to Surfside Victims’ Families

Therapeutic Tears and a Compassionate Judge: $1.1B Allocated to Surfside Victims’ Families

Seventy-nine funerals in five weeks. Not at a cemetery but inside Judge Michael Hanzman’s courtroom, during unprecedented hearings held throughout an excruciating summer of sadness as he appraised the worth of the victims killed in the Surfside condominium collapse.
September 23, 2022 Liability Litigation Florida

Allstate, State Farm Continue to Raise Auto Insurance Rates

Allstate, State Farm Continue to Raise Auto Insurance Rates

Allstate and State Farm have continued to pursue significant auto insurance rate increases as they react to inflationary pressures and increases in auto accident severity.
September 21, 2022 Auto Arizona Florida Illinois Massachusetts New Hampshire

III: Florida’s Citizens is Selling Insurance at a Loss

III: Florida’s Citizens is Selling Insurance at a Loss

Long known as the nation’s most hurricane-prone state, Florida has achieved a new status that is aggravating hurricane anxieties and threatening real-estate values. Florida has the worst property-insurance market.
September 19, 2022 Catastrophe Legislation & Regulation Property Florida

Lawsuit Alleges Carrier Engaged in Racketeering on Late-reported Hurricane Irma Claims

Lawsuit Alleges Carrier Engaged in Racketeering on Late-reported Hurricane Irma Claims

Five years ago, Hurricane Irma ravaged parts of the Tampa Bay area. Now a lawsuit alleges, in the aftermath of the storm, one insurer denied legitimate claims, leaving Florida homeowners high and dry. The lawsuit claims the property insurer, United Property & Casualty Insurance Company (United P&C), was engaged in racketeering.
September 15, 2022 Property Florida

Tailgate Gone Wrong: Vehicles Burn in Stadium Lot During Miami Dolphins Game

Tailgate Gone Wrong: Vehicles Burn in Stadium Lot During Miami Dolphins Game

Fire units responded to the parking lot outside Hard Rock Stadium after multiple vehicles caught on fire Sunday afternoon. The smoke could be seen from inside the stadium during the first half of the Miami Dolphins season opening game against the New England Patriots.
September 12, 2022 Auto Subrogation Florida

Regulators Consider Removing Florida Citizens Insurance $700K Policy Cap

Regulators Consider Removing Florida Citizens Insurance $700K Policy Cap

As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a ‘replacement cost’.
September 7, 2022 Property Florida

Florida Judge Tosses Contractors’ Challenge to New Insurance Law

Florida Judge Tosses Contractors’ Challenge to New Insurance Law

A Leon County circuit judge has rejected a challenge by contractors to part of a new property-insurance law that restricted attorney fees in insurance disputes. Judge J. Lee Marsh issued an order Monday dismissing a constitutional challenge filed in May by the Restoration Association of Florida and Air Quality Assessors, LLC, an Orlando firm that does work such as mold testing and leak detection.
August 31, 2022 Legislation & Regulation Litigation Florida
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