U.S. Senate moves to extend National Flood Insurance Program through 2026
A new Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 2026, aiming to end a decade of frequent short-term extensions
🇺🇸 Florida Insurance News
Florida’s legislative session introduced several bills addressing property insurance
Florida’s legislative session, which began on March 4, introduced several bills addressing property insurance
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws
Gov. Ron DeSantis opposes efforts to repeal Florida’s no-fault automobile insurance laws, citing concerns about higher rates and the legal industry’s influence
Florida’s 2025-2026 budget dedicates over $600 mn to home & condominium risk mitigation
Florida’s 2025-2026 budget dedicates over $600 million to home and condominium risk mitigation. This funding supports the My Safe Florida Home grant program
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025, Gov. Ron DeSantis announced. He claimed the state experienced the lowest average increase
Florida Insurance Regulator approves homeowners policy transfers from Citizens
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Florida insurers have paid $5.2 bn in the wake of hurricanes Helene and Milton
Florida insurers have paid approximately $5.2 bn following hurricanes Helene and Milton, according to data from the Florida Office of Insurance Regulation
Hurricane Helene could result in National Flood Insurance Program losses $3.5-7 bn
The Federal Emergency Management Agency announced that Hurricane Helene could result in National Flood Insurance Program losses between $3.5 bn and $7 bn
Florida’s Office of Insurance Regulation reported $2.3 bn Hurricane Milton insured losses
Florida’s Office of Insurance Regulation (OIR) reported $2.34 bn in insured losses from Hurricane Milton, with 189,858 claims filed and 8.4% closed
Florida faces record flooding: Hurricane Milton threatens billions in insured losses
Florida faces its second major hurricane, with predictions of record-breaking storm surges and flooding. Private flood insurance premiums in the state
Hurricane Helene: Florida P&C insurers processed 48,341 claims, totaling $508 mn
Florida property & casualty insurers had processed 48,341 claims, totaling $507.5 mn in estimated losses, according to the Florida Office of Insurance Regulation
Florida Regulators approve takeout of property insurance policies
The Florida Office of Insurance Regulation has approved requests from eight carriers to take over 232,535 personal residential multiperil policies and 2,500 residential
Insured losses from Hurricane Debby increased to $122 mn in Florida
Florida reported $121.5mn in estimated insured losses from Hurricane Debby, with 59.6% of claims closed, according to the Office of Insurance Regulation
Hurricane Debby caused $90 mn in insured losses in Florida
Hurricane Debby caused $90 mn in insured losses, according to an initial estimate from insurers to the Florida Office of Insurance Regulation
Florida Department of Insurance approved 410,628 property insurance policy takeout requests
Citizens Property Insurance Corp. will reduce its business after Florida Insurance Commissioner Michael Yaworsky approved 410,628 policy takeout requests
Florida’s insurance market continues to strengthen in 2024
Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on property and casualty insurance market
National Flood Insurance Program secured $575 mn in reinsurance from ILS
U.S. Federal Emergency Management Agency has reinforced its dedication to enhancing the National Flood Insurance Program by securing $575 mn
Florida’s property insurers are taking a cautious approach
Florida’s residential property insurers are taking a cautious approach when estimating how industry reforms passed in late 2022
Florida’s insurance market experienced difficulties – insurers decreases coverage
Florida’s insurance market has experienced difficulties in recent years, with some private insurers becoming insolvent, and others choosing to halt coverage
Larger P&C insurers in the Florida are likely to benefit from new reforms
Larger property and casualty insurers in the Florida market are likely to benefit from recently enacted tort reforms, and it remains to be seen how those changes
Florida’s Homeowners Insurers are Facing Fraud Schemes & Underwriting Losses
An issues brief published by the Insurance Information Institute has affirmed that the turmoil in Florida’s homeowners insurance market is due to fraud schemes
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