Newly litigated property insurance claims at Florida’s largest P&C insurers continue to be relatively flat, with the number fluctuating between 4,000 and 4,700 per month so far in 2022, according to the latest data from CaseGlide.
Your search for “florida”
News & Analysis Results
HCI Group, Inc., the Florida headquartered property and casualty insurer and parent of Homeowners Choice Property & Casualty Insurance Company and insurtech TypTap, sees an opportunity to expand into the Florida market on its own terms, CEO Paresh Patel has said.
Florida’s residual market insurer, or insurer of last resort, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies again, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013.
Florida’s residential property insurance marketplace is expected to remain “hard,” as headwinds related to capacity and reinsurance, elevated catastrophe losses and high levels of litigation persist, Dan Peed, the CEO of United Insurance Holdings Corp. (UPC) has said.
Florida’s property insurance crisis continues to get increasingly political, with candidates for the Governor role in the state now blasting each other’s proposals for improving the insurance marketplace and its access to reinsurance.
Global reinsurance giant Swiss Re continues to maintain an underweight stance to the Florida marketplace, feeling that rates remain too low and that state intervention is not helping, when what is needed is price transparency, the firm’s leadership recently explained.
The Florida property insurance marketplace needs additional legislative action to be taken to restore it to health, according to the CEO of major insurer Heritage.
United Property & Casualty Insurance Company (UPC), a carrier of the United Insurance Holdings Corp. group, has become the first downgraded carrier in Florida to become eligible for support via the Citizens guarantee arrangement.
Rating agency Demotech began to take actions on Florida’s property insurance marketplace yesterday, with a number of changes and withdrawals of ratings evident.
The temporary reinsurance arrangement for downgrade-challenged carriers announced last week by Florida’s Office of Insurance Regulation (OIR) will not put the risk transfer arrangements of Citizens Property Insurance Corporation on the hook for any claims or losses through the scheme.