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The draft law, which curtails consumers’ rights to hand on the right to claims to service providers, passed its final Senate committee on Wednesday.
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The legislation would restrict attorney fees in AOB cases.
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The relationship between Florida insurers and their reinsurers is obviously going through a rough patch. It makes you wonder whether the role of brokers this year might be akin to that of marriage counsellors.
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ILS managers are upping the pressure on Florida reinsurance buyers to change terms and conditions or retain more risk as 1 June renewal negotiations continue.
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The expected losses from Irma have increased by nearly 10 percent since the end of September.
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The state is “still a cash cow for reinsurers” as over the past decade the Florida reinsurance combined ratio has been running at 79-80 percent, according to the analysts.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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Some reinsurers are saying their views of Florida risk have changed post-Irma.
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Warm winter sun might have helped Miami’s case for bringing ILS folks to the city for one of its annual conferences a couple of weeks ago.
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The impact of Hurricane Irma loss creep is coming to the fore ahead of the June renewals.
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The reinsurance industry spends a lot of time obsessing about risk modelling, but arguably its efforts to pin down ever more precise estimates of expected losses are let down by a 20th century approach to data handling.