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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%. -
The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
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The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.
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The flooding affected the states of New South Wales, Victoria and Tasmania.
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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
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