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The announcement spurred a quick spike in stock market valuations. -
The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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RAA president Frank Nutter says he hasn’t been able to get an update on the project from the now Trump-led NOAA.
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State Farm General has asked California regulators for an emergency rate increase.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The company says the recent wildfires will be the costliest in its history.
