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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure. -
No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
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The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
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State representatives will vote on the bill on the House floor tomorrow.
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The Bank of England’s report warned of significant data gaps and said general insurers are at risk of climate-related litigation.
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State senators will vote on the bill on the Senate floor tomorrow.
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Industry association FAIR said a full reinsurance backstop should be provided.
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The Financial Reporting Council has found evidence where audits of insurers’ financial statements have not been rigorous enough.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
