Last year, the Florida Legislature mandated Citizens Property Insurance Corp. to offer a cheaper, more limited coverage option to homeowners, potentially saving them up to 70 percent on their premiums.

The Property Casualty Insurers Association of America (PCI) recommends that homeowners, businesses owners and renters take all the necessary steps to ensure that everyone is prepared for the potentially devastating effects of a major storm. There are many things that can be done to help protect people and structures prior to the start of hurricane season on June 1st.

RMS unveiled the new platform at its Exceedance 2013 client conference last week. The new system, which will be available from April 2014, will host third-party models and analytics as well as RMS’s own.

Risk modelling firm RMS has unveiled a new risk and exposure management platform called RMS(one) at its Exceedance 2013 client conference in Boston.

PCI commends the House and the Senate for arriving at a compromise in producing legislation intended to slow the growth of Citizens Property Insurance Corporation. We congratulate the legislature on its diligent work crafting a bill that lays the groundwork for continued Citizens reforms in the future. This bill is yet another step towards returning Citizens to its rightful place as Florida’s insurer of last resort.

Although the House unanimously passed HB 909 last week, which prevents homeowners being shopped in a “clearinghouse” from being taken over by an out-of-state surplus lines company with unregulated rates, a bill opening up the clearinghouse to surplus lines companies was voted down on the House floor Monday.

Insurance executives express confidence that pricing for commercial lines will rise in the next six months, according to survey results released Tuesday by Munich Re.

Approximately 72 cents of every insurance premium dollar goes to cover catastrophe and noncatastrophe losses.

A contentious overhaul of Citizens Property Insurance Corp. passed the Florida Senate on Thursday, after the bill’s sponsor made key changes to protect hundreds of thousands of current policyholders from large rate hikes.

A scheduled vote on a major insurance overhaul was again postponed Wednesday, indicating that fear of skyrocketing rates is weighing down the bill in the Florida Senate.
Bill sponsor Sen. David Simmons, R-Altamonte Springs, said last week that he has enough support for the bill but wanted more time to make amendments and build more consensus.