1 / 23

Sam Miller Florida Insurance Council Executive Vice President July 18, 2012

2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session-. Sam Miller Florida Insurance Council Executive Vice President July 18, 2012. Insurance Positives Since Last Hurricane Landfall – Wilma, 2005.

inga
Download Presentation

Sam Miller Florida Insurance Council Executive Vice President July 18, 2012

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam MillerFlorida Insurance CouncilExecutive Vice PresidentJuly 18, 2012

  2. Insurance Positives Since Last Hurricane Landfall – Wilma, 2005 • Florida Hurricane Catastrophe Fund in best financial shape ever • Citizens also with great liquidity, $19.5 B • Six years without a hurricane allowed cash to accumulate

  3. Insurance Positives Since Wilma, 2005 • Cat Fund - $8.6 B in cash • Possible pre-hurricane financing program – bonds,  other possibilities.

  4. Insurance Positives Since Wilma, 2005 • Citizens’ 2012 claims-paying ability: $19.5 B in total, maybe the most ever. • $5B in pre-event liquidity (this must be repaid) • $1.5 B in private reinsurance (a landmark development) • $6.9 B from the Cat Fund • Six years without a hurricane allowed cash to accumulate

  5. Insurance Positives Since Wilma, 2005 • Congress Extends for 6 Years National Flood Insurance Program – which covers storm surge and flooding. • Rates will go up.

  6. Insurance Positives Since Wilma, 2005 • Key Reforms in SB 408 from 2011 session. • Three-year limit on hurricane claims. • Installment payments on roof installation, other repairs. • Controls on public adjusters.

  7. Insurance Negatives Entering 2012 • Potential $1.8 B shortfall in Cat Fund • Assessments from Cat Fund & Citizens

  8. Insurance Negatives Entering 2012 • Citizens still growing and competing with private insurers. • Florida Supreme Court ruling striking public adjuster’s solicitation ban.

  9. Florida’s Three-Legged Stool • Emergency Management Community/State Division of Emergency Management/Florida Emergency Preparedness Association • Office of Insurance Regulation • Department of Financial Services • Florida Insurance Council, Insurance Information Institute, and Florida Association of Insurance Agents and other agents groups

  10. Partners in Recovery: Key Elements

  11. Partners In Recovery • Personal claims – key emergency management personnel • Assistance and expedited handling

  12. 2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam MillerFlorida Insurance CouncilExecutive Vice PresidentJuly 18, 2012

More Related