Capitol to Courthouse Florida Insurance Report – Friday, May 27, 2016
May 27, 2016
Fitch: Florida Specialist Insurers Largely Untested By Hurricanes
The majority of Florida’s homeowner specialist insurers have brief histories, and their ability to manage a large catastrophic hurricane is uncertain despite recent strong performance, according to a new report from Fitch Ratings.
Citizens Property Insurance: Vote Spends 1 in 5 Customer Dollars Offshore
The board of state-run Citizens Property Insurance on Tuesday approved spending $204 million for private offshore reinsurance. That represents more than one out of every five dollars its customers are expected to pay in premiums this year. Charles Elmore reports for the Palm Beach Post.
Citizens Property Insurance Nearing End For Depopulation
Florida’s state-backed property insurance company Citizens is about half the size it was a few years ago, and a spokesman says there’s not much more weight the company can shed, Lynn Hatter reports for WGCU.
Give Florida Drivers a Break on Auto Insurance
With Florida having a new insurance commissioner, it’s time to take a new look at auto insurance, the Sun-Sentinel Editorial Board says.
Florida Department of Revenue Gets Rosy Ruling in Flower Tax Fight
The Florida Supreme Court on Thursday upheld the constitutionality of collecting sales taxes on flowers that are ordered online from a Palm Beach County company but get delivered outside of the state. THE NEWS SERVICE OF FLORIDA’s Jim Saunders reports via the Lakeland Ledger.
Rick Scott Makes More Judicial Appointments
Gov. Rick Scott appointed Michelle L. Naberhaus and Thomas J. Brown to the Brevard County Court, FloridaPolitics.com reports.
Lake Okeechobee Discharges Doubling as Algae Flows Down Canal
Lake Okeechobee discharges to the St. Lucie River are about to more than double, and the water likely will have toxic blue-green algae in it. TCPalm.com’s Tyler Treadway reports.
South Florida Super Bowl’s High-Season Timing Means No Windfall, Economists Say
South Florida’s Super Bowl hype machine kicked into gear this week, dangling the promise of international attention and a hefty windfall when the big game is played in Miami Gardens in 2020. Jeff Ostrowski reports for the Palm Beach Post.
The United States and the European Union today released the following joint statement on negotiations for a bilateral agreement on insurance and reinsurance measures.
Texas’ Coastal Wind Insurer Expects $4.9B in Funds for 2016 Hurricane Season
While its reinsurance plans for the 2016 hurricane season haven’t yet been nailed down, Texas’ insurance company of last resort for wind and hail along the Texas coast expects to have around $4.9 billion in available funds for paying claims this year, if needed, Insurance Journal reports.
Washington Summit Inserts Insurance Industry into Climate Change Discussion
Washington Insurance Commissioner Mike Kreidler next week is holding a climate risk summit at the University of Washington to raise awareness among insurers for the need to consider climate risks when providing insurance products to customers, Insurance Journal reports.
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