Category: Florida Insurance and Political Headlines

The NFIP is scheduled to expire and run out of borrowing authority in the middle of the 2018 hurricane season, Gloria Gonzalez reports for Business Insurance. http://www.businessinsurance.com/article/20180417/NEWS06/912320620/Flood-cover-debate-set-to-heat-up-as-expiration-nears

Analysis from global reinsurance broker Aon Benfield shows that alternative reinsurance capital growth again outpaced traditional market expansion in 2017, underlining its growing influence in the market.  Artimis.bm reports. http://www.artemis.bm/blog/2018/04/16/further-growth-expected-in-2018-as-alternative-capital-hits-89bn-aon-benfield/

The agreement between the two parties effectively ends the legal dispute that began late last year when NCRB requested an 18.7 percent homeowners’ insurance rate increase, Insurance Journal reports. https://www.insurancejournal.com/news/southeast/2018/04/19/486797.htm

Under the agreement, Hyundai will supply Verisk with driving data from consenting car owners through its Blue Link connected car service, which is available on the entire Hyundai line-up, starting with 2018 model year vehicles.  Lyle Adriano reports for Insurance …

The Consumer Financial Protection Bureau had sought to eliminate dealer markups over concerns that black and Latino customers were often charged higher rates than whites with identical credit profiles, citing several analyses — including their own — of auto loan …

The annual report, from Cornerstone Research, found a record number of 165 accounting filings during 2017, nearly twice the 88 filed the previous year, Accounting Today reports. https://www.accountingtoday.com/news/accounting-class-action-lawsuits-hit-record-levels

Once Amazon establishes a co-branded basic banking service, Bain & Co. expects the internet giant to move steadily but surely into other financial products including lending, mortgages, property/casualty insurance, wealth management and term life insurance, Insurance Journal reports. https://www.insurancejournal.com/news/national/2018/04/17/486613.htm

Demotech will not downgrade any of the 16 Florida homeowners insurers that it said earlier this year could face financial stability ratings adjustments because of hurricane losses and assignment of benefits litigation during 2017.  Amy O’Connor reports for Insurance Journal. …

With over 900 items on the Florida legislative docket and only 60 days to consider them, it’s not surprising that many bills simply died in committee or were never seriously considered, Insurance Journal’s Patrick Wright explains. https://www.insurancejournal.com/magazines/mag-features/2018/04/16/486021.htm

The Florida Third District Court of Appeals in Miami gave a multi-faceted ruling on April 4 in response to an appeal from the Circuit Court for Miami-Dade County involving three related lawsuits resulting from the sale of two oceanfront properties.  …