Florida CFO Jeff Atwater and Insurance Commissioner David Altmaier to Host Insurance Roundtable; Citizens Marks Hurricane Season End
Nov 30, 2016
The Florida Office of Insurance Regulation advised that Florida Chief Financial Officer Jeff Atwater and Insurance Commissioner David Altmaier will be in St. Augustine, Florida on Friday, December 2, 2016 to host a roundtable discussion focused on the 2016 Atlantic Hurricane Season, which ends today, November 30.
Insurance company executives will join local leaders to discuss Hurricanes Hermine and Matthew, the two storms that ended Florida’s decade-long hurricane-free streak.
Experts in their respective fields will present on topics including:
- The financial impact of the 2016 hurricane season,
- The National Flood Insurance Program,
- Helping consumers through the insurance claims filing process,
- ” . . . and more.”
Recent data reports show more than 100,000 Florida-based insurance claims totaling $606 million in losses as a result of Hurricane Matthew and 18,000 insurance claims totaling $95 million as a result of Hurricane Hermine.
WHAT: 2016 Hurricane Season Roundtable
WHERE: Flagler College
Ringhaver Student Center, 2nd Floor Virginia Room
50 Sevilla Drive, St. Augustine, Fla.
WHEN: Friday, December 2
10 a.m. to 11:30 a.m. (EST)
- Note: Colodny Fass will advise should Webcast information become available.
Citizens Property Insurance bids farewell to the 2016 Hurricane Season
Citizens Property Insurance Corporation (“Citizens”)noted the culmination of the 2016 Hurricane Season today, November 30, 2016.
The State-run insurer said in a press release that policies and procedures put in place over the past several years “paid off” for Citizens policyholders who suffered losses from Hurricane Hermine and Hurricane Matthew–the first hurricanes to hit Florida since 2005. The storms also presented the first real opportunities for Citizens to test and improve upon its catastrophe response capabilities.
“We clearly showed that Citizens is ready as we received excellent feedback for our claims handling from our customers,” said Barry Gilway, Citizens President, CEO and Executive Director. “That said, we will continue to look for ways to improve.”
Following 11 storm-free years, Hermine made landfall just south of Tallahassee on September 2, 2016. It was followed five weeks later by Matthew, which raked Florida’s Atlantic coastline and caused major storm surge damage without making landfall.
So far, Citizens has paid out more than $10.7 million on claims relating to Hermine and Matthew. About 84 percent of roughly 4,000 claims have been closed. As of November 25, 2016, Citizens insured 472,017 policies representing $127.8 billion in Florida exposure.
Going forward, Citizens will use the experience to further bolster its catastrophe claims paying process in preparation for the 2017 Hurricane Season that begins June 1.
“The 2016 hurricane season provided Citizens with an excellent opportunity to test response capabilities developed over the past several years,” said Chris Gardner, Chairman of Citizens Board of Governors. “We passed the test and also learned a lot, which will make our response even more successful in the future.”
The Atlantic hurricane season runs annually from June 1 through November 30. This was a slightly above average season that produced a total of 15 named storms, seven hurricanes and three major hurricanes.
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