Florida insurance commissioner proposes major changes to property insurance
Jan 17, 2013
The following article was published in the Jacksonville Business Journal on January 17, 2013:
Florida insurance commissioner proposes major changes to property insurance
Staff report
Florida Insurance Commissioner Kevin McCarty proposed major changes to the Florida property insurance system, especially for Citizens Property Insurance, at a presentation made to the state Senate Banking and Insurance Committee on Wednesday.
McCarty’s goal is to reduce the risk to state-run Citizens, which accounts for 21 percent of the market – generally the most vulnerable properties. Citizens’ rates are often below private carrier rates.
The risk of a catastrophic storm hitting Florida could wipe out Citizens’ reserves and cause assessments to all insurance policy holders in the state.
The presentation given by McCarty had a list of steps to take, including Citizens sharing risks with the private industry.
View the original article here: http://www.bizjournals.com/jacksonville/blog/morning-edition/2013/01/florida-insurance-commissioner.html