Escalating losses are continuing to cause uncertainty in the Florida market and a special legislative session may not provide what’s needed to fix it, AM Best analysts and industry experts said at an analytical briefing.
Tightening capacity. Losses. Insolvencies. Legal uncertainty. Florida’s troubled property insurance market is drawing increasing scrutiny. On May 23, a special session of the Florida legislature will convene to find a solution for the struggling market.
Florida Citizens to Spend Up to $400 Million for Reinsurance
The Florida Citizens Property Insurance Corp. will spend up to $400 million to purchase coverage through traditional reinsurance and capital market risk transfer channels for the coming storm season.
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Elon Musk: Insurance Is ‘Quite Significant’ Part of Tesla’s Makeup
Entrepreneur Elon Musk drew distinctions between how automaker Tesla Motors’ insurance operations cover auto risk compared to the traditional insurance industry, which he said suffers from too many players extracting part of the premium along the insurance value chain.
Cat Fund Changes, Tort Reform, More Could Be on Florida Special Session Agenda
Opening up Florida’s hurricane catastrophe fund, reforming the state’s one-way attorney fee law, adding more authority to the state’s insurance regulator, tapping other sources of funds to relax the pressures on some carriers — all are issues being considered as the insurance industry, state lawmakers and the administration of Gov. Ron DeSantis seek to defuse the crisis in the state’s property insurance market through a special session starting May 23.
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U.S. health insurance companies’ focus on finding innovative ways to manage the cost of health care better while improving member health and enhancing engagement continues to drive the growth of vertical integration strategies, according to an AM Best report.
Best’s Market Segment Report: AM Best Maintains Stable Outlook on South Korea’s Non-Life Segment
AM Best is maintaining its stable outlook on South Korea’s non-life insurance market, due to the segment’s record profitability as a result of significant improvement in automobile results and steady investment performance.
Best’s Special Report: U.S. Life/Annuity Insurance Industry Sees Limited COVID-19 Impact on Operating Performance Metrics
AM Best benchmarking analysis of rated U.S. life/annuity (L/A) insurance companies showed that not only did COVID-19 have a limited impact on operating performance, those insurers with an assessment of very strong have not reported an operating loss in two decades.