0 Comments By Leslie Scism Leslie Scism The Wall Street Journal BiographyLeslie Scism @lesliescism [email protected] Oct. 11, 2018 5:30 a.m. ET Much of the damage to homes from Hurricane Michael will be paid by an array of small, little-known insurers, backed up by larger reinsurance companies around the globe. Florida is an oddball insurance market for homeowners, where household-name companies like State Farm and Allstate Corp. don’t have the outsize roles they do in other states. Officials had to develop a new strategy after these brand-name insurers shrank their presence in the wake of Andrew, Katrina and other hurricanes from 1992 through 2005. Today, Florida is heavily reliant on a group of about 50 small-to-midsize insurance carriers to protect homeowners. These carriers are required to buy ample amounts of reinsurance because they don’t have plump capital cushions like those of bigger insurers. Reinsurers are specialists in sharing the risk of … [Read more...] about Hurricane Michael to Test Florida’s Unique Insurance Market
Florida hurricane catastrophe fund
News Sports Business Real Estate 80° Full Menu 80° Home eEdition Customer Service Site Information Contact Us About Us Herald Store RSS Feeds Special Sections Advertise Advertise with Us Media Kit Mobile Mobile Apps & eReaders Newsletters Social Facebook Twitter Google+ Instagram YouTube News Sections News South Florida Miami-Dade Broward Florida Keys Florida Politics Weird News Weather National & World National World Americas Cuba Guantánamo Haiti Venezuela Local Issues Crime Education Environment Health Care In Depth Issues & Ideas Traffic Sports Sections Sports Blogs & Columnists Pro & College Miami Dolphins Miami Heat Miami Marlins Florida Panthers College Sports University of Miami Florida International University of Florida Florida State University More Sports High School Sports Auto Racing Fighting Golf Horse Racing Outdoors Soccer Tennis Youth Sports Other Sports … [Read more...] about When it comes to flood-insurance, Florida is not getting its bang for the buck. We need a national disaster fund.
If Congress doesn't step up with comprehensive and effective legislation to confront sea-level rise and its already-evident effects, we’re sunk, South Florida.Sunk, literally, as the ocean encroaches upon our shores in the decades ahead. Besides the emotional upheaval, the financial toll is going to be staggering.At the moment, the federal government tries to protect many Americans from the financial shock of flood damage through the National Flood Insurance Program (NFIP). But the program is in the crosshairs of a Congress that has temporarily extended the program six times, most recently until July 31. Facing a $25 billion deficit in the program, members say they’re tired of subsidizing coastal communities with cheap insurance and want big change.What they don’t say is that Florida is a donor state in the flood insurance program. Last year, Florida made up about 35 percent of NFIP policies, but we’ve received just over 7 percent of its payouts during the past … [Read more...] about National disaster fund would more fairly spread the risk
Last Updated Apr 23, 2009 9:26 AM EDT Insurance firms can handle hurricane losses, but a hurricane of a different sort has been brewing in Florida. Insurers such as State Farm, the largest U.S. home insurer, have folded their tents and left, complaining that they can't compete with the Sunshine State's own cut-rate insurance program. But there are signs that the tide is turning. A bill to allow insurers to set their own rates for some policies without getting approval from the state's regulators is making its way through the legislature. And there's a move to raise rates at Florida's own insurer, Citizens, to market levels over the next five years, ending what many insurers regard as unfair competition. But the tide didn't turn because Florida politicos, or populist Gov. Charlie Crist, suddenly developed a warm spot for insurers. Instead Crist & Company got hit with the full force of the credit crunch, the same storm that's been devastating the entire country. After hurricanes … [Read more...] about Florida Loosens the Noose on Insurers as Credit Tightens
TALLAHASSEE — The state would study rushing rail-tank cars into evacuation areas to avoid a repeat of the run on gasoline stations that occurred before Hurricane Irma made landfall last year, under a bill that moved forward this week in the House The House Appropriations Committee unanimously backed the bill (HB 7083), which features many the 78 recommendations that came out of a select committee on hurricanes in January. It includes a directive to the Department of Transportation to determine if the rail cars could work. The study, which would require consultation with the rail and fuel industries, would have to be submitted by July 1. The measure approved Thursday also includes requiring each county emergency management agency to set up their own fuel contingency plans and allowing money from the Florida Hurricane Catastrophe Fund to be used for local projects that enhance emergency power generation. It would require the Division of Emergency Management to use certified … [Read more...] about During hurricane evacuations, Florida could bring in gasoline by rail car