yourEadvisor.com

Wild times here in Florida!

"The reported loss creep has in part been influenced by social inflation in the Florida market, resulting in adverse development of prior year loss reserves stemming from an increase in loss frequency and severity. Despite the lack of hurricanes making landfall last fall, companies—particularly the smaller, Florida-dominant property writers with questionable balance sheet strength—remain more susceptible to prevailing market conditions, such as hardening reinsurance pricing and adverse claims trends. Based on market surveillance, reinsurance rates are likely to increase by 15%-20% for the June renewal period; companies that depend highly on reinsurance may be most impacted (Exhibit 1)."

Floods just aren't predictable. Read more from TypTap in the Palm Coast Observer at http://ow.ly/Hm0a50ykDny

Getting rid of PIP, and having more normal minimum coverages? We're in, but this has been discussed for a long time.

https://www.winknews.com/2020/01/21/florida-lawmakers-want-to-change-your-car-insurance/

"In a statement, Best said Florida Family Insurance Co. (FFIC) and Florida Family Home Insurance Co. (FFHIC) would be downgraded to a financial strength rating (FSR) of B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-” of Florida Family Insurance Company (FFIC) and its subsidiary, Florida Family Home Insurance Company (FFHIC), which together make up the two pool members of Florida Family Group."

https://www.google.com/amp/s/amp.insurancejournal.com/news/southeast/2020/01/23/556136.htm