Capitol to Courthouse Florida Insurance Report – Wednesday, May 25, 2016

May 25, 2016


Citizens Property Insurance Board Approves $2.46B Risk Transfer Program for 2016 Hurricane Season

Florida’s Citizens Property Insurance Corporation’s Board of Governors has approved a $2.46 Billion Risk Transfer Program as the state heads into the 2016 Hurricane Season, Insurance Journal reports.


Water Claims Forum Aims to Quell Rising Insurance Rates

With property insurance companies blaming a rising tide of water loss claims for rate increases this year, Florida’s insurance consumer advocate has scheduled a public forum next month in Boca Raton to look for a solution.  The Sun-Sentinel’s Ron Hurtibise reports.


AAA Reports Motorcycle Fatalities Rose More Than 23 Percent in Florida in 2015

AAA reports 554 motorcyclists died on Florida roads and highways last year, a 23 percent increase over the 449 killed in 2014.  ABC Action News reports.


Miami-Dade Approves Water Citations for Property Owners in Zika Prevention Effort

Florida’s Miami-Dade County is stepping up enforcement to prevent the spread of mosquito-borne viruses, including Zika, Insurance Journal reports.


Florida Town a Study in Bug-Borne Dengue Illness

The successful fight against dengue in these Florida suburbs may forecast what other U.S. communities worried about Zika face as the summer mosquito season begins.  The Associated Press’ Jennifer Kay reports via the Lakeland Ledger.


Gun-Loving Florida Has More Gun Deaths, Study Shows

More Floridians are meeting their end at the end of a gun than the national average, according to the analysis of 2014 data from the Centers for Disease Control and Prevention.  The Palm Beach Post’s John Kennedy reports via the “Post on Politics” blog.


Miami’s Dolphins Stadium Scores Super Bowl 2020

Dolphins owner Stephen Ross is credited with bringing the Super Bowl back to Miami.  Ross claimed a stadium renovation was key to winning the NFL’s main event.  After failing to persuade county leaders to put up the funds, the billionaire developer invested his own money for an upgrade, to be completed later this year, Crain’s Miami reports.


Florida Wins Epic Legal Fight Against its Education System

Gainesville-based organization Tuesday lost an epic challenge to Florida’s entire system of education, with a Leon County judge ruling it failed to make its wide-ranging case, the Palm Beach Post’s John Kennedy reports.  


Florida Business, Education Leaders Gather to Close the Skills Gap

The Degrees to Jobs summit hopes to foster relationships between Florida universities and businesses to better connect students to paychecks.  Governor Rick Scott organized the invitation-only conference, tapping representatives from major employers, but left out some key players, Crain’s Miami reports.


Business Of Disaster:  Insurance Firms Profited $400 Million After Sandy

NPR and the PBS series Frontline have spent the past year investigating the business of disaster and have uncovered a complex system in which private companies profit and homeowners and clients suffer.


Encompass Insurance Exits North Carolina Personal Lines Market

Encompass Indemnity Insurance, an Allstate Insurance company that sells business through independent agents, has exited the North Carolina personal lines market. As of this month, Encompass is no longer renewing business in the state.  Insurance Journal’s Amy O’Connor reports.


Oklahoma Insurers Have Raised Rates as much as 300 Percent for Earthquake Polices

Oklahoma insurance regulators are concerned that the state’s market for earthquake insurance has become uncompetitive, which could cause problems if the state experiences a catastrophic quake, industry leaders said a public hearing Tuesday.   Briana Bailey reports for


Insurers Rethinking $17.7 Billion Invested in Hedge Funds

Stung by market-trailing returns, the insurance industry in the U.S. is reversing course after more than doubling its hedge fund allocation over five years, to $17.7 billion as of December 31, according to data from the National Association of Insurance Commissioners.  Bloomberg’s Sonali Basak and Katherine Chiglinsky report via Insurance Journal.


Little-Known, AAA-Rated Firms Are Beating the Insurance Giants


Since 2008, publicly traded insurers have seen their share of the $4 trillion market shrink vis-à-vis mutual companies, according to data compiled by Bloomberg Intelligence.  The trend has been particularly stark in North America, where mutual insurers — those owned by policyholders — earned a record percentage of life-insurance premiums, industry data show.




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