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 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