Florida Office of Insurance Regulation Publishes Third Annual Catastrophe Stress Test
Oct 26, 2015
The Florida Office of Insurance Regulation (“OIR”) advised today, October 26, 2015, that it has completed its Catastrophe Stress Test to review the adequacy of reinsurance, capital and surplus of Florida-based property insurance companies.
Now in its third year, the Catastrophe Stress Test demonstrated that the Florida property insurance market can withstand significant catastrophic losses.
In consultation with Chief Financial Officer Jeff Atwater, the OIR’s Catastrophe Stress Test was enhanced to produce a more robust and strenuous testing process, giving consumers the benefit of a new public report that reveals more information about the insurers providing their homeowners coverage. It also highlights methods used by the OIR to monitor the property insurance companies that operate in Florida throughout the year.
“Florida’s insurance companies have benefitted from an influx of capital into the reinsurance market, which has allowed them to lower rates, boost surplus and protect against catastrophes. Floridians should have confidence, not only in the results of this year’s Catastrophe Stress Test, but also in the development of it as a tool to assess the risk of hurricanes,” Florida’s Insurance Commissioner Kevin McCarty said, adding “I appreciate Chief Financial Officer Jeff Atwater’s efforts to bring greater transparency to this very important public policy issue.”
Today’s OIR Catastrophe Stress Test Report can be accessed at: http://www.floir.com/Sections/PandC/prepared.aspx
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