This week, the Florida Department of Insurance Regulation released its annual report on the insurance industry in Florida. Contained in that report is a breakdown of the profitability of property insurers from doing business in the State of Florida. While we know that insurers continually bemoan their inability to make a profit in Florida, and the
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ACE Posts 27% Increased Profit
Zurich-based ACE Ltd. said its 2010 second-quarter profit increased 27 percent to $677 million compared with last year during the same time.
Chairman and Chief Executive Officer Evan G. Greenberg said the profit increase is due to the company’s successful risk management, diversification and underwriting.
ACE’s property and casualty underwriting income was $294 million compared with
State to Review Allstate’s Castle Key Rate Increase Request
Allstate subsidiary, Castle Key Insurance Company, has request that the Florida Office of Insurance Regulation allow it to increase its homeowners insurance premiums by 33%. Florida’s Insurance Consumer Advocate, Sean Michael Shaw, has stated that Castle Key only needs a 14.4% increase.
The rate request is now in the hands of the Florida OIR which has
Insurers Will Seek to Limit Oil Spill Exposure Through Broad Exclusions
In a statement on its website, Marsh said some excess liability insurers have indicated that they anticipate adding extremely broad exclusions to 2010-2011 policies to prospectively eliminate coverage for the oil spill resulting from the sinking of the Deepwater Horizon.
Several insurers also have said they will strictly enforce claims time-limit provisions and will not
First Half 2010 Insured Catastrophe Losses Set a Record
According to Munich Reinsurance Co, natural catastrophes caused record worldwide insured losses of $22 billion for the first half of the year, more than double the average for the period since 2000.
There were 440 catastrophic events through June, the second-highest number since 2000, Munich Re said.
The three biggest losses were earthquakes in Haiti and Chile
Above Average Hurricane Season Expected
The Atlantic basin could be in for an above-average hurricane season this year with four major hurricanes forecast to develop in the region, according to forecasters at Colorado State University.
The forecast team of William Gray, who has led the forecast team for 27 years, and Phil Klotzbach, lead forecaster on the university hurricane forecast
State of Florida Issues Consumer Warning Regarding Unauthorized Insurers Transacting Business
The Florida Department of Financial Services (DFS) today issued a consumer warning for Floridians receiving solicitations from unauthorized insurance companies using the names American Trade Association, Real Benefits Association or Smart Data Solutions. Selling unauthorized insurance is a felony.
No entity is currently licensed to transact insurance business in Florida under these names. Consumers who
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