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Demotech withdraws Gulfstream Property and Casualty's financial stability rating tampabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tampabay.com Daily Mail and Mail on Sunday newspapers.
Updated: 1:14 PM EDT Jun 11, 2021 Jim Saunders, News Service of Florida Author Florida’s insurance commissioner said Friday he is seeing “positive signs” in the market as Gov. Ron DeSantis signed a property-insurance package passed by lawmakers in April.The measure (SB 76) is intended to curb roof-damage claims and lawsuits, while allowing larger rate increases for customers of the state-backed Citizens Property Insurance Corp. Lawmakers passed the bill as private insurers have raised rates and shed policies, with many homeowners turning to Citizens for coverage.At a bill-signing event Friday in Sarasota, Insurance Commissioner David Altmaier said he has seen changes from private insurers since lawmakers passed the measure, which will take effect July 1.“Carriers have brought in additional private market capital to re-bolster their balance sheets. We have seen positive news from the reinsurance markets with respect to the direction ....
Three Florida property insurers will drop a total of 50,000 policies tampabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tampabay.com Daily Mail and Mail on Sunday newspapers.
Updated 2 hours ago Floridaâs property insurance market posted one of its worst financial performances in 2020, even without a hurricane making landfall in the Sunshine State, and policyholders are starting to pay the price. Experts say there is no quick fix to the challenges buffeting the industry. Fifty-six Florida insurers reported a combined $1.57 billion in underwriting losses, according to financial data obtained by the Tampa Bay Times, spending more on claims and expenses than they brought in through premiums. The figure marks the industryâs fifth consecutive year of losses in the state and is more than two-and-a-half times what those companies lost in 2019. ....