Make us your home page

Florida's public property damage strategy praised by national group

Florida's strategy for dealing with property insurance in a state at high risk of hurricanes is getting high praise from a flood insurance work group of the American Academy of Actuaries.

The group's recent report, "The National Flood Insurance Program: Challenges and Solutions," said Florida lawmakers had found the right recipe in creating the state's insurer of last resort, the Citizens Property Insurance Corp., and taking other steps to stabilize the insurance market. Citizens covers consumers when private companies refuse to enter such a risky marketplace.

"Florida's innovative approach to its hurricane problem illustrates how public policy can be tailored to addressed many of the problems the (National Flood Insurance Program) faces," the report said.

Others can learn from the Florida example, the academy of actuaries said.

Of course, Citizens recently announced its first loss since 2005, a $27.1 million hit that the insurer may have to pass along to customers, its board of governors announced last month. The loss was due, in part, to higher litigation costs involving water damage claims.

Florida's public property damage strategy praised by national group 04/19/17 [Last modified: Wednesday, April 19, 2017 5:32pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. CBO analysis: 23 million would lose health coverage under House-passed bill


    WASHINGTON — The Republican health care bill that passed the House earlier this month would nearly double the number of Americans without health insurance over the next decade, according to a new analysis by the nonpartisan Congressional Budget Office.

    Demonstrators protests the passage of a House Republican health care bill, outside the the Capitol in Washington, on May 4. The House took the unusual step of voting on the American Health Care Act before the Congressional Budget Office could assess it. That analysis was released Thursday and it showed the bill would cause 23 million fewer people to have health insurance by 2026. Many additional consumers would see skimpier health coverage and higher deductibles, the budget office projected.
  2. Florida Specialty Insurance acquires Pinellas Park's Mount Beacon Insurance


    Tens of thousands of homeowners who were pushed out of Citizens Property Insurance for a private carrier since 2014 are finding themselves changing insurance companies yet again.

  3. Marijuana extract Epidiolex helps some kids with epilepsy, study shows


    A medicine made from marijuana, without the stuff that gives a high, cut seizures in kids with a severe form of epilepsy in a study that strengthens the case for more research into pot's possible health benefits.

    An employee checks a plant at LeafLine Labs, a medical marijuana production facility in Cottage Grove, Minn. [Associated Press (2015)]
  4. St. Pete Economic Development Corporation lures marketing firm MXTR to town

    Economic Development

    St. Petersburg Economic Development Corporation has lured its first big catch to St. Petersburg — MXTR Automation. The digital marketing company announced Wednesday that it will fill 20 "high-wage" creative positions within the next 18 months, as well as open an office in downtown St. Petersburg this year.

  5. United Airlines CEO to investors: We'll be more focused on customers


    CHICAGO — The CEO of United Airlines assured shareholders Wednesday that the company is doing all it can to be more customer-friendly since video surfaced of a passenger being violently ejected from a plane last month.

    Chicago Police arrest protesters after they sat down in a busy street blocking traffic outside a United Airlines shareholders meeting Wednesday, in downtown Chicago. The people who were arrested were protesting the low pay of employees of companies that provide meals and other services for United Airlines at Chicago's O'Hare Airport.
[Associated Press]