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Florida Peninsula began writing home insurance in Florida in April 2005. It sells property coverage exclusively, insuring nearly 150,000 properties throughout the state through a network of 2,500 ...
In 2020, when Florida’s insurance industry began deteriorating after 12 years without a named hurricane hitting the state, the Office of Insurance Regulation launched a review of dozens of ...
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
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The Florida OIR established a reinsurance fund through its last-resort insurer, Citizens. This means that if an insurance company’s financial strength rating is downgraded below the ‘A ...
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