2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam Miller Florida Insurance Council Executive Vice President.

Slides:

Advertisements

Similar presentations

Internal and External Appeals of Health Care Coverage Denials: One States Experience Conference Call Health Assistance Partnership August 12, 2004 Presenters:

Advertisements

Homeowners Insurance Rates Are Rising In Some Places: Here’s Why Spring 2012 Steven N. Weisbart, Ph.D., CLU, Senior Vice President & Chief Economist Insurance.

Hurricane Katrina Update: PD&R Assistance Dana Bres, P.E. Research Engineer Affordable Housing Research and Technology Division Office of Research, Evaluation.

Joseph L. Petrelli, ACAS, MAAA, FCA President, Demotech, Inc.

Practical Steps to Hurricane Loss Management Rick Osorio, Director of Insurance Diocese of St. Petersburg.

Florida Department of Financial Services Division of Consumer Services Bureau of Outreach Tom Gallagher, Chief Financial Officer.

The High-Tech, High-Touch Approach Continues Audrey Selden Senior Associate Commissioner Consumer Protection.

SWAF 2011 Legislative Update Panelists David Durden, Texas Department of Insurance Joe Woods, PCIA Bo Gilbert, USAA Jay Thompson, AFACT, Thompson Coe June.

What if the Bank was Clara Mullins – VP, Operations Program Director, BCP Administrator at City National Bank of WV Founding Chairman of the WV Banker’s.

Implications for Caribbean Capital Markets 25 May, 2011 Marlene Murray CFA Society of Trinidad and Tobago.

Natural Disasters and Tax Deductible Reserves Kevin McCarty Florida Department of Insurance CAS Ratemaking Seminar March 11 & 12, 1999.

Chapter-06 Insurance company operations

Should There Be A National Reinsurance Catastrophe Pool ? May 8, 2006 Mary Z. Seidel Reinsurance Association of America.

Sesión Temática 4: Inversión Pública y herramientas financieras para RRD Sistemas de seguros, reaseguros y transferencia de riesgos Swiss Re Nikhil da.

The Florida Property Market Examination of the Marketplace After HB 1A Tapio Boles, FCAS November 12, 2007.

A Brief History (3-Decades) of General Fund Budget Reserves Kristin Dybdal Team Leader, Budget Division Department of Finance & Employee Relations July.

Public-Private Partnerships in Action: Emergency Response

Earthquake Insurance for California Renters & Homeowners Presented to the Bay Area Earthquake Alliance Daniel P. Marshall, III General Counsel California.

© 2007 Towers Perrin September 11, CLRS – San Diego, California Property Catastrophe Reserving – Approaches to large event reserving Christopher.

Tuesday, May 25, 2010 Collaborative Research …Humanizing research.

Catastrophic Events in Italy: Insurance Coverage and State Intervention.

January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.

1 Florida Hurricane Catastrophe Fund June 2, 2003 The World Bank Session IV: Building National Risk Transfer Programs International Experience.

CHAPTERCHAPTER 21 Education. Topics Covered in Chapter 21 Colleges and Universities Elementary and Secondary Schools Other Educational Initiatives.

Florida Property Insurance Markets Economic and Financial Update Robert P. Hartwig, Ph.D., CPCU, President Insurance Information Institute  110 William.

February 3, :00 – 4:00 P.M. EST.  Incorporated in 1985, Demotech, Inc. is a financial analysis and actuarial services firm that provides Financial.

Property Insurance Challenges in Florida – No Kidding!! May 2, 2011 Sam Miller Executive Vice President Florida Insurance Council.

Governments in the United States Learning objectives: 1. Understand how the United States government functions 2. Name and understand the three branches.

Restricted Account Status Reports November 29, 2001.

Tax Deductible, Pre-Event Catastrophe Reserves Kay Cleary Casualty Loss Reserve Seminar September 13, 1999.

Hurricanes Last Season and Next Jerry D. Jarrell Director National Hurricane Center Jerry D. Jarrell Director National Hurricane Center.

Florida Catastrophic Storm Risk Management Center.

Finance Business function of planning, obtaining, and managing a company’s funds in order to accomplish its objectives effectively and efficiently. THE.

State of Alabama Department of Finance Division of Risk Management Kim Huggins Claims Manager.

World Bank Group Session I: The Current Status of RCIP The International Catastrophe Risk Forum, 4 th Edition Bucharest, Romania The RCIP at a Cross-Roads:

LLOYD’S INITATIVES IN CLAIMS HANDLING International Federation of Adjusting Associations Annual Conference, London Market, 30 April 2009 “Global Best Practice.

Disaster Preparedness

Disaster Planning The Ten Commandments of Success June 2014.

CRISIS-MANAGEMENT PLANNING Every business should develop a Security Crisis-Management team.

LEADERS 2006 International Course on Development and Disasters November 20 – December 01, Ocho Rios, Jamaica. RISK TRANSFER and FINANCING Presenter:

Jeanne M. Salvatore Senior vice President –Public Affairs Insurance Information Institute 110 William Street New York, NY Tel: (212)

Update on Level 1 Establishment Grant Kaitlyn Kenney Director of Policy and National Health Care Reform Coordinator March 12, 2012.

Financial Strategies for Managing the Economic Impacts of Natural Disasters1 11 Financing Mechanisms for Pro-active Disaster Risk Management for the Public.

2010 North Carolina Affordable Housing Conference Industry Update Bob Kucab, Executive Director North Carolina Housing Finance Agency.

PROPERTY CLAIM SERVICES Florida Market Challenges to New Insurers May 2, 2011.

Residual Market Property Plans: From Markets of Last Resort to Markets of First Choice November, 2010 Download at: Robert P.

Are Florida’s Private Residential Property Insurers Solvent? Sharon M. Romano, CPCU, AIAF, ARC, CCP Vice President Demotech, Inc. February 24, 2009 Grand.

FDR’s “New Deal” The First 100 Days. Stabilizing Financial Institutions: The Bank Holiday (March 1933) – Federal audit of all banking institutions over.

Trustees: Pio Ieraci, Chairman Eric Berkowitz, Vice President.

Verizon Florida, LLC Hurricane Season Preparation PSC Workshop – May 1, 2008.

Cabinet Presentation State of the Florida Homeowners’ Insurance Market June 26,

Sandy’s Economic Effects Charles Steindel NJ Department of the Treasury January 15, 2013.

SB 1330: Residential Property Insurance Introduced by Senator Hays.

CRA What is it and how can it help me? What defines a CRA AreaWhat defines a CRA Area and how was it formed? CRA Goals and ObjectivesCRA Goals and Objectives.

“LACK OF GOOD JUDGEMENT INSURANCE” CRITICAL “BALANCE SHEET” PROTECTION PRESENTED BY: Thomas A. Cook, Jr., CIC Senior Vice President Vacation Resort Specialty.

Florida Insurance Conference on Financial Reporting Citizens Property Insurance Corporation Sharon A. Binnun, CPA September 2011.

REINSURANCE AND THE FLORIDA INSURANCE MARKET Presented by John Auer President & CEO American Strategic Insurance Group.

September 2011 State Board of Administration Florida Hurricane Catastrophe Fund Proposed 2012 Legislation.

University Budget Process Stability of revenue sources compared to most businesses Role of financial statement- financial accounting at one point Operational.

Regional Reinsurance Pooling: experiences in The Americas ICP 13: Reinsurance and Other Forms of Risk Transfer. Mike Kreidler Washington State Insurance.

The New Deal: Regulating Business and Finance. Section Overview This section on the New Deal will focus on three questions which we will debate on Wednesday,

HURRICANE IRMA PRE-LANDFALL WEBINAR FMIT PLANS FOR RESPONSE & RECOVERY.

FMIT PLANS FOR RESPONSE & RECOVERY

Florida Chamber of Commerce Solvency Matters to Consumers!

Bosnia & Herzegovina Fiduciary Update Dissemination Workshop

Florida Property Insurance Markets Economic and Financial Update

Hurricane Wilma Response and Recovery Efforts

Report of the Governor’s Commission to Rebuild Texas

Integrated Strategy for Financing Disaster Risk

Disaster Recovery Operations

Presentation transcript:

2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam Miller Florida Insurance Council Executive Vice President July 18, 2012

Insurance Positives Since Last Hurricane Landfall – Wilma, 2005 Florida Hurricane Catastrophe Fund in best financial shape ever Citizens also with great liquidity, $19.5 B Six years without a hurricane allowed cash to accumulate

Insurance Positives Since Wilma, 2005 Cat Fund - $8.6 B in cash Possible pre-hurricane financing program – bonds, other possibilities.

Insurance Positives Since Wilma, 2005 Citizens’ 2012 claims-paying ability: $19.5 B in total, maybe the most ever. $5B in pre-event liquidity (this must be repaid) $1.5 B in private reinsurance (a landmark development) $6.9 B from the Cat Fund Six years without a hurricane allowed cash to accumulate

Insurance Positives Since Wilma, 2005 Congress Extends for 6 Years National Flood Insurance Program – which covers storm surge and flooding. Rates will go up.

Insurance Positives Since Wilma, 2005 Key Reforms in SB 408 from 2011 session. Three-year limit on hurricane claims. Installment payments on roof installation, other repairs. Controls on public adjusters.

Insurance Negatives Entering 2012 Potential $1.8 B shortfall in Cat Fund Assessments from Cat Fund & Citizens

Insurance Negatives Entering 2012 Citizens still growing and competing with private insurers. Florida Supreme Court ruling striking public adjuster’s solicitation ban.

Florida’s Three-Legged Stool Emergency Management Community/State Division of Emergency Management/Florida Emergency Preparedness Association Office of Insurance Regulation Department of Financial Services Florida Insurance Council, Insurance Information Institute, and Florida Association of Insurance Agents and other agents groups

Partners in Recovery: Key Elements

Partners In Recovery Personal claims – key emergency management personnel Assistance and expedited handling

2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam Miller Florida Insurance Council Executive Vice President July 18, 2012