Florida

After some significant tort reform gains were made in 2023 and 2024, abolishing PIP may no longer be a pipe dream.

Coastal habitats, coral reefs and mangrove swamps, can reduce flood losses, according to a new Swiss Re Institute study that includes analysis of flood insurance claims.

The recovery of local governments and utilities from hurricanes Helene and Milton continues but the outlook for next season and beyond is troubling.

The agency cited the closeness of the entities to Florida's government.

How insurers can leverage AI, specifically computer vision, to handle both major catastrophic and emerging micro-CAT events.

Moody's believes Florida will sell bonds to help replenish the CAT fund this spring.

Hurricane Milton was moving off Florida's east coast after cutting a path of destruction through the state, leaving residents to assess the damage from one of the most feared storms in recent history.

Estimates for insured losses from Hurricane Helene have climbed to as much as $14 billion, even as insurers are preparing for more devastation from Hurricane Milton.

Tropical Storm Milton, with winds of 40 miles per hour, is forecast to build into at least a Category 3 hurricane with winds of 115 mph when it makes landfall in western Florida on Oct. 9, the US National Hurricane Center said.

The destruction from Hurricane Helene is expected to cost insurers roughly $6.4 billion, according to an early estimate from catastrophe modeling firm Karen Clark & Company.

As historic floodwaters unleashed by Hurricane Helene recede across the U.S. Southeast, the region faces a humanitarian, economic and ecological crisis of staggering scope, with effects likely to last years.

State and federal relief efforts are stepping in to help areas hit by Helene that are not covered by flood insurance.

The new rule will require FEMA to consider climate change's impact on future flood patterns in determining how and sometimes if to build back after flooding. 

With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best Co. Inc.

Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.

Greater exposure to climate risks is driving an increase in insurance premiums and decrease in insurance availability.

Homeowners insurance rates in Florida have always been above the national average, but in recent years they have risen to unprecedented levels.

Extreme weather could aggravate growing property insurance pressures on governments.

The volume of active for-sale condo listings in the Sunshine State increased by 40% last month compared to a year earlier, Redfin said.

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