Florida

Homeowners from Sarasota south to Naples, known for its eight-figure waterfront mansions, are having a tougher time selling their properties, and the buildup in inventory has caused home prices to fall at some of the fastest rates in the nation.

The Florida State Board of Administration Finance Corporation expects to sell at least $1.5 billion of municipal bonds to raise money for the Florida Hurricane Catastrophe Fund, according to a securities filing dated Jan. 19.

Citizens Property Insurance Corp. reported that private insurance companies assumed 650,399 policies from the state's last-resort carrier in 2023.

The Senate Budget Committee, which Whitehouse chairs, is requesting information related to maximum claims Citizens Property Insurance Corp., an insurer of last resort, can pay without having to levy assessments on Florida policyholders.

First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.

The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.

Warren Buffett's firm ramped up its reinsurance exposure to the state, looking to take advantage of rising prices.

The use of catastrophe models and of sophisticated AI to make coverage decisions are all under debate.

"The main climate factors expected to influence the 2023 Atlantic hurricane activity are the ongoing El Nino and the warm phase of the Atlantic Multi-Decadal Oscillation, including record-warm Atlantic sea surface temperatures," said NOAA's Matthew Rosencrans.

Since 2020, the number of properties it insures has tripled to almost 1.4 million. Citizens estimates it may add another 300,000 by the end of the year

Yellen, who also chairs the Financial Stability Oversight Council, said that a spate of extreme weather events is causing insurers to raise rates on homeowners.

The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.

The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million in the municipal bond market.

The average annual property insurance payment in the state is $4,231, nearly triple the national rate of $1,544, according to the Insurance Information Institute, an industry association.

Hurricane Ian damages under investigation in Florida bring attention to ways to protect adjuster reporting

With the right tech, agents can deliver more value more quickly.

Climate change has increased wildfire risk in California while hurricane losses in Florida have already seen a number of reinsurers cut exposure, Moody's said.

The bill passed in the Florida House of Representatives by a vote of 84 to 33 Wednesday afternoon after the Senate approved the legislation Tuesday, according to the Florida Senate's website.

AI tools can help insurers with historical loss projections more effectively predict the impacts of future catastrophes.

The company filed for Chapter 11 bankruptcy in Fort Lauderdale on Sunday, court papers show.