Florida

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.

Among the special session charges: "Improve the financial stability of the Citizens Property Insurance Corporation," Florida's bond-funded insurer of last resort.

Most of those costs stem from Hurricane Ian, which slammed into Florida in September.

"No bonding will be needed to pay for Ian-insured losses," says Ben Watkins, director of Florida's Division of Bond Finance.

The Zurich-based reinsurer's key unit saw $2.5 billion in claims related to large catastrophes including the storm which hit Florida last month, it said in a statement on Friday.

Steph Tulley, founder and CEO of the Tampa-based insurtech, says the area is a good place for the industry.

The company expects to post a net loss of about $500 million in the quarter.

The credit outlook on individual credits in Florida is mixed as the first reports of damage from the hurricane start filtering in.

The area promises huge opportunities to gain experience and has the right infrastructure to power long-term growth.

Insurers have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners.

Digital Insurance spoke with Kevin Mitchell, president of TypTap Insurance Company.