Florida

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.