Policy & Regulation
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How Some Florida Property Insurers Manage to Succeed
About 50 Florida property insurers reported losses in 2009, even though there was no major storm. But that also means there were at least as many not losing money. What do they know, what are they doing, that the others aren’t? Insurance Journal’s Andy Simpson asked Kevin McCarty, insurance commissioner; James Graganella, president/CEO, Southern Fidelity [...]
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Some Florida Insurers Get a Break on Citizens Take-Out Policies
For a number of years, Florida has had a program allowing insurers to take policies out of the state-backed Citizens Property Insurance. The original deal was that they took them out and had to stay on the policies for three years. Insurance Commissioner Kevin McCarty is relaxing that rule and allowing some of the insurers [...]
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Florida’s Mitigation Credit Program: What Went Wrong?
Florida’s program of premium credits for storm-proofed homes has been one of the contributors to the financial woes of some property insurers. The program appears to have encouraged fraud with millions of dollars in credits being awarded based on questionable inspections. Re-inspections found error rates as high as 80%. So how did such a well-intentioned [...]
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Florida’s Property Insurance Market 1 Year From Now
Florida insurance leaders are asked to look beyond current legislation and the hurricane season to what they would like to see in the state’s property insurance market a year from now. Insurance Commissioner Kevin McCarty would like to see the state tackle some fundamental issues including coastal development, building codes and the government’s role in [...]
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Florida’s Troubled Property Market: The Agents’ View
Insurance Journal’s Andy Simpson interviews Jeff Grady, president/CEO, Florida Association of Insurance Agents, on Florida’s troubled and politicized property insurance market, the Citizens’ takeout program, reinsurance requirements, MGAs, how SB2044 will help and what more needs to be done to fix the system. Grady discusses how important the market is to independent agents and isn’t [...]
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Why Florida Is Rethinking Its 1-in-100 Reinsurance Requirement
Reinsurance for that 1-in-100 year storm. That’s a criterion that the Florida Office of Insurance Regulation has used for years in assessing property insurers’ reinsurance programs. It’s also a standard that some rating agencies use. But Florida Insurance Commissioner Kevin McCarty has decided to take a fresh look. He wants to look not just vertically [...]
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MGAs Called Critical for Florida Property Market
In Florida it’s not uncommon for an insurance holding company to have an affiliated managing general agency to which it pays fees. Those fees have come in for some criticism lately by some who think that insurance companies that say they are losing money are actually funneling profits to their MGAs. State officials have looked [...]
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Florida Insurance Chief: 85% Medical Ratio Will Hurt Agents
Federal healthcare reforms call for major group health insurers to be held to an 85% loss ratio while insurers in the small and individual markets would have to achieve 80%. The government has some flexibility in setting the final ratios. Florida Insurance Commissioner Kevin McCarty is among those who thinks the ratio needs to be [...]
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Assessing Florida’s Omnibus Bill, SB2044
Florida insurance leaders rate the recently passed property insurance legislation (SB2044) and how they expect it to help carriers, agents and consumers. Insurance Journal’s Andy Simpson interviews Jeff Grady, president/CEO, Florida Association of Insurance Agents; Kevin McCarty, insurance commissioner; James Graganella, president/CEO, Southern Fidelity and Capitol Preferred; and Jay Newman, chairman, one-year old Sawgrass Mutual.
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Florida’s McCarty on Why Rates Are Not The Problem in Homeowners Market
Florida has not deregulated homeowners insurance rates as some wanted and the Office of Insurance Regulation has been busy handling insurer rates filings—more than 1,300 since last April. Since January, close to 400 requests have been filed, with about 225 of all different types and sizes approved. Insurance Journal’s Andy Simpson asked Florida Insurance Commissioner [...]
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When Main Street Met Washington
Earlier this month, more than 1,000 Main Street insurance agents from around the country descended on Washington D.C. to lobby their congressmen about key issues facing their businesses. Insurance Journal was invited to film two groups of agents – one from Mississippi, another from Connecticut – as they made the rounds on Capitol Hill to [...]
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P/C Insurers Eye Healthcare Reform Spillover Effects
The ongoing debate over health care reform in Congress is not just a concern to health insurers. Property/casualty insurers, too, are watching for any spillover effects from provisions that have been considered, according to Dr. Robert Hartwig, president and economist at the Insurance Information Institute.
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States, Insurers Grapple with Subsidized Property Insurance Markets
The exposure of various states’ residual markets for property insurance has grown from $55 billion to nearly $700 billion in the last two decades. Dr. Robert Hartwig, president and economist of the Insurance Information Institute, discusses how this has become a serious problem, particularly in Florida, for both public officials and private industry.
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Another Tort Crisis Is Coming, Warns P/C Insurance Economist
When Democrats took control of Congress, an era of tort reforms ended, according to Dr. Robert Hartwig, president and economist at the Insurance Information Institute. In this interview with Insurance Journal’s Andrew Simpson, Hartwig warns that as a result of current politics favoring trial attorneys, another tort crisis is on the horizon.
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Insurance Opportunities In the New Decade
The recession has taken its toll on many traditional businesses. But the good news is that, as these businesses recover along with the economy, there will also be opportunity for insurers to address the needs of some new growth industries over the next decade, according to Dr. Robert Hartwig, economist with the Insurance Information Institute. [...]
Featured
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Markets in Motion: Solar Manufacturer Warranties
The alternative energy market has many complicated angles to it, including solar warranties, which are essential to solar manufacturers as well as to the development and funding of solar projects.
According to Mike McMullen, president of PowerGuard Specialty Insurance Services, banks are hesitant to lend against some larger solar projects because of the severe credit [...] -
Excellent Claims Service when Clients Need it Most
Engle Martin & Associates is an independent adjusting firm providing claims services to the insurance industry. In this interview with Claims Journal, Susan Froman, Engle Martin’s Director of Sales, discusses the growth of the company and providing service to their clients when they need it most.
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‘Uncomfortable Change’ Paves Road to Perpetuation
Too often agency principals find themselves facing a forced sale as a result of not having a proper perpetuation plan. In this podcast, MarshBerry president John Wepler discusses the many difficult and “uncomfortable” decisions required of an owner seeking to properly–and profitably–perpetuate the firm. Listen to this frank conversation as John offers some good news: [...]
Popular
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Get Smart About Insuring Intellectual Property
The Internet makes it easier to get into business but it also makes it easier to steal others’ ideas. The Web is also expanding the notion of what materials, images and designs need to be protected. Intellectual property attorney David Branfman advises agents on questions to ask clients about intellectual property exposures and warns about [...]
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Risk Management’s a Priority for Moving Company
Moving companies face a number of exposures in their daily operations, including workers compensation, cargo, fleet and general liability. Priority Moving in San Diego, Calif. is no exception. A Wheaton Van Lines agent, Priority Moving has created a series of internal procedures, reinforced by a strong employee screening process and training program. Analytics software [...]
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Cyber Breaks, Insurance and Data Breach Response Advice
Stroz Friedberg is a consulting firm that does computer forensics, mobile phone forensics, electronic discovery and cyber crime response, operating at the intersection of law, technology and behavioral sciences. David Garrett, managing director of Stroz Friedberg’s San Francisco office, explains why clients may or may not have cyber risk insurance, whether those that have the [...]
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Helicopter Business Revolves Around Safety
Corporate Helicopters is a San Diego business focusing on charter, tours, aerial filming and helicopter sales. In this episode of Watching the Risks, Corporate Helicopters president Ivor Shier explains how looking through the lens of risk analysis from the formative years to the present has led to a safer company.
Random
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Elliott, Independent Agent
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ACORD/LOMA Interview with Bob Evans
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Inside IMCA Interview with Sheryl Feminis
Inside IMCA Interview with Sheryl Feminis at the 2005 Annual Meeting Communcation Roundup
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Greenberg Interview, Take 2: Contingent Commissions
The controversy over contingent commissions paid to brokers has been handled all wrong and
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