Florida insurance news

Here are some recent news articles and updates related to insurance in Florida:

Hurricane Season Updates

• Florida Insurance Commissioner David Altmaier has announced that the state's Citizens Property Insurance Corporation will not increase rates for the upcoming hurricane season. (Source: Florida Politics)
• The National Hurricane Center has predicted a 60% chance of an above-normal hurricane season, which could lead to increased insurance claims and rates. (Source: Insurance Journal)

Insurance Rate Hikes

• Florida regulators have approved a 14.5% rate hike for homeowners insurance company, Universal Property & Casualty Insurance Company. (Source: Insurance Business America)
• State Farm Florida has requested a 10.4% rate hike for its homeowners insurance policies, citing increased claims costs and reinsurance expenses. (Source: Florida Politics)

Citizens Property Insurance Corporation

• Citizens Property Insurance Corporation has reported a significant increase in new policies written in the first half of 2022, driven by rising rates and a desire for more affordable coverage. (Source: Insurance Journal)
• The Florida Legislature has approved a bill aimed at reforming Citizens Property Insurance Corporation, including measures to increase rates and reduce the number of policies written. (Source: Florida Politics)

Insurance Company Mergers and Acquisitions

• Universal Property & Casualty Insurance Company has acquired the personal lines business of Florida-based insurance company, Heritage Property & Casualty Insurance Company. (Source: Insurance Business America)
• Tower Hill Insurance Group has acquired the personal lines business of Florida-based insurance company, Heritage Insurance Holdings. (Source: Insurance Journal)

Insurance Regulation and Reform

• Florida Governor Ron DeSantis has signed a bill aimed at reducing insurance rates and increasing competition in the state's insurance market. (Source: Florida Politics)
• The Florida Office of Insurance Regulation has proposed new rules aimed at improving the state's insurance market, including measures to increase transparency and accountability. (Source: Insurance Journal)

Other Insurance News

• A new report from the Florida Department of Financial Services has found that the state's insurance industry generated $14.4 billion in economic activity in 2020. (Source: Florida Politics)
• A study by the Insurance Information Institute has found that Florida has the highest percentage of households with flood insurance in the United States. (Source: Insurance Journal)