Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report.
The annual Reinsurance Data Call conducted by OIR is part of its efforts to routinely monitor the financial strength of Florida property insurance companies. In an effort to “bolster consumer confidence levels,” Florida Chief Financial Officer Jeff Atwater asked Florida Insurance Commissioner Kevin McCarty to strengthen the financial stress tests insurers in the state are put through and to share the results with Florida’s policyholders, a statement from Atwater’s office said.
OIR released its findings this month in its “2015 Report of the Catastrophe Stress Test.”
“Florida has the unique characteristic of having the largest exposure to catastrophic hurricane risk of any state in the U.S. This characteristic puts Florida’s property insurance companies at a heightened level of risk and requires that Florida insurance regulators take a more in-depth look at the financial condition of insurance companies in this context,” the report said.
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http://www.insurancejournal.com/news/southeast/2015/10/29/386784.htm
