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A 6.4 magnitude earthquake started out near the coast at 05:30 ET. -
Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.
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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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As Trading Risk welcomed ILS market leaders to its Monte Carlo roundtable, there were already headwinds challenging the asset class even before the late September landfall of Hurricane Ian in Florida.
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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
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The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
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The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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Swiss Re said a loss-heavy 2022 adds to a continuation of elevated cat losses that started in 2017, after a benign period from 2012 to 2016.
