Florida insurance pressures continue after Nicole - Jacksonville Business Journal

CoreLogic, a property-information and analytics firm, released an early estimate Friday that said Nicole’s privately insured losses will be less than $750 million. The modeled estimate represented “gross” losses, which typically means insurance carriers would not face the full amount because they are partially shielded by backup coverage known as reinsurance.

While Nicole won’t cause as large of losses as Ian, Fitch Ratings on Friday released an analysis that pointed to the combination of the storms continuing to build pressure on Florida’s troubled property-insurance system. “Citizens and FHCF are obligated to levy emergency assessments or issue bonds if claims and reimbursements exceed liquid resources, including reserves and premium collections, until obligations are fully met,” Fitch said in the analysis posted on its website. “Even if FHCF and Citizens do not need to tap the market this year, they will have exhausted much of their liquidity, leaving them more likely to have to borrow in the future to rebuild liquidity.

The Legislature is expected to hold another special session in December that will include addressing property insurance. Incoming House Speaker, R-Palm Coast, told City & State Florida, a sister publication of The News Service of Florida, that he expects a “pretty robust special session on property insurance.”

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jacksonville airport still open despite Tropical Storm Nicole - Jacksonville Business JournalMany flights have been canceled or delayed, however.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

As housing prices rose, several Jacksonville neighborhoods switched to majority renters - Jacksonville Business JournalThe American dream of homeownership has been rehashed throughout the past decade, with more households renting than at any point in the last 55 years.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Best employers for veterans includes five Jacksonville companies - Jacksonville Business JournalTwo Jacksonville-based companies have been listed among Forbes magazine's America’s Best Employers for Veterans, with Military Times adding three more local employers to its list.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

As housing prices rose, several Jacksonville neighborhoods switched to majority renters - Jacksonville Business JournalThe American dream of homeownership has been rehashed throughout the past decade, with more households renting than at any point in the last 55 years.
Source: JaxBizJournal - 🏆 599. / 51 Read more »