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As Irma Moves Out, Insurance Claims Come Rolling In

As Irma Moves Out, Insurance Claims Come Rolling In”

"The abundance of capacity in the Florida property catastrophe market that over the past five years, despite a decline in rate-on-line driven by a benign loss environment and alternative capital providers, will be tested by Hurricane Irma", the Oldwick, New Jersey-based rating agency said in its briefing. Governor Scott made it clear that his expectation for Florida's insurance companies is to expeditiously respond to policyholders' needs and to treat families fairly.

"Due to the devastating effects of Hurricane Irma, Floridians should be focused on getting back to their normal lives without their insurance premiums being increased", Scott said in a written statement.

According to a new Best briefing, "Hurricane Irma's Potential Impact on Catastrophe Bonds Exposed to Florida", this includes potential exposure to catastrophe bonds sponsored by Florida-domiciled insurers, Florida-only subsidiaries of major writers, reinsurers and national primary carriers now face Hurricane Irma losses.

"Many Floridians were displaced during this unsafe storm, and providing additional time to submit information to insurance companies gives them needed flexibility", Scott said.

The release also included direction given by the governor to Insurance Commissioner David Altmaier.

"The hotline is "ideal for consumers who want help reaching their insurance company, understanding their coverage, and want general help in knowing what to do next and how filing a claim works, etc., " said Miller".

Provide an additional 90 days to policyholders to supply required information to their insurance company.

The consumer hotline service is free and can be reached toll free at: 1-877-693-5236.

The governor's office directed policyholders to an Irma resources webpage, www.myfloridacfo.com, and to additional storm-related materials on the insurance office's webpage here.



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