FAIR insurance plan rate increase rejected

Published - 05/14/2012 12:00 AM

Massachusetts has rejected a proposed rake hike for home insurance policies under a plan used by consumers who couldn't get insurance otherwise, and rates will stay in place. Last November, the Massachusetts Property Insurance Underwriters Association (MPIUA) proposed a 6.7 percent increase on the Cape and Islands, and 9.9 ... 

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Industry Fights for Long-Term NFIP Extension at Senate Hearing

Published - 05/10/2012 12:00 AM

As another deadline approaches for the National Flood Insurance Program, advocacy groups are taking to Capitol Hill this week as Democrats and Republicans attempt to put together an amicable long-term extension before May 31. Leading the way on Capitol Hill are the Property Casualty Insurers Association of America ... 

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Fla. hurricane insurance fund may not cover needs

Published - 05/10/2012 12:00 AM

Associated Press - Florida may not have enough money to pay off hurricane insurance claims if a big storm hits this year. An advisory panel on Thursday concluded that the state may fall nearly $2 billion short of the total needed to cover all of its obligations and is ... 

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U.S. flood insurance debate resumes as deadline nears

Published - 05/06/2012 12:00 AM

(Reuters) - Federal officials are putting fresh pressure on Congress to take action on the National Flood Insurance Program, whose authorization expires at the end of this month, one day before hurricane season begins. The NFIP has been a political football in Washington for years, particularly because of the ... 

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Price hike expected for flood insurance

Published - 05/03/2012 12:00 AM

WASHINGTON – The National Flood Insurance Program, the only source of coverage for 2.1 million Florida households, will raise its rates by an average of 5 percent in October and maybe as much as 20 percent in high-risk areas over the next few years. Federal officials also have told ... 

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Flood insurance debate resumes as deadline nears

Published - 05/02/2012 12:00 AM

(Reuters) - Federal officials are putting fresh pressure on Congress to take action on the National Flood Insurance Program, whose authorization expires at the end of this month, one day before hurricane season begins. The NFIP has been a political football in Washington for years, particularly because of the ... 

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The Latest Evidence of a Hardening P&C Market

Published - 05/01/2012 12:00 AM

Record-setting catastrophe losses from 2011 are contributing to a hardening property/casualty market, according to the latest market update from Lockton. The 2012 Lockton Market Update predicts that CFOs and risk managers are going to face a difficult pricing environment in coming months as prices for many risks are flat ... 

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Florida Citizens eyes bumper catastrophe bond

Published - 04/30/2012 12:00 AM

LONDON (Reuters) - The state-backed Florida Citizens Property Insurance Corporation is set to raise $750 million of hurricane protection through a sale of catastrophe bonds, more than three times the original target, market sources said. The bond, issued through Forida Citizens' Everglades Re vehicle, had been expected to raise ... 

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