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Sam Miller Florida Insurance Council Executive Vice President July 18, 2012

2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session-. Sam Miller Florida Insurance Council Executive Vice President July 18, 2012. Insurance Positives Since Last Hurricane Landfall – Wilma, 2005.

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Sam Miller Florida Insurance Council Executive Vice President July 18, 2012

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  1. 2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam MillerFlorida Insurance CouncilExecutive Vice PresidentJuly 18, 2012

  2. Insurance Positives Since Last Hurricane Landfall – Wilma, 2005 • Florida Hurricane Catastrophe Fund in best financial shape ever • Citizens also with great liquidity, $19.5 B • Six years without a hurricane allowed cash to accumulate

  3. Insurance Positives Since Wilma, 2005 • Cat Fund - $8.6 B in cash • Possible pre-hurricane financing program – bonds,  other possibilities.

  4. Insurance Positives Since Wilma, 2005 • Citizens’ 2012 claims-paying ability: $19.5 B in total, maybe the most ever. • $5B in pre-event liquidity (this must be repaid) • $1.5 B in private reinsurance (a landmark development) • $6.9 B from the Cat Fund • Six years without a hurricane allowed cash to accumulate

  5. Insurance Positives Since Wilma, 2005 • Congress Extends for 6 Years National Flood Insurance Program – which covers storm surge and flooding. • Rates will go up.

  6. Insurance Positives Since Wilma, 2005 • Key Reforms in SB 408 from 2011 session. • Three-year limit on hurricane claims. • Installment payments on roof installation, other repairs. • Controls on public adjusters.

  7. Insurance Negatives Entering 2012 • Potential $1.8 B shortfall in Cat Fund • Assessments from Cat Fund & Citizens

  8. Insurance Negatives Entering 2012 • Citizens still growing and competing with private insurers. • Florida Supreme Court ruling striking public adjuster’s solicitation ban.

  9. Florida’s Three-Legged Stool • Emergency Management Community/State Division of Emergency Management/Florida Emergency Preparedness Association • Office of Insurance Regulation • Department of Financial Services • Florida Insurance Council, Insurance Information Institute, and Florida Association of Insurance Agents and other agents groups

  10. Partners in Recovery: Key Elements

  11. Partners In Recovery • Personal claims – key emergency management personnel • Assistance and expedited handling

  12. 2012 Hurricane Insurance Update Recharged “Partners in Recovery,” - FEPA Mid-Year Work Session- Sam MillerFlorida Insurance CouncilExecutive Vice PresidentJuly 18, 2012

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