Orlando, Florida
The Florida Office of Insurance Regulation yesterday hosted a Public Symposium to generate reasonable ideas and solid recommendations for stabilizing, improving and growing the private Property Insurance marketplace in the State of Florida.
Entitled “Moving the Market Forward,” the Symposium was held concurrently with the National Association of Insurance Commissioner’s (NAIC) Fall National Meeting with the intent of bringing together thought leaders from the academic community as well as those directly involved in the underwriting and financing of catastrophic risk in Florida.
Dr. Ray Spudeck of Spudeck Consulting, LLC coordinated the meeting with Florida OIR Commissioner Kevin M. McCarty to examine the current state of and outlook for the residential and commercial property insurance markets in the state. “In light of the property insurance crisis that Florida has experienced in recent years, regulators, industry and academia must come together to identify appropriate solutions to ensure not only the solvency of companies participating in the market but also broad and affordable access for Florida consumers,” said Dr. Spudeck.
The Symposium included special sessions to address topical areas including Rates, Rating Laws and the Insurance Contract; Reinsurance Capacity, Stability and Alternative Risk Transfer Techniques; Role of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance and; The State and Outlook for the Residential and Commercial Property Insurance Markets.
In his opening remarks, Commissioner McCarty noted, “Florida’s property insurance market is wholly unique and adequately calculating and addressing the catastrophe risk each property insurer has in this state is challenging. Efforts to ensure a robust and stable private insurance marketplace are my number one priority.”
Recommendations identified in the Moving the Market Forward Symposium will be issued in a report authored by Dr. Spudeck for the OIR.
