Insurance Commissioner Talks Property Insurance Reforms and Cost Drivers

“We are going to… take whatever action is necessary to ensure that
Florida continues to be a viable place for businesses to flourish.”

-Insurance Commissioner Kevin McCarty

Florida Insurance Commissioner Kevin McCarty joins the Florida Chamber’s Bottom Line to discuss important insurance reforms, including workers’ comp, auto insurance fraud, assignment of benefits and flood insurance.

In order to help secure our state’s future, Commissioner McCarty understands data is a valuable tool in helping to arm leaders for the challenges ahead.

“Data is the key and we are going to get this from Citizens and we are also working with a number of our carriers that collect that data and we want to make sure that we provide the necessary information so that our lawmakers have informed decisions and we are going to help, and we appreciate the [Florida] Chamber’s leadership in this regard and look forward to working with you on this and any other issue [and] challenges to our state and to our economy.”

Register for the Florida Chamber’s Annual Insurance Summit

Join state business leaders, industry experts and elected officials as they discuss the challenges and opportunities facing Florida’s insurance industry at the Florida Chamber of Commerce’s Insurance Summit, held October 26-28 in Orlando.

Florida Chamber-Backed Property Insurance Reform Approved

The Florida State Board of Administration this week approved a Florida Chamber-backed effort to protect Floridians from future hurricane tax assessments. Governor Rick Scott, Attorney General Pam Bondi, and Chief Financial Officer Jeff Atwater approved giving the Florida Hurricane Catastrophe Fund (CAT Fund) authority to pursue transferring up to $2.2 billion in storm risk to global financial markets in an effort to prevent Floridians from paying future hurricane taxes.

“The Florida Chamber applauds the decision by the State Board of Administration to explore global financial markets to transfer risk from CAT Fund out of the state’s border,” said David Hart, Executive Vice President for the Florida Chamber. “While reinsurance rates are among the lowest in many years, and with the unpredictability of a looming hurricane season, the time to act is now.”

The Florida Chamber has long-advocated that homeowners should be provided with creative, market-based solutions to Florida’s natural disaster risks. Earlier this year, the state of Florida eliminated CAT Fund hurricane tax assessments on Floridians. Thanks to the State Board of Administration’s action this week, future storm risks may be transferred to the private reinsurance market and likely prevent Floridians from being assessed hurricane taxes in the future.

Watch Insurance Leaders Speak:

Watch Florida Insurance Commissioner Kevin McCarty, CFO Jeff Atwater and other insurance industry leaders speak at the Florida Chamber’s 2015 Insurance Summit by clicking here.