Island’s re/insurers invited to get involved in Florida market
Members of the Florida House of Representatives invited the Bermuda reinsurance industry to get involved in the $3 trillion Florida insurance market this morning.
Representatives Bill Hager and Kevin Rader told attendees at the Insurance Day Summit Bermuda conference at the Fairmont Hamilton Princess that the state insurance system needs to change.
Rep Hager called that system 'dangerous', and said it has just $12 billion in capital against $17 billion in obligations. "That gets them through the first storm so the question is, what happens after that?"
Rep Hager said: "We want to move it away from the State of Florida and to the people in this room, who know how to manage risk much better than the State of Florida."
Rep Rader said: "We want you to deploy capital into Florida, but it needs your help by being active, having a voice and showing up."
He added: "These are complex issues most (House of Representatives) committee members don't understand we are dealing with members who don't understand. So it's important for the people in this room to get involved in Florida politics it will help your clients," he said, adding: "And because the politics can destroy a good bill in a couple of hours."