Regulators discuss risk complexity
The Insurance Commissioner for the Florida Office of Insurance Regulation, David Altmaier, joined other regulatory experts from around the world on a Bermuda Risk Summit panel discussing how they balance financial stability and policyholder protection with fit-for-purpose regulation and supervision.
He is only one of many Floridians considering solutions to a number of local issues, not the least of which is rising anger among homeowners about the cost of their insurance.
Lawmakers in the sunshine state just adjourned their legislative session in Tallahassee on Friday without agreeing to a legislative solution to address high property premiums that continue to rise.
But they may be called back for a special session of the legislature with Florida rates expected to continue to rise in the years ahead - rates that are already almost twice as high as in some other parts of the United States.
Some property owners, already stretched to pay annual premiums, are now seeing a doubling of the rate.
Statewide, premiums have risen on average nearly 25 per cent this year alone, according to the Insurance Information Institute.
The Institute also reported that Florida insurers had a combined $1.6 billion in underwriting losses in 2021.
But Altmaier, in Bermuda for the industry discussions, referenced other key issues for Florida homeowners, because of terrain susceptible to wildfires, flooding, tornadoes and hurricanes.