Devoted to the Insurance industry and all thing related

A recent article on Insurance News Net talked about a statewide Florida property insurance poll conducted by The Property Casualty Insurers Association of America (PCI) indicated that many Floridians are tired of the “quick fixes” and want more long-term solutions.  

According to the poll “homeowners insurance reform remains a top priority for Floridians and voters want the Legislature to revisit the changes made to the property insurance system in 2007.”  The apparent “quick fixes” applied in the past are not up to par according to the poll.  The CEO and president of PCI commented during a meeting about the poll “Any realistic long-term solution needs to include the private market.  The state and federal government can and should pay important roles, but government cannot solve the problem on its own.”

PCI has issued a list of recommendations to improve the property insurance climate in Florida, which in part include:

“Fostering a more robust catastrophe bond market; providing guaranteed low interest loans to policyholders who opt to purchase high deductible policies; providing financial assistance to low income consumers; changes in the federal tax code to allow insurers to build catastrophe reserves on a tax free basis, and the creation of a well-structured public/private partnership between insurers and the state and federal government to provide liquidity in the event of catastrophic loss.”