Homeowners' insurance
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The investment firm’s holdings were down to $59mn at the end of Q4. -
The insurer is seeking a 22% interim raise, but the request is currently on hold.
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Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
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The insurance commissioner said the carrier has not shown the need for price increases.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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Democrats pushed back during the hearing, urging rules to encourage mitigation.
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The carrier has been reducing its presence in the state since 2007.
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The company says the recent wildfires will be the costliest in its history.
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The new Floridian carrier plans to write homeowners’ insurance in Q1.
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Commissioner Lara said 31,000 claims have been filed for disaster-related needs.
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The company received over 10,100 home and auto claims as of January 27.
