Omar Hasan, CPCU

The FL Office of Insurance Regulation (FLOIR) issued an update on what it sees as the “continued strengthening of FL’s property and casualty insurance market.” Notably, the FLOIR update states that “rate filings for 2024 show a slight trend downward for the first time in years, indicating stabilization of the property insurance market." The FLOIR says this is as a result of “the continued prioritization of meaningful reforms to FL’s property insurance market.” Performance has been more stable, with some insurers reporting profits for the first time in years.  

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BMS Group Tropical Update 10/10/2024  Hurricane Milton’s landfall near Siesta Key, Sarasota, represents a significant event in Florida’s history with major storms. As the 44th major hurricane to strike the state since 1851, #Milton demystified the local belief that Sarasota is protected by Native American burial grounds. Notably, this is the first direct hurricane impact on Sarasota since record-keeping began. With winds reaching 120 mph and a pressure of 954 mb, Milton became the fifth Gulf Coast hurricane to make landfall this year, three of which struck Florida. This year’s heightened hurricane activity continues to contrast sharply with the period from 2006 to 2017 when no major storms made landfall in the Gulf. The rapid succession of two major hurricanes in Florida, the shortest gap since 1950, highlights the growing risks the region faces. While Tampa narrowly escaped the worst of Milton's wrath, Sarasota and surrounding areas faced significant impacts. Preliminary assessments suggest that Milton could be the most severe hurricane to hit the Tampa Bay area in decades, possibly prompting the insurance industry to reevaluate its strategies for addressing such “Gray Swan” events. Despite many buildings adhering to Florida's stringent wind design codes, older structures remain vulnerable, and power outages across the region have raised concerns about the extent of storm-related damage. In addition to the hurricane's direct effects, Milton spawned over 45 preliminary tornadoes, making it one of the most prolific tornado-producing storms in the state's history. The insurance industry will closely monitor the situation as damage reports unfold, especially with the threat of additional tropical activity as the hurricane season progresses, which we will look at with this BMS Tropical Update. #TropicalUpdate #HurricaneSeason #Insurance #Reinsurance If you want more details on the specific impacts on the insurance industry, please click the link below. https://lnkd.in/g7fn-Ywa Below is the latest BMS iVision Verisk Respond 3-second wind gust product. This product helps clients better understand aspects of damage, such as areas with the highest wind gusts. However, there is much more. Other wind products, like the duration of winds and severe weather elements like extreme rainfall and tornado swaths from Canopy Weather, are also provided and shown. 

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Attention, South Carolina and North Carolina agents! 🚨 Parametric insurance offers an effective solution for the non-transferred risks addressing hurricane exposures with swift, data-driven payouts. This approach can provide added resilience where traditional policies may fall short, especially for high-exposure projects that need immediate financial support in the event of a trigger.

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As Florida's insurance market trys to find it's footing, Excess & Surplus lines insurance carriers/markets continue to increase their market share in the sunshine state.

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In 2023, Florida saw a significant surge in both the admitted and surplus lines' commercial insurance markets, with premiums jumping over 42%. This growth highlights the market's resilience amidst rising litigation costs, which hit a record $3.5 billion. Notably, high-value commercial policies saw a 72% increase in demand. The surge in litigation was influenced by a rush of lawsuits before recent tort reforms. Despite these challenges, the market continues to adapt and expand. #Florida #InsuranceNews https://lnkd.in/gwMhGhJi

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As Insurance Professionals, we regularly hear Clients and Prospects (or family members at Thanksgiving) complain about the Insurance companies penchant for settling 'meritless claims' in Georgia. Most business owners I meet with can point to one claim that's the direct result of the Insurance Carrier 'folding and not having the resolve to fight for my business'. While a truly horrific tragedy, this judgement against the City of Milton and many others are why Insurance Carriers continue to write seemingly head scratching figure settlement checks or have stopped writing business in our state all together. Tort Reform is a complex issue and I'm not absolving our Industry of any blame here. However, I'd encourage everyone to read the below Judicial Hellhole article and the specific statues, Case Law, and other contributing factors like litigation financing referenced for why Georgia was named the 'worst Judicial hellhole' in the country. (yes, that includes NY and CA if your Uncle asks on Thursday) Similarly to other complex issues....following the $ is also enlightening. https://lnkd.in/egnUmQgF https://lnkd.in/ed3yyZV8

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https://lnkd.in/eefpxGH7 Property Insurance costs and special assessments for the new condo laws for structural issues and the financials are causing a lot of condo HURT! 1K/month in special assessments or more is now fairly normal and expected, but it does not mean everyone can afford what is happening to them. Now the State if Florida Tallahassee idiots are looking to find another solution as the deadline is 12/31/2024 which is now just around the corner. Who will have to pay to fix a building that was not well maintained, and the financials were also poorly maintained. It is not my problem, but what will the Legislators do and who will they put the burden on, all of this absolutely affect the availability of Property Insurance carriers and the rates they charge so get educated. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyer's or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon live or by Zoom. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day. #CondoIssues #Associationissues #CondoFinancials #FloridaInsurance #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandcasualtyInsurance #YourInsuranceConsultant

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https://lnkd.in/eefpxGH7 Property Insurance costs and special assessments for the new condo laws for structural issues and the financials are causing a lot of condo HURT! 1K/month in special assessments or more is now fairly normal and expected, but it does not mean everyone can afford what is happening to them. Now the State if Florida Tallahassee idiots are looking to find another solution as the deadline is 12/31/2024 which is now just around the corner. Who will have to pay to fix a building that was not well maintained, and the financials were also poorly maintained. It is not my problem, but what will the Legislators do and who will they put the burden on, all of this absolutely affect the availability of Property Insurance carriers and the rates they charge so get educated. Please let Lee, your insurance consultant, educate you, your team of realtors, 1st time Homebuyer's or HOA's at an upcoming team meeting or educational class. Please call me at 954-270-7966 or email me at [email protected] to schedule a class soon live or by Zoom. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day. #CondoIssues #Associationissues #CondoFinancials #FloridaInsurance #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandcasualtyInsurance #YourInsuranceConsultant

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https://lnkd.in/e_EGaJTN The new property bill has not helped this scenario w/ premium reductions till later this year & into 2025 at the earliest!! More than likely rates are never coming down until Reinsurance & The roof problem is resolved. A national Bill was even tried and still no success, but they do seem to have leveled off. Average Florida Home Insurance Premiums are $5500 Statewide, $10,500 in S. Florida & the average Condo policy in S. Florida is now 3K annually. Litigation is the blame & it must be controlled, or rates will continue to increase 20% annually. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyers or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day, #insurance #homebuyers #realtors #litigation #floridainsurance #litigationmanagement #claimsmanagement #premiumincreases #rateincreases #tallahassee #homeownersinsurance #homeinsurance #codoinsurance #propertyandcasualtyinsurance #yourinsuranceconsultant

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https://lnkd.in/e_EGaJTN The new property bill has not helped this scenario w/ premium reductions till later this year & into 2025 at the earliest!! More than likely rates are never coming down until Reinsurance & The roof problem is resolved. A national Bill was even tried and still no success, but they do seem to have leveled off. Average Florida Home Insurance Premiums are $5500 Statewide, $10,500 in S. Florida & the average Condo policy in S. Florida is now 3K annually. Litigation is the blame & it must be controlled, or rates will continue to increase 20% annually. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyers or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day, #insurance #homebuyers #realtors #litigation #floridainsurance #litigationmanagement #claimsmanagement #premiumincreases #rateincreases #tallahassee #homeownersinsurance #homeinsurance #codoinsurance #propertyandcasualtyinsurance #yourinsuranceconsultant

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https://lnkd.in/eBVw-Evw What a shocker, NOT!!! A Public adjustor causing more crime than they are already due to most consumers and the Florida Property Insurance marketplace. Florida Is a hole filled w/ Fraudulent adjustors, Lawyers who sure for everything and go way overboard on the claims they present. Trial Lawyers have become Billionaires as most consumers struggle to get their home back to the way it was before the claim. Florida does not do anywhere enough to control Insurance Fraud. If we did a better Job, we would not have 80% of the countries Insurance Fraud & Litigation so we all suffer w/ Higher premiums. This makes it a tough world to get your clients to the closing table for realtors which is why I am here to help.  Please let Lee the IG educate you, your team of realtors, 1st time Homebuyer's or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon live or by Zoom. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day! #Frauddetection #FraudPrevention #PublicAdjustors #FloridaInsurance #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandCasualtyInsurance #YourInsuranceConsultant

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https://lnkd.in/eBVw-Evw What a shocker, NOT!!! A Public adjustor causing more crime than they are already due to most consumers and the Florida Property Insurance marketplace. Florida Is a hole filled w/ Fraudulent adjustors, Lawyers who sure for everything and go way overboard on the claims they present. Trial Lawyers have become Billionaires as most consumers struggle to get their home back to the way it was before the claim. Florida does not do anywhere enough to control Insurance Fraud. If we did a better Job, we would not have 80% of the countries Insurance Fraud & Litigation so we all suffer w/ Higher premiums. This makes it a tough world to get your clients to the closing table for realtors which is why I am here to help. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyer's or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon live or by Zoom. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day! #Frauddetection #FraudPrevention #PublicAdjustors #FloridaInsurance #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandCasualtyInsurance #YourInsuranceConsultant

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Property Insurance claims from Hurricane Milton have surged, surpassing 150,000 by Tuesday, with estimated insured losses of $1.9 billion, as reported by the Florida Office of Insurance Regulation. Hurricane Milton is projected to have a substantial effect on reinsurers, potentially resulting in reinsurance price hikes and reversing the price stability seen during the mid-year 2024 reinsurance renewal season. Moody’s RMS has forecasted that combined insured losses from Milton and Helene could reach between $35 billion and $55 billion. https://lnkd.in/dDpR-9Hm #Insurance #HurricaneMilton #Reinsurance #NaturalDisasters

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In this week's news will talk about how Heritage Insurance reopens doors to Florida homeowners, Progressive sees doubling of losses in property segment, and much more… Read more here ➡️ https://lnkd.in/eXidrSEy #COVU #COVUNews #insurance #insuranceagency #insuranceindustry #blog #news #business

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https://lnkd.in/ebwaTPmU That is just Milton and just 1 carrier who may still be ok after it is settled? There is about 100 million over all from all 3 storms, but no one is counting Insurance Fraud, Litigation & Public adjusters and the trouble they bring. Total damages from all 3 storms so far this year is expected to hit 50 billion, but much of it is Flood/seepage which is not covered unless you have a flood policy. That was only 25% or less of the flood claims. Those people get SBA loans from FEMA if they really want another mortgage. Realtors do not understand this issue and that can cause problems at the closing table, so education is truly needed, and I am here to help. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyers or HOA's at an upcoming team meeting or educational class. Please call me at 954-270-7966 or email me at [email protected] to schedule a class soon live or by Zoom. My cell is always on at 954-270-7966. Our quotes are always done in 1 business day. Let Lee your insurance consultant help you and your clients. #HeritageInsurance #FloridaInsurance #Claims #Fraud #Litigation #HomeownersInsurance #HomeInsurance #CondoInsurance #PremiumIncreases #RateIncreases #SouthFloridaRealEstate #PropertyandCasualtyInsurance #YourInsuranceConsultant

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#InsuranceNation #commercialinsurance #independentagency #contactustoday Industries most affected by first-year injuries: Restaurant and construction workers comprise 52% and 44% of claims, respectively. Transportation and retail workers comprise 39% of claims each. Services and wholesale workers comprise 35% of claims each. Manufacturing workers comprise 30% of claims.

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https://lnkd.in/en3FbPBE Litigation has fallen for sure, but just the amount of the claims as Lawyers do not receive as much. Depopulation is working and the carriers are getting healthy, but 10 years of being in the red will not go away that quickly. Do not expect rate decreases unless more is done in Tallahassee. At this point we would still just be happy w/ more carrier availability which is still not even there yet. Please let Lee the IG educate you, your team of realtors, 1st time Homebuyers or HOA's at an upcoming team meeting or educational class. Please call me at 833-USAssure or email me at [email protected] to schedule a class soon live or by Zoom. MY cell is always on at 954-270-7966 as well. Our quotes are always done in 1 business day. hashtag hashtag #litigationmanagement hashtag hashtag #claimsmanagement hashtag hashtag #floridainsurance hashtag hashtag #florida hashtag hashtag #homeownersinsurance hashtag hashtag #homeinsurance hashtag hashtag #condoinsurance hashtag hashtag #premiumincreases hashtag hashtag #rateincreases hashtag hashtag #southfloridarealestate hashtag hashtag #propertyandcasualtyinsurance hashtag hashtag #yourinsuranceconsultant

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