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Press Release

Office's Catastrophe Stress Test Shows Resilience of Florida's Property Insurance Companies
Monday, October 26, 2015
Contact Info:

Amy Bogner
(850) 413-2515
Press@floir.com            

TALLAHASSEE, Fla. -- The Florida Office of Insurance Regulation (Office) has completed its Catastrophe Stress Test to review the adequacy of reinsurance, capital and surplus of Florida-based property insurance companies. In its third year, the Catastrophe Stress test demonstrated that the Florida property insurance market can withstand significant catastrophic losses.

In consultation with Chief Financial Officer Jeff Atwater, the Catastrophe Stress Test was enhanced to produce a more robust and strenuous testing process giving consumers the benefit of a new public report which reveals more information about the companies providing their homeowners coverage. It also highlights one of the many ways the Office monitors the property insurance companies who operate in Florida throughout the year.

“Florida’s insurance companies have benefitted from an influx of capital into the reinsurance market, which has allowed them to lower rates, boost surplus and protect against catastrophes.  Floridians should have confidence not only in the results of this year’s Catastrophe Stress Test, but also in the development of this tool to assess the risk of hurricanes,” stated Kevin M. McCarty, Florida’s Insurance Commissioner. “I appreciate Chief Financial Officer Jeff Atwater’s efforts to bring greater transparency to this very important public policy issue.”

The Catastrophe Stress Test Report can be accessed at: http://floir.com/Sections/PandC/prepared.aspx.​ 

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Contact Info:

Amy Bogner
(850) 413-2515
Press@floir.com            

About the Florida Office of Insurance Regulation        
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit
www.floir.com or follow us on Twitter @FLOIR_comm and Facebook.

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