(as of September 28, 2004)
ESTIMATED INSURED DAMAGES
(Estimates based on data call through the Office of Insurance Regulation)
Charley: $6.5 Billion
Hurricane Frances: $3 Billion
Hurricane Ivan: $1 to $3 Billion
Claims filed to date: More than 1 million (one in every five homes damaged).
Expect as many as 2 million claims to be paid out.
Hurricane Jeanne: $4 to $8 Billion (Industry estimates)
OF FLORIDA HURRICANE CATASTROPHE FUND
Hurricane Catastrophe Fund (Cat Fund) provides reinsurance to insurance
companies writing homeowners coverage in Florida. It was created after
Hurricane Andrew to ensure companies could quickly pay claims after a major
hurricane and still have the ability to write coverage. The Cat Fund also
offsets rising homeowners’ premiums because insurance companies are purchasing
reinsurance at significantly lower prices than what is available in the private
Fund currently provides $15 billion of capacity, or reinsurance. It has a
current cash balance of $5.6 billion and is expected to make all payments for
reinsured losses from the recent back-to-back storms with available cash.
OF CITIZENS PROPERTY INSURANCE CORPORATION
Property Insurance Corporation, Florida’s unique insurer of last resort for
consumers unable to obtain property insurance coverage from the private market,
was created by the Florida Legislature just two years ago to achieve tax savings
($300 million to date) and enhance consumers’ access to comprehensive coverage.
Citizens currently provides coverage for 815,000 policyholders.
To date, approximately 78,000 claims from the recent storms have been filed
totaling more than $1.8 billion. Until we know the extent of damage and
claims from all four storms, it is impossible to determine the financial impact
to Citizens and Florida policyholders in general. However, we do expect claims
to be paid in a timely, efficient manner.
ACTIONS TAKEN TO HELP CONSUMERS
Instituted a moratorium on insurance companies canceling or non-renewing
homeowners during hurricane season or because they have filed a storm claim.
Working with insurance companies and policyholders to resolve cases
involving multiple deductibles.
a 10 percent cap on what public adjusters can collect on a homeowner’s
insurance claim and prohibited them from charging fees up front.
Required Florida’s health insurers and HMOs to waive restrictions on
prescription refills to enable citizens to fill prescriptions in advance.
banks and credit unions to expedite loan applications, eliminate late fees
on loans and waive ATM and check-cashing fees for storm victims.
Mediation centers will soon be open in key areas to ensure consumers have a
program in place, at no charge to them, to quickly and fairly resolve claim
August 13, the day Hurricane Charley made landfall, the department has
received more than 40,000 calls and is currently working on nearly 11,000
consumer requests for assistance.
each storm, mobile response units were deployed to impacted areas and mobile
command centers were up and running within 72 hours of landfall.
than 150 department employees are in the field providing insurance help,
with the assistance of 30 insurance experts from eight other states.
are 35,000 adjusters now working storm claims. Of this number, 11,000
emergency adjuster licenses were issued to expedite the payment of insurance
RESPONSE (FIRE MARSHAL/FRAUD)
Coordinated 230 search and rescue missions –mobilizing more than 400 local
Cleared access routes to help emergency responders get into damaged areas.
Provided law enforcement to prevent looting and other crimes associated with
natural disasters, including insurance scams and price gouging.
arrests to date of unlicensed adjusters.