Prestige Insurance Group, Inc.

Contact Us!
Phone: (305) 969-8745

Se Habla Espanol

Prestige Insurance Group, Inc.

HurricaneTALLAHASSEE, FL - Experts say forty percent of hurricane property damage comes from storm surge. That's one of the issues the Florida Commission on Hurricane Loss Projection Methodology has to consider when looking at hurricane models.

Hurricane models are computer models that look at property loss. They're what's used to develop insurance rates.

Jack Nicholson, the C.O.O. of Florida Hurricane Catastrophe Fund, says, insurance rates are dipping in Florida. He says, "That's mainly because of private re-insurance cost is coming down. A lot competition for rate return out in the financial market, and a lot of investors are interested in certain types of insurance links securities, catastrophe bonds, and things like that. These are based on insurance risks."

The committee met in Tallahassee Tuesday to review hurricane models to make sure they meet rigorous standards.

Recently passed legislation allows insurance companies to write flood insurance, therefore, now the committee is tasked with modeling flood standards.

Hugh Willoughby, a meteorology expert, says, "From the Galveston hurricane on, most of those disasters resulted in large loss of life rather than large property loss, with the exception of Katrina. Eighty percent of our flood losses come from hurricanes. That may give us a window into being able to do something that's worthwhile."

The flood standards do not have to be adopted until 2017. The committee's next meeting is January 29th.

Protect yourself against Mother Nature's fury. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami windstorm insurance.

(Article courtesy: Lanetra Bennett via WCTV)
Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

View Mobile Version
  • Travelers
  • Progressive
  • NFIP
  • Aflac
  • Chubb
  • Firemens Fund
  • Florida Blue
  • Foremost
  • Mercury
  • Mercury
  • MetLife
  • The Hartford
  • Prudential
  • Infinity
  • Chartis
  • National General
  • Hagerty
Our Locations
© Copyright 2018. All rights reserved. Powered by Insurance Website Builder