Florida Domestic Insurers Ready to Respond

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May 27, 2016, 09:21 ET

COLUMBUS, Ohio, May 27, 2016 /PRNewswire/ -- The 2016 hurricane season is upon us and Florida domestics are locked and loaded according to Joseph L. Petrelli, President, Demotech, Inc. "Never in the history of the State of Florida has the domestic market had more or better reinsurance protection. Carriers are purchasing protection at unprecedented levels to protect consumers from not only a large storm, but a series of storms," says Petrelli.

"Andrew hit in 1992, well before we were on the scene," noted Sharon Romano, CPCU, AIAF, CCP, ARC, Vice President, Demotech, Inc. "That single event resulted in the liquidation of twenty insurers. Today, the catastrophe models indicate that our requirements for reinsurance, as supported by the independent analysis of the reinsurance by the Office of Insurance Regulation, will protect consumers against a hurricane season as active as 2004 or 2005."

In addition to a review of horizontal and vertical reinsurance protection, carrier protocols for catastrophe claim responsiveness, disaster recovery and the utilization of independent adjusters have been reviewed by Demotech, Inc.

"No one wants to see Florida struck by a hurricane. No one knows when the next hurricane will make landfall. However, Florida's domestics are ready to respond," says Petrelli.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings^® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for more information.

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SOURCE Demotech, Inc.