Florida Committee Moves Bill to Increase Citizens’ Coverage Cap

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January 18, 2024

The Florida Senate Banking and Insurance Committee has advanced a measure that would increase the maximum dwelling replacement value for homes covered by Citizens Property Insurance Corp. to $1 million from the current $700,000.

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Gallagher Re: Insured Losses from Natural Catastrophes Estimated at $123 Billion

In 2023, the estimated total economic costs of direct physical damage and net-loss business interruption from global natural perils was $357 billion. The private insurance market and public insurance entities covered an estimated $123 billion of that total.

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Inflation Boosts US P/C Insurers’ Reserve Risk in Casualty Lines

Fitch Ratings expects the U.S. property casualty insurance (p/c) industry to generate modest underwriting improvement in 2024, following poor auto insurance results and inordinate catastrophe losses in 2023.

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New York Regulator Issues Proposed Regulations on Insurers Using AI

The New York Department of Financial Services has issued a circular letter setting expectations that any insurer using artificial intelligence systems must be able to establish those systems do not use data that could produce discriminatory outcomes.

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Liberty Mutual Insurance Launches New Management Liability Package

Liberty Mutual announced the launch of ProShield, a packaged solution providing private companies and non-profits streamlined access to Directors & Officers, Employment Practices Liability, Fiduciary and Crime coverages, and the appointment of Brent Tan as Senior Director, Financial Lines Underwriting.

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