Homeowners' insurance
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The carrier has been reducing its presence in the state since 2007. -
The company says the recent wildfires will be the costliest in its history.
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The new Floridian carrier plans to write homeowners’ insurance in Q1.
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Commissioner Lara said 31,000 claims have been filed for disaster-related needs.
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The company received over 10,100 home and auto claims as of January 27.
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The bill would put new restrictions on bad faith claims, close loopholes.
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The homeowners’ carrier has secured Floir approval.
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The laws mandating payments were enacted after devastating fires in 2018.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The fire started Wednesday morning and is currently 0% contained.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
Related
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Reductions in property rates expected to slow going into 2026: RPS
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Average annual insured property loss rises to $152bn: Verisk
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