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Reinsurance Rates are Down – Why Not Premiums

In Florida, Hurricanes, Insurance on January 24, 2014 at 1:32

Florida Insurance Commissioner Kevin McCarty is completing a study to determine why property insurance premiums have not lowered along with reinsurance. The study is expected to be completed by January 15, 2014.  Jack Nicholson, the executive director of the Florida Hurricane Catastrophe Fund – said that the fund that has been created to provide insurance for insurance companies is nearly $10 .  So why all the rate hikes?

The fact is that reinsurance costs have dropped noticeably – from 15 to 20% on average.  McCarty did say that some insurer have suggested a reduced rate is coming, and noted some of the differences in the rate structure.

We look forward to the results of the study.

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