Insurance commissioner thanks governor for budget focus

Insurance commissioner thanks governor for budget focus | Insurance Business America

Property

Insurance commissioner thanks governor for budget focus

Agency breaks down allotments and purpose

Property

By
Terry Gangcuangco

Florida Insurance Commissioner Michael Yaworsky (pictured) has expressed strong support for Governor Ron DeSantis’ 2024-2025 “Focus on Florida’s Future” budget, highlighting its benefits for the state’s insurance sector.

“Governor DeSantis’ budget strengthens the Florida Office of Insurance Regulation’s (OIR) ability to protect consumers and foster a market where insurance products are reliable, available, and affordable for Floridians,” asserted Yaworsky, referring to the budget that is allocating over $237 million to enhance Florida’s residential home mitigation programs.

He went on to note: “OIR is a national leader in identifying market trends and taking bold action because we collect more data about our insurance market than any other state or regulatory entity.

Elements of the budget also include $1.1 million to enhance OIR’s data collection related to the state’s property insurance market and $675,000 for contracting independent reinsurance and mitigation research experts to improve OIR’s review processes and recommend new tools for hurricane property mitigation.

Meanwhile, $500,000 will go towards examining the impact of substantial improvement periods on community rating system discounts and insurance rates; $475,000 to hiring a reinsurance expert to analyze reinsurance cycles and their effects on property insurance rates; and $200,000 to identifying other mitigation measures offering insurance premium discounts to homeowners.

Additionally, the budget provides a $6 million increase for Florida International University to enhance the Florida Public Hurricane Loss Model. The upgrade aims to improve geographic assessments and include previously unconsidered perils.

What do you think about this story? Share your thoughts in the comments below.