Good news for Florida insurers: If the next "big storm" were to hit this season, they'd be ready.
In conjunction with its Annual Reinsurance Data Call, the Florida Office of Insurance Regulation (FOIR) conducted a Catastrophe Stress Test on 67 insurance companies, which evaluates the companies' ability to absorb specified hurricane scenarios. According to FOIR, the reinsurance data call tests whether an insurance company can withstand a 1-in-100 year storm, and the stress test determines how much a particular hurricane would affect the insurance company's capital and surplus.
FOIR conducts the Annual Reinsurance Data Call for companies writing property insurance in the state to test the sufficiency of the resinsurance and capital available to pay claims. This year, 112 companies participated and provided information about their capital and surplus, reinsurance purchased and other financial information.
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