FEPA Brooke Kelley-Hunt PCI Director, Public Affairs 1
Property Casualty Insurers Association of America (PCI) Represents nearly 1,000 insurance companies across the country Regional offices located across the country including Tallahassee Consumer preparation is very important to our members PCI s Goal: Help improve the financial literacy of the people who live in your communities and ensure they ready for any natural disaster- Hurricane, Flooding, Wildfire, or Tornado PCI joined Partners in Recovery in Florida-A key partnership with emergency management community, insurance regulators and insurance community 2
Partners in Recovery-Established 20 Years Ago Mission: Work with you and other emergency officials to allow insurance adjusters into the field following a major event Important for us to begin the recovery process and settle claims quickly 3
History: Partners in Recovery Former DEM Director Joe Myers, helped jump start Partners in Recovery with the Florida Insurance Council in 1996 after Hurricane Opal Insurance can help in the rebuilding process Insurers have a seat the Recovery Desk at State EOC, SERT badges are issued following an event to allow insurance adjusters into the field after deemed safe, & insurance helicopter flyovers to see damages Insurance villages are set up, work with FEPA to expedite claims process, work with Office of Insurance Regulation to resolve insurance emergencies in your areas. 4
2004 Hurricane Season Hurricane Charley- 475,000 claims filed And $8.9 Billion in Insured losses Remember Hurricane Charley-Damage it caused as well as Hurricane Ivan, or Frances or any of the other hurricanes in 04-05 Insurers helped to rebuild communities-but there are some people that didn t have adequate-people you know-people in your community-maybe it was you! 5
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Consumer Education 7
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More Partnerships Industry is a resource to the people living in your communities What You Can Do? You Don t Know What Mother Nature Will Bring But You Can Prepare! Communication Before, During & After an Event Insurance Adjuster Access Support Use of Technology Drones Support Financial Preparedness Education Wildfire Hurricane Hail/Winter Storm Flooding Tornado Earthquake Understand Your Risk 9
Property Insurance Issues Logan McFaddin State Government Relations 10
What is Assignment of Benefits If your home has water damage, your first thought may be to call a contractor to dry out your home before contacting your insurance company. This can be a costly mistake. One that we are seeing more and more consumers make! Consumers are signing contracts transferring their rights under contract to another party. 11
Flood Insurance *SB 542 passed in 2014, allowing private insurers to sell flood insurance coverage. *This coverage is different from the standard homeowner policy. *Homeowners can now either purchase flood insurance through an insurer or the FEMA operated National Flood Insurance Program. *Are Insurers really writing flood polices? Minimal interest is there. Companies are in the process of making the decisions. So time will only tell! 12
SB 766 passed this year, establishing surveillance standards on privately owned property. Insurers will be authorized by the bill to utilize drones in the claims process, as well as for underwriting purposes and other activities as part of their normal business operations, unless they have contracted with a private investigator. The legislation however, will not take effect until the Federal Aviation Administration adopts rules on the use of drones in the next couple of years. Drones 13
Property Market Stable Consumers are finding it easier to purchase insurance in the private market, and insurance rates are stabilizing after years of inflation. The state run Citizens Property Insurance has made significant progress in reducing their number of policy holders and achieving financial stability. Citizens has reduced their policy count from 1.5 million to about 600,000 and has turned a deficit of $1.8 billion in 2005 to a surplus of $7.4 billion at the end of 2014. The so-called hurricane tax has been lifted from home and auto insurance bills, and the Florida Hurricane Catastrophe Fund is the strongest it has ever been. In the event Florida is hit by a hurricane and homeowners experience damage to their property, contact your insurance agent first and do not fall victim to individuals preying on families who have suffered a loss. 14
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Thank you For more information follow PCI on Social Media @PCIAA www.facebook.com/pciaa 16