18 must be withdrawn and reissued to insureds after the November date.

Insurers also are barred from cancelling or non-renewing policies until after Nov. For any policy or other notice that requires policyholders to provide information by Sept. Insurance Commissioner David Altmaier also issued an emergency order that requires insurance companies to extend deadlines for insureds. The data should be reported each day before noon Eastern time, through the simplified 2022 catatastrophe reporting form, or CRF, OIR said in a bulletin Wednesday. Meanwhile, the Florida OIR said that insurers should begin daily reporting of catastrophe claims as early as Friday, Sept.

Another analyst told Barron’s that the storm could also lead to higher reinsurance premiums, a tough call for some insurers already struggling with reinsurance costs that spiked as much as 50% this year. Statewide, claims from Hurricane Ian could total as much as $30 billion, a Wells Fargo analyst told Barron’s financial news site. Insurance industry insiders said it’s difficult to judge which carriers are most vulnerable without knowing the extent of their reinsurance programs, information that is not usually made public. Castle Key Indemnity Co., part of Allstate Insurance, with $4.3 billion.Cypress Property & Casualty Insurance Co., with $4.4 billion.Three USAA companies, with $6.8 billion in total exposure, including wind coverage.Other insurers with billions in exposure in the five coastal counties include: Olympus CEO Steve Bitar could not be reached for comment about the Ian exposure. Statewide, the firm had some 79,000 policies and $233 million in total written premium. A number of Florida-based insurers do not report their data or allow them to be made public, calling the information “trade secrets.” But the Olympus numbers are notable. The report does not give a complete picture of the market. For the hard-hit coastal counties of Manatee, Sarasota, Desoto, Charlotte and Lee, Olympus had some 13,800 policies in the second quarter of this year, with $11.3 billion in exposure. The OIR’s Quarterly and Supplemental Report, known as QUASR, shows that another insurer, the Palm Beach Gardens-based Olympus Insurance Co., has significant exposure. The Office of Insurance Regulation’s quarterly reports, based on insurer data, shows that for the five coastal counties most affected by Ian, Citizens holds more than 60,000 policies with a total exposure of at least $17.5 billion. If Gilway’s estimate holds true, it would mean Citizens avoided a worst-case scenario with the powerful storm. That’s likely not enough to force an assessment on policyholders, he said, in response to a reporter’s question.Ī former deputy Florida insurance commissioner, Lisa Miller, warned that if losses exceed the corporation’s reinsurance coverage, Citizen policyholders could see a 15% surcharge for all three of Citizens’ accounts – as much as 45% per property.

Citizens’ CEO Barry Gilway said Wednesday that preliminary estimates have put claims at about 225,000 and potential exposure at about $3.8 billion, a spokesman for the insurer said.

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