COLUMBUS, Ohio, June 30, 2022 /PRNewswire/ — Demotech, Inc. was the first to request a special session for the Florida legislature to address the litigation crisis devastating Florida’s residential property insurance marketplace. Today, its team continues to review, analyze, and evaluate Q1 2022 operating results, catastrophe reinsurance programs, disaster recovery plans, catastrophe response plans, the legislation emerging from the special session at the end of May 2022, and other considerations. These factors, and others, influence Demotech’s quarterly assessment of Financial Stability Ratings® (FSRs) assigned to carriers writing residential property insurance in Florida.
According to its President and Co-founder, Joseph L. Petrelli, “When analyzing insurer operating results, whether historical, current, or anticipated, the legislative, regulatory, and judicial environment may be considered in Demotech’s review where legislation, regulations, or judicial decisions could materially impact an insurer’s financial position or its ability to operate consistently given the market conditions of a particular jurisdiction. Regulatory practices or regulatory actions may affect the operating environment of insurers positively or negatively. Such actions may relate to product regulation, financial regulation, or market regulation. In some instances, legislation or judicial decisions may also alter the operating environment or risk exposures of certain insurers by altering the policyholder claims and litigation environment or the insurance regulatory environment.”
Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratings® to P&C insurers and Title underwriters. Demotech was the first to review independent, regional and specialty insurers, 1989. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for additional information.
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SOURCE Demotech, Inc.