May 30, 2019

Happening This Week

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Headlines

Government Issues Hurricane Season Verdict

Nine to 15 named storms are forecast during the six-month season that starts June 1, according to the National Oceanic and Atmospheric Administration, which has been largely correct with its predictions in recent years. Of those, 4 to 8 will become hurricanes and 2 to 4 will be major systems with winds of 111 miles (179 kilometers) per hour or more.

“It only takes one landfalling hurricane to create great destruction to a community, we need to prepare now,’’ said Daniel Kaniewski, a deputy administrator of the Federal Emergency Management Agency.

Congress Likely to Extend NFIP in Short-Term Segments

David Sampson, president and chief executive officer, American Property Casualty Insurance Association, expects insurers will remain frustrated at the inability to reauthorize the National Flood Insurance Program on longer terms.

Ron DeSantis OKs Bill on Assignment of Benefits (AOB) Abuse

Gov. Ron DeSantis has signed a bill that aims to curb abuse of what’s known in the insurance industry as assignment of benefits (AOB).

DeSantis approved the measure (HB 7065) on last Thursday.

“I thank the Florida Legislature for passing meaningful AOB reform, which has become a racket in recent years,” DeSantis said in a statement. “This legislation will protect Florida consumers from predatory insurance practices.”

What Might Happen If Congress Fails to Renew Terrorism Reinsurance Program

The long-term viability of the U.S. property terrorism insurance market is back in the spotlight as Congress looks at renewing the federal reinsurance backstop, the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is set to expire in Dec. 31, 2020.

Global insurance broker Marsh’s 2019 Terrorism Risk Insurance Report concludes that the property terrorism insurance market remains strong with sufficient capacity to respond to today’s main terrorist threats in part due to TRIPRA.

Congress Agrees on $19 Billion Disaster Aid Bill with Flood Insurance Brief Extension

Lawmakers said that they agreed to a $19.1 billion disaster-aid bill after months of disagreement and that President Donald Trump said he will sign it.

Senate Appropriations Chairman Richard Shelby called the agreement a “good deal.” He added that he spoke to Trump today and “the president said OK.”

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