January 9, 2019
Happy New Year
We hope you had a fantastic holiday season and wish you a happy new year.
This year we will be launching several new products to help make staying compliant as easy as possible.
SLICE
Our newest online educational offering, SLICE or Surplus Lines Information & Compliance Education will be launching next week.
SLIP Compliance Checkup
We have added an interactive dashboard that uses the latest data submissions to show how timely your submissions and payments are and how accurate your filings are...and much more.
FSLSO Go App Update
We are putting the finishing touches on a large scale upgrade to our mobile app, FSLSO Go.
We expect to launch the new app near the end of next month.
Flood Insurance Woes
Recently the National Flood Insurance Program was extended again through May 31 of this year.
However, due to the federal government shutdown, there is a hold on the issuance of any new policies. This will halt thousands of home sales across the country.
Legislative Session is Nigh
Yesterday, Florida's newest Governor, Ron DeSantis was sworn in, just a few weeks before the annual legislative session kicks off on March 5.
We will be keeping an eye out for any legislation that may affect the surplus lines community or regulatory processes.
Last year we launched the Lunch & Learn program, as a way to educate customers in a small group format. We conducted many sessions across the state and covered a myriad of topics.
We have already scheduled several sessions this year and are on our way to exceeding last year's numbers.
If you are interested in signing up for Lunch & Learn let us know by sending an email to outreach@fslso.com.
ICYMI: Banner Year for FSLSO
Florida saw a record amount of reported surplus lines premium during 2018, ending the year with over $5.8 billion submitted to FSLSO.
Compared to $5.25 billion reported during 2017, premium growth increased double digits at just under 11% over the prior year and 17.5% more than 2016. This percentage increase in premium hasn’t occurred since 2013, where premium grew over 13% from 2012.
Policy counts showed a similar increase during 2018 of over 11%, with 1,175,660 policies filed during the year compared to 1,055,747 for 2017.
Most notably, the coverage group for Homeowners (HO-1 – HO-6 & Mobile Homeowners) collectively increased 28.4% over 2017. Specifically, the following coverages grew considerably over the prior year.
HO-5 increased 63%
HO-6 increased 28%
HO-3 increased 26%
Other coverages which increased significantly over 2017 were Miscellaneous Liability, which was 27% higher, and Miscellaneous Medical Professionals increased 22%.
For additional information on Florida surplus lines premium, please visit the Florida Market Data page on our website.
Headlines
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
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