AIA Responds to Gov. Bush’s Hurricane Financial Relief Initiative Following Storms

Gov. Jeb Bush (R) announced recently that his Cabinet will develop a package of financial relief for Florida citizens adversely affected by this season’s hurricanes.

The package will include a proposal, subject to legislative approval, for assistance to Florida policyholders who are subject to multiple hurricane deductibles due to claims filed in connection with more than one hurricane.

In responding to the package, American Insurance Association (AIA) Vice President for the Southeast Region, Cecil Pearce, noted, “Just like its citizens, the insurance industry in Florida has faced multiple challenges in responding to this season’s four hurricanes. To date, the industry has worked tirelessly in responding to nearly 2 million claims, which could end up totaling $23 billion in insured losses. The industry has the financial resources to pay every claim, in large measure due to the reforms that insurers, regulators and legislators agreed to implement following Hurricane Andrew.

“As in the post-Andrew period, insurers have been working cooperatively with Gov. Bush, the Cabinet, and the legislative leadership since Hurricane Charley hit on August 13, to ensure that the industry’s response to that storm and the three that followed would be positive steps on the road to rebuilding.

“We look forward to continuing our dialogue with Florida’s political leadership in the weeks to come, as we address the public policy issues that this season’s hurricanes have raised, including the issue of percentage hurricane deductibles.”