January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida...
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Transcript of January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida...
![Page 1: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/1.jpg)
MITIGATE BEFORE IT’S TOO LATE
January 23, 2013Robin Smith Westcott, Esq.
Florida Insurance Consumer Advocate Tallahassee, Florida
Senate Banking and Insurance Committee
![Page 2: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/2.jpg)
CENTRALIZE – CONSOLIDATE - MITIGATE
ADVISORY COUNCIL PUBLIC MODEL
DATABASE OF MITIGATION LEVERAGE OF FEDERAL FLOOD PROGRAM RESTRUCTURE MITIGATION CREDITS COMMERCIAL PROPERTIES
MITIGATION PROGRAMS & GRANTS OUTREACH & EDUCATION
![Page 3: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/3.jpg)
Move Responsibility for thePublic Model
OIR DEMPublic Model
Office of Insurance Regulation
Division of Emergency
Management
![Page 4: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/4.jpg)
Centralize Data
• Hurricane Risk• Sinkhole Risk• Mitigation Features• Insurable Values• Rating Information
![Page 5: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/5.jpg)
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0.50
1.00
1.50
2.00
2.50
0.75
2.12
Residential Insured Property ValuesState of Florida
$ Trillions
Source: 2012 FHCF Annual Ratemaking Formula Report
![Page 6: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/6.jpg)
Market Value Does not EqualReplacement Cost
Broward CountyBuilt 1978 Square Foot 1475
2001 Purchase Price $163,0002003 Purchase Price $216,0002008 Purchase Price $185,0002012 Market Value $163,840
Insurance Coverage A Limit $224,600 - Premium $2,420
![Page 7: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/7.jpg)
Yes No Total/AvgNumber of Homes 76,225 228,423 304,648 Average Insured Value 628,806 363,193 429,651 Average Square Feet 2,279 1,733 1,870 Average Age 37 42 41 Average Premium 2,570 1,993 2,138
Note:
HW2, DW2, DP1, DP3, & HO3 policies as of 12/31/10.
Coastal AccountRisk Profile
Hurricane Impact Opening
Protection
![Page 8: January 23, 2013 Robin Smith Westcott, Esq. Florida Insurance Consumer Advocate Tallahassee, Florida Senate Banking and Insurance Committee.](https://reader036.fdocuments.net/reader036/viewer/2022062309/56649e6a5503460f94b684f3/html5/thumbnails/8.jpg)
Mitigation in the Coastal Account is
Better Bang for Buck
For every $1.00 spent on reinsurance and Cat bonds the expected recovery is .16 cents.
For every $1.00 spent on mitigation the expected loss savings is $2.00.