Coalition for American Insurance: Positive News for Florida Insurance Consumers
Washington, D.C. (June 8, 2018) – The Coalition for American Insurance pointed to welcome news by JLT Re that capital in the reinsurance market remains strong and reinsurance renewal rate changes for Florida property were negligible at the June 1 renewal, much lower than had been predicted. In a statement, JLT Re noted that “Overall, the renewal was highly competitive, reflecting abundant capacity and only moderate increases in demand despite the market suffering its most expensive catastrophe loss year on record in 2017.”
A statement from the Coalition follows:
“Contrary to prior negative predictions on Florida markets by those who had benefitted from the Offshore Affiliate Reinsurance Tax Loophole and opposed the Base Erosion and Anti-Abuse Tax (BEAT) of the Tax Cuts and Jobs Act (P.L. No 115-97), this welcome news is more evidence that tax reform is working as intended. This news comes despite record losses in 2017. Strong capital in the market and lower reinsurance rates will have a direct positive effect for all consumers in the Florida market.”
ABOUT THE COALITION –
The Coalition for American Insurance consists of major U.S.-based insurance groups that employ hundreds of thousands of people within the United States. Coalition members provide millions of Americans with financial protection from unpredictable risks and pay substantial amount of federal, state and local taxes. The Coalition is working for a level playing field and tax fairness for U.S.-based insurers and their consumers and employees by closing a federal tax loophole that has allowed foreign-based insurers to avoid paying U.S. taxes.