Floridian Auto 26 Home Insurance Company

State denies a rate hike to First Floridian | HeraldTribune.com

The Florida Office of Insurance Regulation said the company did not justify the rate increase for its 86,000 policyholders, including nearly 1900 in the counties of Sarasota, Manatee and Charlotte.

"We have found what they wanted was taken care of," spokesman Bob RIO Lotan said Friday.

First Floridian may appeal the decision of an administrative judge, file another request for a small rate increase, or to accept the decision of the State.

The OIR has approved rate increases for many property insurers in the past year.Some businesses receive a notice of intent to deny, which is first received Florida, but end up with a smaller increase.

Nationwide Insurance, for example, was refused an increase of 28.3 percent, but went on to win a bump of 21 percent. The insurer of the state property is now seeking a fourth average statewide 71.4 percent increase could be even higher in some local counties.

The decision Floridian first came as officials of insurance in a state panel Thursday that consumers must pay premiums even higher to keep insurers doing business in Florida.

Homeowners insurers have canceled thousands of policies to reduce their exposure in Florida, slammed by eight hurricanes and 35 billion in insured losses the last two years.

A newly appointed Property & Casualty Insurance Reform Committee is holding hearings to find solutions to the insurance crisis.

First Florida, part of the group of travelers on insurers, initially filed in May for a rate increase of 24.4 percent. In July it increased the demand to 70.4 percent, while reduced in August to 63.2 percent.

The company says it needs to charge higher premiums to pay the high cost of its reinsurance business, insurance carriers buy primary to reduce their exposure.

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