American businesses and consumers rely on the availability of insurance services provided at competitive rates. The Coalition for Competitive Insurance Rates is made up of business organizations, consumer advocacy groups, insurers and their associations advocating for continued and increased competition within the insurance industry.

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Monday
Mar202017

Reinsurance as import may pose risk to Florida: Study

Ted Bunker

Florida could see residential and commercial property insurance costs soar if lawmakers slap offshore reinsurers with a national border adjustment tax (BAT) proposed by Republicans in Congress, according to a new study.
Should a 20 percent BAT be applied to transactions with offshore reinsurers by classifying the coverage as an import, the study released today by non-profit advocacy organisation Florida TaxWatch assumes the levy would be passed on to insureds through price hikes.
The direct result would be increases of as much as 12.9 percent in annual premium for homeowners insurance, with an aggregate increased cost of commercial and residential property insurance of up to $2.6bn.

 

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