Two weeks after it lost its financial stability rating, Southern Fidelity Insurance Co. has been ordered into receivership and is being liquidated, making
It's no secret that Florida is hurricane prone, but hurricanes are only one problem facing the beleaguered insurance industry. The Florida legal landscape is set up to benefit the policyholders forced to file claims against insurers. The cost of these claims have almost tripled in South Florida as contractors took the ball and ran with it, according to the.
Three Florida property insurers will drop a total of 50,000 policies tampabay.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tampabay.com Daily Mail and Mail on Sunday newspapers.
3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowners insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the official start of hurricane season and as legislation designed to target the state’s insurance market issues awaits the governor’s signature.
In consent orders signed by Florida Insurance Commissioner David Altmaier, Universal Insurance Co. of North America (UICNA) was approved to drop 13,294 personal residential policies and Gulfstream Property & Casualty was approved to cancel about 20,311 personal residential policies. Both insurers will remove the policies over the next 45 days.
Updated 2 hours ago
Floridaâs property insurance market posted one of its worst financial performances in 2020, even without a hurricane making landfall in the Sunshine State, and policyholders are starting to pay the price.
Experts say there is no quick fix to the challenges buffeting the industry.
Fifty-six Florida insurers reported a combined $1.57 billion in underwriting losses, according to financial data obtained by the Tampa Bay Times, spending more on claims and expenses than they brought in through premiums. The figure marks the industryâs fifth consecutive year of losses in the state and is more than two-and-a-half times what those companies lost in 2019.