Insurers have begun pulling out of high-risk states, like Florida and California, due to increased climate risks; some are also beginning to depart from Texas, leaving homeowners and buyers with coverage challenges.
Hurricane Ian continued to churn through central Florida Thursday morning, leaving widespread flooding and wind damage in its wake. It was too early to
Insurance ratings agency says 9 Florida insurers must improve performance
While all were rated âAâ for âexceptional,â Demotech Inc. said they must take significant steps going forward.
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From left: Lee Cathey, Mayor Al Cathey and Charles Smith survey damage in the coastal township of Mexico Beach, which lay devastated after Hurricane Michael made landfall there. [DOUGLAS R. CLIFFORD | Times (2018)]
Updated Mar. 17
For the second year in a row, ratings agency Demotech Inc. said several Florida insurers would need to improve their finances to maintain stability going forward.
Demotech is a private company that grades most Florida insurers on their financial health. It finished its most recent ratings period this month, affirming all but one âAâ grade, which is considered âexceptional.â The company it did not reaffirm is a commercial insurer that asked for its rating to be withdrawn earlier this year.
Florida Insurers Sustain A Ratings, For Now, As 2020 Industry Losses Top $1 5B insurancejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancejournal.com Daily Mail and Mail on Sunday newspapers.