As hurricane season intensifies, Florida s insurer of last resort increasingly on hook washingtonexaminer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonexaminer.com Daily Mail and Mail on Sunday newspapers.
Florida’s 6.5 million businesses and homeowners will see some significant changes in state property insurance regulations beginning July 1 after Gov. Ron DeSantis Wednesday signed a reform package into law.
Coastal News Today | FL - As hurricane season nears, insurers seek to shed Florida property insurance policies coastalnewstoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coastalnewstoday.com Daily Mail and Mail on Sunday newspapers.
‘Desperate’ Times: Stakeholders Urge Florida Lawmakers to Enact Insurance Reform
It’s the start of another Florida Legislative Session with a familiar theme insurers pushing for reforms they say are needed to help the state’s distressed insurance market. Only this year the need is more urgent than ever, according to industry experts and stakeholders, as consumers face unprecedent rate increases and constrictions in coverage availability.
“We’re advocating that the legislature take a good look at some of the issues that are plaguing the Florida property insurance market right now to see if we can make some reforms to stabilize not only the performance of the carriers, but also the impact that has on the consumers,” said Florida Insurance Commissioner David Altmaier in an interview with Insurance Journal. “One of the major if not the major focal point for our office … is working on this very challenging time.”
Florida’s Property Insurance Market Is ‘Spiraling Towards Collapse’ Due to Litigation: Report
Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the Florida Legislature.
The report points a finger at the state’s “litigation economy” as the main contributor to insurance market woes seeing it as more of a direct cause than the many weather events Florida has suffered.
Among its findings:
Litigation frequency and severity represents an additional expense load of 17% (and rising) on all earned premiums for insurers in Florida compared with other catastrophe-prone states.