This week’s Insider Deals are so good you’ll want all of them– Florida’s property insurance market is showing signs of stabilization, according to the president of the Florida Senate. However, experts said anIn a memo, Florida’s Senate President, Kathleen Passidomo wrote with optimism that the recent reforms regarding property insurance seem to be working.
“So the trend is very positive. And it’s just a further sign of what we’re seeing in terms of market recovery,” Insurance Information Institute Spokesman Mark Friedlander said. Friedlander said the industry is positioned for recovery, with one major factor still threatening progress. “All the positive momentum we’re seeing in Florida could potentially be reversed if we see a high volume of storm losses during the 2024 hurricane season. We hope that’s not the case,” Friedlander said.Colorado State University researcher Dr. Phillip Klotzbach talked at an insurance industry meeting Wednesday in Tampa about the active season that’s expected,Klotzbach pointed to warmer ocean temperatures – a trend we’ve seen for months now – echoing something he posted on X this week.
“That is frightening to see, August temperatures in the beginning of May, that’s something we don’t want to see. And that’s what’s concerning for the forecasters,” Friedlander said.Friedlander said the big picture, however, is that Florida’s insurance industry is in a much better financial position and well-positioned to handle storm claims, saying homeowners should not worry about individual claims being paid.
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