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Florida insurance needs long-term solutions, AM Best report says - Jacksonville Business Journal

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Report: ‘Long-term solutions’ needed for Florida insurance

By Jim Saunders – The News Service of FloridaWith Florida lawmakers poised to start a special legislative session, a financial-ratings agency issued a report Thursday that warned about the possibility of additional insolvencies of property insurers and said long-term changes are needed in the state’s troubled insurance market.

The report focused, in part, on reinsurance, which is backup coverage that insurers buy to help pay claims for such things as hurricanes. Florida-based carriers rely heavily on reinsurance, but prices have soared and coverage has become harder to find. The market has nosedived over the past two years, with private insurers dropping hundreds of thousands of policies and seeking hefty rate hikes because of financial losses.

“The combination of a catastrophe-exposed state with a highly litigious environment has resulted in a very high-cost homeowners insurance market in Florida,” the report said. “This higher risk and higher cost environment needs to be considered to ensure there are dollars available to pay insurance claims. Without changes to reduce the costs in the system and better manage the impact of catastrophes, further insolvencies are likely.

 

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