Last year was a turning point for the Florida insurance market.
The liquidated companies include Tampa-based Avatar Property & Casualty Insurance Co., Tallahassee-based Southern Fidelity Insurance Co., Orlando-based St. Johns Insurance Co., and two South-Florida based companies, Weston Property & Casualty Insurance and FetNat Insurance. The Florida Office of Insurance Regulation reiterated how the crisis of excessive litigation is largely to blame for the state’s insurance market in its latest annual property insurance stability report published in January.
Florida lawmakers passed legislation to curb excessive litigation for property insurers during a special session late last year, but those reforms will fail to provide immediate relief to the market, according to, a director at the Insurance Information Institute. Those legislative changes won’t apply to existing policies, including for homeowners who were battered by Hurricane Ian last fall, he said.
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Florida property insurance market braces for another tough year - Jacksonville Business JournalProperty insurance companies based in the Sunshine State accounted for five of eight U.S. insurers that were liquidated last year.
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