Major insurers factoring in climate change, but industry insiders say expect little impact in FL.

The storm has regenerated conversations about the impacts of climate change and how those impacts will affect the property insurance market.In response to a recent survey conducted by the National Association of Insurance Commissioners, at least five major insurers indicated climate change is impacting the way they do business.

But as far as Florida is concerned, Friedlander noted of those five companies, only Allstate and Nationwide write policies in the state, and they make up tiny percentages of the state’s market.Friedlander argued even if Nationwide and Allstate wanted to stop writing hurricane coverage, for example, it’s unlikely state regulators would allow that to happen.

Florida is no stranger to insurance woes, with the market fumbling after major storms like Matthew, Irma, Michael and Ian. But Friedlander pointed out that with four new insurers being approved to do business in the state this year and recent interest from private insurers looking to absorb policies from Citizens, the state-backed insurer of last resort, there are positive signs in the market.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Private market insured losses from Hurricane Idalia to be $3-5 blnPrivate market insured losses are expected to be between $3 billion and $5 billion due to Hurricane Idalia which struck the Big Bend region of Florida last week, the catastrophe risk modeling business of Moody's said in a report on Monday.
Source: Reuters - 🏆 2. / 97 Read more »