Ian brings more damage to Florida's already unstable insurance market

  • 📰 fox5ny
  • ⏱ Reading Time:
  • 69 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Florida’s property insurance market was already strained under billion-dollar losses, insurer insolvencies, and skyrocketing premiums. Then came Hurricane Ian.

delivering catastrophic winds, rain, and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies, and skyrocketing premiums.

Brenda Brennan sits next to a boat that pushed against her apartment when Hurricane Ian passed through the area on September 29, 2022, in Fort Myers, Florida. State regulators and insurers have long blamed lawsuits by homeowners as a major culprit in the state's crisis. They say state law makes it highly profitable for lawyers to sue insurance companies even if the amount won is relatively small. In the last half of the 2010s, Florida accounted for about 8% of all homeowners’ claims in the U.S. but almost 80% of all homeowners’ lawsuits against insurers in the U.S., according to a letter from the state Office of Insurance Regular.

Even so, Florida's primary rating agency, Demotech, this summer threatened downgrades to around two dozen companies. But concerns about their creditworthiness faded somewhat after the administration of Gov. Ron DeSantis agreed to allow the state to back up the insurers. "There's more that I want to do in terms of the wind insurance and that will be something we're going to address. I mean look, at the end of the day we've got to make sure folks are taken care of, and so we will do that, whatever we need to do."Naples firefighters waded through deep floodwater to rescue a woman trapped in her car on Wednesday, September 28, as Hurricane Ian pounded Florida’s west coast.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 587. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Ian threatens Florida's already unstable insurance marketTALLAHASSEE, Fla. (AP) — Florida's property insurance market was already in peril. Now comes Hurricane Ian. The massive storm that barreled into southwest Florida delivering catastrophic winds, rain and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies and skyrocketing premiums. freemarket Fla SB cancelled. I’m sure Repulsive Republicans have a cruel stunt in mind
Source: AP - 🏆 728. / 51 Read more »

Ian threatens Florida’s already unstable insurance marketIan threatens Florida’s already unstable insurance market.
Source: wsfa12news - 🏆 338. / 59 Read more »

Ian threatens Florida’s already unstable insurance marketThe destruction wrought by Hurricane Ian could worsen already existing issues with Florida's insurance industry. DeSantis ignored the insurance crisis in Florida, and spent 2 million of taxpayer money to send a few dozen asylum seekers to Martha's Vineyard. Remember this in November.
Source: FoxBusiness - 🏆 458. / 53 Read more »