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.
The private insurance industry has lost more than $1 billion in each of the last two years and hundreds of thousands of Floridians have had their policies dropped or not renewed. Average annual premiums have risen to more than $4,200 in Florida, triple the national average.More than a dozen companies have stopped writing new policies in the state, and several have closed shop this year. One company was declared insolvent and placed into receivership this week, as Ian was churning toward Florida.
In May, with hurricane season approaching, the state legislature convened for a special session to address the insurance crisis. In three days, with little public input or expert analysis, lawmakers approved sweeping legislation with bipartisan support that many in the statehouse regarded as a meaningful first step in repairing the market.
DeSantis, during news conferences ahead of the storm, noted that flood claims could be a leading problem from Ian. “We are looking at a lot of flood claims,” the governor said when asked about the potential for claims to overrun Citizens Property Insurance. “I’m not saying there’s not going to be a lot of wind damage, I mean it’s a hurricane so you’re likely to see that.
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