If there were only one numerical trend needed to understand how dire the property insurance market in Florida has been, it would be the steady growth of policies taken on by the state’s insurer of last resort, Citizens Property Insurance Corp.
Tag: property insurance market
APCIA Responds to Wall Street Journal Editorial on California Insurance Marketplace
Insurers do not want to retrench in one of the nation’s most important markets, but cannot continue to operate and deliver on our promises when we cannot manage our own risk exposure. Insurers must have the financial strength to deliver on our promises to policyholders when disaster strikes.
How to Help Your Clients in the Tough Property Insurance Market
The commercial property insurance market remains challenging, with several factors contributing to difficult conditions and premium increases. First, the frequency and severity of catastrophic events have caused significant losses globally. Second, reinsurance costs have risen due to catastrophic events, inflation, and selective reinsurance. Third, underinsurance is a concern, with many business owners needing to adjust their policy limits.
Governor DeSantis Signs Legislation to Support Florida Policyholders When Disaster Strikes
Governor DeSantis signed three bills to strengthen Florida’s property insurance market, expand the state’s home hardening and hazard-mitigation programs, and further protect consumers against bad actors.