Report: ‘Long-term solutions’ needed for Florida insurance
By Jim Saunders – The News Service of FloridaWith Florida lawmakers poised to start a special legislative session, a financial-ratings agency issued a report Thursday that warned about the possibility of additional insolvencies of property insurers and said long-term changes are needed in the state’s troubled insurance market.
The report focused, in part, on reinsurance, which is backup coverage that insurers buy to help pay claims for such things as hurricanes. Florida-based carriers rely heavily on reinsurance, but prices have soared and coverage has become harder to find. The market has nosedived over the past two years, with private insurers dropping hundreds of thousands of policies and seeking hefty rate hikes because of financial losses.
“The combination of a catastrophe-exposed state with a highly litigious environment has resulted in a very high-cost homeowners insurance market in Florida,” the report said. “This higher risk and higher cost environment needs to be considered to ensure there are dollars available to pay insurance claims. Without changes to reduce the costs in the system and better manage the impact of catastrophes, further insolvencies are likely.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
The List: Here's the largest corporate accounting firms in Jacksonville - Jacksonville Business JournalThe List: Here are the area's largest accounting firms
Les mer »
Breeze Airways adds new routes from Jacksonville, brings others back - Jacksonville Business JournalThe changes come as the airline is expanding at airports around the country.
Les mer »
Breeze Airways adds new routes from Jacksonville, brings others back - Jacksonville Business JournalThe changes come as the airline is expanding at airports around the country.
Les mer »
Florida pulls money from BlackRock - Jacksonville Business JournalFlorida will pull $2 billion from the largest asset-management firm in the world over ideological differences.
Les mer »
Florida unemployment claims continue to decrease, report finds - Jacksonville Business JournalThe latest report shows Florida's unemployment rates continue to decline.
Les mer »
Aviation trends this year - Jacksonville Business Journal2022 began Jacksonville International's climb out of the depths of Covid. Here's where things stand now — and what's on the horizon.
Les mer »