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Here’s what’s changed in FL’s insurance market since the 2022 Demotech scare.
A 2021 analysis by then-Florida Insurance Commissioner David Altmaier found that Florida made up 8% of the nation’s homeowners’ claims in 2019, but 76% of its lawsuits.
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
Florida's Division of Insurance Fraud continues to lead the fight against insurance fraud under the leadership of Colonel John Askins. During Fiscal year 2008/2009, investigative efforts by The Division of Insurance Fraud resulted in 982 cases presented for prosecution, 834 arrests, and 532 convictions. Also during Fiscal Year 2008/2009, The ...
The insurance industry has been criticized by environmental activists and Democratic Party lawmakers for continuing to provide coverage to fossil fuel companies, while Republican Party lawmakers have criticized the industry for curbing policy coverage to oil-and-gas companies (even though most U.S. insurance companies have generally refrained from doing so in contrast to insurers ...
In 2021, Citizens announced that a 1-in-100-year storm could put Florida insurance holders “on the hook for $24 billion in assessments tacked onto monthly premiums for years.” But as more ...
In 2022, news that 27 of Florida’s property insurance companies were potentially facing a financial rating downgrade from Demotech, the state’s primary financial rating firm, created panic in ...
The crisis in the Florida insurance market. Florida has always been a complex home insurance market. Since 2017, eleven property and casualty companies that offered homeowners insurance in Florida ...
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