OLDWICK, N.J.–(BUSINESS WIRE)–As Florida legislators prepare another special legislative session to help stabilize its troubled property insurance market, AM Best is of the view that without immediate and substantive long-term legislative reforms, the potential for further insurer insolvencies remains.
The Bests Commentary, Florida Government Seeks to Repair Property Insurance Market, states that many market participants and observers fear an acceleration in the states already declining capacity amid recovery from Hurricane Ian, which would drive up costs and worsen the states already precarious insurance market, which has seen six insurers declared insolvent since late February. The market disruption has resulted in substantial gr…
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