AM Best has raised the possibility of further insurer insolvencies in Floridas troubled property insurance market unless immediate and substantive long-term legislative reforms are introduced.
The rating agency aired its concerns as the states legislators prepare to sit for a special session this week to address the worsening insurance crisis after Hurricane Ian left estimated insured damage of $US35-55 billion ($51-80 billion).
Six insurers have been declared insolvent since late February and Ian a Category 4 storm that pummelled the state in September will add to existing cost and capacity pressures.
Public policy initiatives need to consider how to make Florida attractive to national insurers and reinsurers, to incentivise them to …
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