Florida Focus

Florida once again has made the insurance headlines in the last week with the announcement by State Farm that it plans to discontinue offering property insurance in the sunshine state. The planned withdrawal of the largest private property insurer in the state understandably has led to widespread media coverage. As our blog has noted before, insurers offering coverage in catastrophe-prone states such as Florida face many challenges. For anybody who doubts this, consider a few Florida facts: the total value of insured coastal property in Florida was $2.5 trillion in 2007, up nearly 27 percent since 2004, and that number is expected to double by 2014; eight of the 10 costliest hurricanes in U.S. history have impacted Florida, and seven of those top 10 storms occurred within just two years – 2004 and 2005; some 37 percent of all hurricane landfalls occur in Florida and 38 percent of those are Category 3 or higher. For more on this story check out the Web site and blog of the Florida office of the I.I.I.. Check out I.I.I. info on how insurers support the Florida economy online.  Ã‚  


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