Florida Insurance Markets at the Crossroads: Critical Issues in Property, Auto & Other Key Coverages in a Weak Economy

This PowerPoint report, presented by Robert Hartwig, president of the Insurance Information Institute, at the 5th Annual Insurance Summit, Florida Chamber of Commerce, discusses how the weak economy is hurting the property/casualty (P/C) insurance industry in Florida. It reports that Florida’s insurance markets are among the biggest and most volatile in the U.S. and a strong insurance industry is in the best interest of policyholders and insurers and is essential to a healthy economy. A section focuses on Florida no-fault (PIP) problem, noting that fraud and abuse of the system are expected to cost Florida drivers $658 million this year. Florida is also very susceptible to natural disasters. A graph shows that eight out of the 12 largest catastrophes in U.S. history have had direct impacts on Florida property insurance markets, with 1992’s Hurricane Andrew costing the most: $22.6 billion in 2010 dollars. The presentation concludes with an review of profitability and growth in Florida P/C insurance markets and an analysis by line and nearby state comparisons.

 

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