The Florida property insurance market is looking good these days, thanks to 10 years without a major hurricane event. Will 2015 be the year that changes?
A.M. Best asks that question in the title of its latest report on the property insurance market in Florida. "Florida Property Insurers Remain Untested: Will 2015 Be the Year?" takes a look at how marketshare has shifted to and away from Citizens Property Casualty Insurance Corp. and back to private insurers in the past 10 years.
After the severely damaging hurricanes that struck Florida in 2004 and 2005, many insurance companies began to pull out of the state in order to reduce or elminate hurricane exposures from their books of business. Hurricanes, along with sinkholes, escalating reinsurance costs and general market conditions, caused many leading carriers in the marketplace to reduce Florida property exposures.
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