In Florida's Monroe County, regulators turned down a request by Citizens Property Insurance Corp. to raise rates by nearly a third. In response, opponents of the hike and Key West city officials held a parade to mark the occasion. Thus, in certain areas of the country, interest in the reinsurance capacity crunch has gone beyond the usual civic and business realm to encompass marching bands and celebrations in the street.
But Key Westers might have held off on the festivities if they understood the nature of the capacity crisis in their state, where reinsurers have been leaving and Florida is doing its best to pick up the pieces.
Florida regulators and lawmakers are pondering a special legislative session this fall to consider, among other issues, further expansion of access to the state's Hurricane Catastrophe Fund.
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