Florida's homeowners insurance market may be in peril and is not likely to stabilize soon, despite state lawmakers' efforts, analysts at Fitch Ratings said today.
In a report titled "Fitch Comments on Florida Homeowners Insurance Market," the agency said that from a ratings perspective the market for homeowners coverage in Florida could effectively "collapse" if a major storm were to hit the state this year, and that the effect on the markets could be magnified by the withdrawal of private capital.
Fitch said it views the Florida homeowners market as a negative for insurer credit ratings, and a major storm hitting the state would have a severe impact on company ratings.
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