"Insurance industry leaders in Florida have been warning that the current environment for those offering personal property coverage is on shaky ground, given the state's risks and litigiousness," AM Best noted in its report. (Credit: Felix Mizioznikov/Shutterstock.com)
The agency issued a four-page commentary that described a range of problems for insurers, such as high reinsurance and litigation costs, and pointed to companies seeking hefty rate increases and reducing the numbers of policies they write.
"Insurance industry leaders in Florida have been warning that the current environment for those offering personal property coverage is on shaky ground, given the state's risks and litigiousness," the commentary said. "Escalating losses have prompted advocacy groups to call for legislative reform to stabilize the insurance market. Growing support led to legislation introduced in 2019 and again in 2021 aimed at lowering the runaway costs of litigation, a key driver of operating losses, but reform has not achieved the desired effect. Further action is essential to stabilize the market."
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