The Florida insurance market reportedly suffers from rampant fraud and misuse of assignment of benefits (AOB). In this photo, debris from Hurricane Idalia litters a canal in Horseshoe Beach, Fla. (Credit: Eva Marie Uzcategui/Bloomberg)
Florida's insurance landscape has been tumultuous, with net underwriting losses exceeding $1 billion consecutively in recent years, according to the Insurance Information Institute.
The insolvency of major insurers, like St. Petersburg-based United Property & Casualty Insurance Company, underscores the gravity of the situation. In 2022 alone, six insurers were placed into receivership due to insolvencies, and Florida's Department of Financial Services currently lists 14 companies in liquidation.
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