Florida insurance agency owner questions efficacy of new tax law

Within the U.S. property and casualty insurance sector, Florida stands out as one of the first states in recent history to experience skyrocketing claim costs, shrinking coverage availability, and a crisis in premium affordability.

The Sunshine State also has been deeply impacted by nuclear verdicts as well as insurance fraud. Making matters worse: Severe weather is a relatively common occurrence there.

It follows that Florida state legislators have proposed an array of measures aimed at addressing an insurance environment that’s become caustic for both consumers and insurance carriers. One of these measures was HB7073, a recently-passed tax law that introduces a one-year exemption on residential property and flood-insurance premiums.

Oscar Seikaly is CEO of NSI Insurance Group, a large, privately-owned agency based in Miami Lakes, Florida. Under Oscar’s leadership, NSI tripled in size in just five years and was named “Agency of the year” in 2022 by National Underwriter magazine. Seikaly also has been monitoring Florida’s insurance legislation moves and shares his unique perspective on this episode of Insurance Speak. Listen to our full conversation above, or subscribe to the Insurance Speak podcast on Spotify, Apple Music or Libsyn.

See also:

• More than 25% of Florida homeowners worry their carrier will pull coverage
• More than 25% of Florida homeowners worry their carrier will pull coverage
• Self-insured Floridians ‘taking an extreme risk’