Florida’s Property Insurance Market Volatile
Florida’s Property Insurance Market Volatile Despite Quiet Hurricane Season
Today marks the official end of the 2011 hurricane season and while it was a quiet season for Florida, the state is still only one serious hurricane away from financial devastation. Florida was lucky this hurricane season, but other states such as New Jersey and New York that are rarely impacted by hurricanes were hit hard, reminding us that hurricanes don't pick and choose where they will land.
With Florida only one major hurricane away from fiscal crisis, the Florida Chamber of Commerce continues to be the voice of the business community in advocating for a more competitive, healthy and free-market oriented insurance system in Florida.
For far too long, Florida's volatile property insurance market has created an unstable business climate for insurance companies wanting to do business in our state. A competitive, market-driven industry benefits consumers and businesses alike, which is why the Florida Chamber continues to encourage legislative action on the following issues:
- Set Citizens Property Insurance Corporation premiums at actuarially sound rates, ensuring that policyholders and Floridians are not charged assessments in the case of a catastrophic storm,
- Secure Florida’s Hurricane Catastrophic Fund by reducing its size and restoring it to its original intent of supplementing, not replacing, private reinsurance, and
- Stabilize Florida's private property insurance market to encourage a vibrant insurance market and competition-driven rates.
If you would like more information on joining the Florida Chamber's Insurance Coalition, contact Teye Reeves at teye@flchamber.com. To sign-up for alerts and messages from the Florida Chamber on our issues, visitwww.FloridaChamber.com/grassroots.