Chip Merlin: Do not believe Floridaâs insurance industry that laws will reduce rates â rates often depend upon Mother Nature, reinsurance rates
Most of the property insurance rate increases are occurring all over the country, not just in Florida
Remember how the Florida insurance industry and its lobbyists promised that if AOB reform were passed, insurance rates would drop because AOB litigation was the cause of increased premiums?
Since that law passed, rates have not dropped. Floridians were duped by insurance industry propaganda, and the same insurance industry is promoting more anti-policyholder laws that literally prevent Citizens Property Insurance from asking for a rate decreaseâand some Florida legislators voted yesterday to make it against the law for Citizens Property to ask for a rate decrease!
KXLY
January 13, 2021 4:00 AM Ed Leefeldt - Forbes Advisor
Posted:
Updated:
January 15, 2021 4:14 AM
After a 2020 filled with hurricanes and wildfires, this year could be the moment when the U.S. insurance industry finally grapples with climate change. Who will win that wrestling match? Insurers? Homeowners? Or the increasingly challenging environment?
“The alarm bells are now ringing loudly,” says Karen Collins, who handles home insurance and other personal lines for the American Property Casualty Insurance Association (APCIA). “Climate change is leading to skyrocketing costs to insure and rebuild.”
While big multinational insurers like Munch Re and Swiss Re have been watching worldwide warming trends for more than a decade, U.S. property-casualty insurers have for the most part kept their heads down and relied on the huge $825 billion surplus in their war chests to keep them afloat.