Updated 2 hours ago
Floridaâs property insurance market posted one of its worst financial performances in 2020, even without a hurricane making landfall in the Sunshine State, and policyholders are starting to pay the price.
Experts say there is no quick fix to the challenges buffeting the industry.
Fifty-six Florida insurers reported a combined $1.57 billion in underwriting losses, according to financial data obtained by the Tampa Bay Times, spending more on claims and expenses than they brought in through premiums. The figure marks the industryâs fifth consecutive year of losses in the state and is more than two-and-a-half times what those companies lost in 2019.
Florida s property insurance market is ailing There is no quick fix msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
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AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa for members of The Progressive Corporation (Progressive) (Mayfield Village, OH). Additionally, AM Best has affirmed the Long-Term ICR of a for Progressive, the parent holding company, and all Long-Term Issue Credit Ratings (Long-Term IR) on Progressive s senior and preferred stock issuances. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of a+ of National Continental Insurance Company (National Continental) (Bohemia, NY). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)