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Rate increases granted ranged from 12 percent to 31 percent.
“The Florida insurance market is one of the most complex in the world, and the property market is currently facing significant challenges as the frequency of claims increases and those claims become more expensive,” Bakofsky said.
He said the challenges are mostly because of increased litigation, exacerbated by higher catastrophe claim losses as a result of multiple hurricanes over the past several years, and rising reinsurance costs as a result of a hardening reinsurance market.
“These developments have presented challenges not only to the property industry, but also to Florida consumers,” he said.
Winners and losers emerging from the 2021 Legislative Session
They all can t be winners. Here is the definitive list of who s up and who took a fall.
The ending of a Session is never a surprise. It’s like harvest season. What you get at the end is the result of months, maybe even years of tilling, planting, watering, tending, and shepherding.
Against the odds and despite many challenges, the 2021 Legislative Session ended on time. The House Speaker and the Senate President were together for the iconic dropping of the hankie. There weren’t any strained smiles or forced compliments. They stood side by side, thanking each other as much as they talked about themselves.