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Florida’s Property Insurance Market Is ‘Spiraling Towards Collapse’ Due to Litigation: Report
Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the Florida Legislature.
The report points a finger at the state’s “litigation economy” as the main contributor to insurance market woes seeing it as more of a direct cause than the many weather events Florida has suffered.
Among its findings:
Litigation frequency and severity represents an additional expense load of 17% (and rising) on all earned premiums for insurers in Florida compared with other catastrophe-prone states. ....

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