Is Florida any closer to finding a solution to its property insurance problems?

Florida insurance reform: One year after a massive legislative overhaul, is Florida any closer to finding a solution to its property insurance problems? This article briefly summarizes the major legislative, regulatory, and market developments in Florida’s property insurance industry over the past three years.

In the wake of two tumultuous storm seasons, Florida has experienced the significant growth of both its state-backed insurer and reinsurance fund. This article briefly summarizes the major legislative, regulatory, and market developments in Florida’s property insurance industry over the past three years. It is also intended to highlight the state’s metamorphosis into a full-fledged market competitor and the deliberate steps the state took in making that transition. This article concludes with an overview of the new problems facing a state that continues to struggle with a shrinking voluntary property insurance market while state officials remain perplexed over the failure of recent reform to result in meaningful rate reduction.