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The result of all this is that insurance litigation has exploded in the state. The Insurance Information Institute (III), an industry group, reports that 80 percent of the nation's homeowners ...
State reports show insurance companies in Florida were showing healthy net income and underwriting gains in the storm-free years between 2012 and 2015. But then Hurricane Matthew hit in 2015, and ...
Ten Florida insurance companies said recently they would not increase rates, and at least 15 others filed for a decrease in rates.
In 2022, the Florida home insurance market spent months tumbling toward collapse, but legislation was put in place to help mitigate disaster. These laws aim to make Florida home insurance more ...
Reports [10] evaluate state agencies and programs and analyze specific policy issues. Reports cover a variety of state agencies and issues, or analyze the impact of a potential program or policy. The Government Program Summaries (GPS) [11] is an online encyclopedia of more than 200 major Florida state government programs. It provides a basic ...
A 2021 analysis by then-Florida Insurance Commissioner David Altmaier found that Florida made up 8% of the nation’s homeowners’ claims in 2019, but 76% of its lawsuits.
The Florida Hurricane Catastrophe Fund (FHCF) was created in 1993 in response to the Florida property insurance crisis resulting from Hurricane Andrew. The purpose for this state tax-exempt trust fund was to encourage additional insurance capacity in the state by providing a stable and ongoing source of reimbursement to insurers for a portion ...
The most visible responsibility of the officeholder was as Insurance Commissioner. Following the Cabinet reform, the office was merged with that of the state Comptroller to create the new office of Chief Financial Officer of Florida, which oversees the Florida Department of Financial Services. The new department contains many of the functions ...