PEMBROKE PARK, Fla. – Helen and Milton are names that won’t soon be forgotten by many Floridians as they recover from a major hurricane and hope to rebuild.
But will two major storms, essentially one after the other, sink Florida’s property and casualty insurance market?
Mark Friedlander of the Insurance Information Institute said: We’re talking $1 billion to $2 billion. ”
If you have insurance, this is where insurance comes in handy. Friedlander said it’s important to note that much of the damage in Florida is due to flooding.
“It’s not property insurance,” he said.
And Florida’s property and casualty insurance market is “in the strongest financial position it’s been in years,” he said.
“No companies are planning to leave Florida. In fact, legal changes have improved market conditions so much that companies are now coming to Florida. This year we will have nine new companies coming to Florida,” Friedlander said. he said.
He also said the global reinsurance market – essentially insurance for insurance companies – was also in good shape.
“To those speculating about companies going bankrupt or just going out of the market, given the 2024 hurricane activity we’ve experienced here in Florida, I think that’s likely to be the case,” Friedlander said. I don’t think anything like that will happen.”
Not only do I see the storm pass, but I also breathe a sigh of relief.
Friedlander said the last remaining insurance company, Citizens, is shedding tens of thousands of policyholders, which he said is a positive thing as policyholders are flowing to private insurers. Ta.
The important point is that in Florida, in a flood zone, or outside a flood zone, flood insurance is required, although it’s not cheap.
Friedlander said it’s better to have something and not need it than to need it and not have it.
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