Interesting. So Florida’s new insurance commissioner is an insurance professional rather than a political type, with subject matter expertise. Likely no one with future aspirations wanted a stint trying to regulate this market on their record. He thinks litigation is more of a driver of market destabilization than storm losses and risk, which I still don’t see. He thinks premium pressure will abate with an infusion of capital, though he doesn’t explain why. Not sure I would think that, but he does seem like someone with knowledge, sincerely trying. Good journalism to get this interview As the head of the Office of Insurance Regulation, Yaworsky is responsible for approving insurers’ rate increases, monitoring their conduct in the marketplace and assessing fines. He grew up in the community of Rotonda West, has a social science degree from Florida State University and worked in both the Georgia and Florida offices of insurance regulation. We’ve met with multiple parties that have come to the table already this year that are interested in either moving their existing company into Florida or starting a new company. ... So there’s definitely capital interest coming into this state. We’ll see how long that takes to fully form. I think we may see a couple by the end of the year. Insurance markets are a complicated thing, but competition in just about any market is a good thing. We will eventually see some of the rate pressure recede. We may see a bit of a pressure recede in the reinsurance space as well. That’s a global, unregulated market and that has a huge impact on the rates in Florida today. I hate saying this every time, “the train is on the way,” but eventually there will be ... a good amount of rate stabilization and decrease. Q&A | Mike Yaworsky, Florida insurance commissionerImpact of new rules has not yet hit Q&A | Mike Yaworsky, Florida insurance commissionerImpact of new rules has not yet hit - Tampa Bay Times For more great content like this subscribe to the Tampa Bay Times app here:
From Times breaking news View on the web Go to our homepage Subscribe to the Times Tuesday, July 11, 2023 [AL DIAZ | Miami Herald ] Farmers Insurance is leaving Florida in latest blow to homeowners Another insurer is leaving Florida, where homeowners are paying more than ever for insurance, despite the state’s attempt to shore up the wobbling market. Today, Farmers Insurance informed the state it was dropping home, auto and umbrella policies across Florida, potentially affecting tens of thousands of people. It’s the fourth company to leave the Florida market in the last year — most citing rising risks from hurricanes.
Hurricanes are stronger because the water temperature is higher. I get your joke, but the GOP also hasn't shown they care/believe in doing anything to try and help.
Screw them too. They complain about paying for other people's college degrees when we all have to pay for their damn subsidies.
Unfortunately government is going to have to step in soon. I think Florida has 47 active insurers now and half of those are on insolvency watch lists. One or two bad hurricanes and it’ll all come crashing down. We’ve known this problem was coming for a while so obviously a bit miffed at Florida leadership doing basically nothing. I understand they think they’ve addressed this with a few bills earlier this year but so far they have done nothing to incentivize companies to stay. Given the cost to do business in Florida some kind of increased subsidy from the government is probably necessary to convince companies to stay. Either that or Florida needs to get fully into fully state funded homeowners insurance.
If literally legislating their wishlist wasnt enough incentive, then I think its time for some out of the box thinking.
But did you know that Farmers is woke and that's why they want to walk away from the market in the third largest state? Jimmy Patronis thinks so. The state’s chief financial officer, Jimmy Patronis, went further, accusing the company of leaving Florida because its business was too focused on “sustainable insurance” and aligning investments with its social values, like avoiding investing in polluters or companies that sexually or racially discriminate against employees, a process known as environmental, social and governance investing that has become a recent political target for Republicans. “The more we learn about Farmers Insurance the more it’s clear its leadership doesn’t know what they’re doing. While they’re bad at helping people, they’re good at virtue signaling,” Patronis wrote in a statement Tuesday. “It’s clear that while Farmers was making plans to exit a significant number of policies out of Florida, they were playing politics, and weren’t focused on running a successful company. “I sincerely believe that with today’s actions, Farmers Insurance is well on its way to becoming the Bud Light of insurance,” he wrote, a nod to the recent controversy when Bud Light hired a trans woman to run a single TikTok ad for the beverage, triggering a conservative backlash and boycott against the company over its support of the LGBTQ community. Florida wants insurers that promote sexual and racial discrimination! Read more at: https://www.miamiherald.com/news/po...-politics/article277242188.html#storylink=cpy Read more at: https://www.miamiherald.com/news/po...-politics/article277242188.html#storylink=cpy https://www.miamiherald.com/news/politics-government/state-politics/article277242188.html
