Florida Hurricane Insurance

By: Associated Press Email
By: Associated Press Email

TALLAHASSEE, Fla. (AP) -- Florida hasn't been hit by a hurricane since the disastrous years of 2004 and 2005 -- but the state's property insurance companies say they are still losing millions despite collecting billions in premiums.

That has industry leaders, Gov. Rick Scott and Republican
lawmakers hoping that a recently signed bill will make them
profitable and spur competition. Proponents say that would drive
down rates in the long-run and allow private insurers to compete
better for some of the 1.3 million customers of the state-backed
Citizens Property Insurance Corp. in hopes decreasing the exposure
to taxpayers.

The legislation allows private companies to pass on 15 percent of their reinsurance costs to customers, along with whatever increases state regulators approve.

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