Change in the Insurance Industry

In Florida Property Insurance, Insurance Industry on February 8, 2013 at 1:32

The need for change in the insurance industry is an on-going battle.  Recently the Florida Chamber of Commerce weighed in on the controversy.

A significant focus is on the coastal properties.  According to a recent press release, Florida has more than $2.5 trillion in total insured coastal property value, which is the highest of any hurricane exposed state.  The Chamber created a document to address the many concerns and offered some guideline solutions, among them reducing the risk of hurricane taxes, restoring the Florida Catastrophe Hurricane Fund to its original intent of supplementing private insurance, attracting new capital to the state, and – my particular favorite – reducing fraud and abuse.

The Chamber offers interesting ideas worth considering.


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