In Orlando, Florida, the Speaker of the Florida House of Representatives shared that the state’s insurance market was exhibiting more positive trends than initially anticipated when a series of reforms were enacted last winter to stabilize the ailing industry.
However, this positive outlook was tinged with a reality check, as it was acknowledged that Floridians were still grappling with steadily rising prices while waiting for the reforms to yield substantial results. The Speaker noted that lawmakers should have expedited the implementation of these reforms.
“Are we witnessing a decline in prices? Not yet. Is the situation unfavorable? Yes,” stated Paul Renner (R-Palm Coast). “This scenario will persist until we witness a reduction in negative indicators and an increase in positive ones. Thankfully, progress is underway.”
Among the challenges represented by the “down arrows” are the escalating prices and the withdrawal of Farmers Insurance from the market, alongside the termination of certain AAA policies this month. Insiders within the insurance industry attributed Farmers’ difficulties to assuming excessive risk too rapidly, a situation reminiscent of their similar exit from wildfire-prone California.
Source: https://www.wftv.com/news/local/fl-house-speaker-theres-lot-positive-about-insurance-market-despite-farmers-pullout/EWJSMQONNVG2TPD42F4543B3PE/