Florida tide turns as homeowners squeeze claims victims
The tide of state involvement in Florida's insurance business is turning, as regulators and ratings agencies favour greater insurer solvency over politically driven cheap homeowner insurance for voters.
The change has been triggered by a series of events over the past year including company failures, ratings withdrawals and mergers.
Companies have struggled with high claims costs and a sharply declining premium base due to high statutory premium discounts given to policyholders for wind mitigation measures.
Senior reinsurance industry sources explained...
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