Property Insurance

State lawmakers will meet in Tallahassee Dec. 12 - 16 to pass more legislation aimed at fixing the state’s troubled property insurance market, which took another blow after Hurricane Ian made landfall in September and destroyed thousands of homes.

Hurricane Ian dealt a major blow to Florida’s already crippled property insurance market. The Category 4 storm is expected to go down as one of the costliest in U.S. history, and that’s expected to drive more of the state’s private insurers out of business.

A new analysis says overall reinsurance prices are expected to increase by more than 10 percent in 2023, pointing to losses from disasters such as Hurricane Ian and “increasing frequency and severity of natural catastrophe claims.”

A special legislative session is scheduled for Dec. 12 - 16 on property-tax relief for Hurricane Ian victims and property-insurance issues.

Florida lawmakers will be back in Tallahassee later this year for a special session to deal with Hurricane Ian-caused problems and do more work on the state's troubled property insurance market.

Insurers were required to begin submitting claims data Friday and will continue submitting the information each day through Oct. 7.

A financial ratings agency says an analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.

Florida Insurance Commissioner David Altmaier has issued an emergency order that will temporarily prevent property insurers from dropping customers for the next two months.

State regulators Friday asked a judge to place a property-insurance company in receivership, making it the sixth Florida property insurer declared insolvent this year amid widespread financial problems in the industry.

Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised this week to look for an alternative.