Insurance Reform and Competition

Florida’s 11 Years of Good Luck Finally Ran Out

2016 Hurricane Season Concludes

This hurricane season, Florida saw its first hurricane make landfall in 11 years- Hurricane Hermine. Shortly after, Hurricane Matthew, a major hurricane that just barely missed Florida’s east coast, caused a substantial amount of damage to Florida and triggered evacuation notices for nearly 1.5 million Floridians.

There is good news though. As Christian Cámara of the R Street Institute points out, reinsurance saved Florida from catastrophic losses:

“Thanks to responsible decisions made by Gov. Rick Scott and the Legislature over the past several years, coupled with trends in the global economy, homeowners are not expected to see insurance rate increases because of these storms.”

As Florida moves on and continues the recovery process, as businesses return to normal and communities put cleanup efforts behind them, the Florida Chamber recognizes that hurricanes are part of Florida’s reality, and the question isn’t if a hurricane will hit, but when.

What’s Next for the Future of Reinsurance?

Be sure to join us in Miami on February 1-3 for the Florida Chamber’s 2017 Insurance Summit to learn more. Click here to register.

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