The destruction wrought by Hurricane Ian could worsen already existing issues with Florida's insurance industry.
Florida's property insurance market was already in peril. Now comes Hurricane Ian.delivering catastrophic winds, rain and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies and skyrocketing premiums.
More than a dozen companies have stopped writing new policies in the state, and several have closed shop this year. One company was declared insolvent and placed into receivership this week, as Ian was churning toward Florida.or priced out of plans have flocked to the state's public insurer of last resort, Citizens Property Insurance, which this summer topped 1 million policies for the first time in almost a decade.
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Ian threatens Florida's already unstable insurance marketTALLAHASSEE, Fla. (AP) — Florida's property insurance market was already in peril. Now comes Hurricane Ian. The massive storm that barreled into southwest Florida delivering catastrophic winds, rain and flooding is likely to further damage the insurance market in the state, which has strained under billion-dollar losses, insolvencies and skyrocketing premiums.
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