Florida's property insurance market has reached a critical juncture. For the past two years, state legislators have been struggling to balance constituent demand for affordable insurance coverage with the responsibility of ensuring that private insurers and the state government can pay claims and remain financially sound after the next storm hits.
The decisions public policymakers and insurers make now will have a significant impact on Florida's economic future.
A healthy, stable and well-regulated insurance market provides the foundation for the state's "Big Three" economic engines–real estate development, tourism and agriculture. A dysfunctional market with an overreliance on government weakens all three sectors, undermines consumer confidence and acts as a drag on economic growth.
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