As the 2010 Hurricane Season wanes, another non-weather-related cost driver has been eroding what should have been a positive bottom line for Florida's property insurance industry. An unprecedented rise in the frequency and severity of sinkhole claims — which are often difficult if not impossible for carriers to defend — has significantly affected insurers' bottom lines.
The Florida Senate Committee on Banking and Insurance is in the process of finalizing an interim report on what now amounts to a crisis. Part of the statistical basis for the report will be the cumulative results of an industrywide data call issued by the Office of Insurance Regulation to all Florida residential and commercial property insurers. The Senate's ultimate findings and recommendations will undoubtedly fuel significant debate during the upcoming 2011 Florida legislative session.
No Hurricane Claims, Yet Insurers Are Losing Money
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