Florida insurance agency owner questions efficacy of new tax law

By Elana Ashanti Jefferson
Podcast
June 12, 2024 at 08:30 AM
Share

Within the U.S. property and casualty insurance sector, Florida stands out as one of the first states in recent history to experience skyrocketing claim costs, shrinking coverage availability, and a crisis in premium affordability.

The Sunshine State also has been deeply impacted by nuclear verdicts as well as insurance fraud. Making matters worse: Severe weather is a relatively common occurrence there.

It follows that Florida state legislators have proposed an array of measures aimed at addressing an insurance environment that's become caustic for both consumers and insurance carriers. One of these measures was HB7073, a recently-passed tax law that introduces a one-year exemption on residential property and flood-insurance premiums.

Transparent communication, a willingness to new ideas and the ability to adapt to changing situations are critical components to have in top-flight workers' comp risk management programs, according to Andrew Sabolic, executive director of the Workers' Compensation Institute (WCI). In this episode of Insurance Speak, Sabolic also talks about his career path, the WCI's work and where he sees the organization heading.

Oscar Seikaly is CEO of NSI Insurance Group, a large, privately-owned agency based in Miami Lakes, Florida. Under Oscar's leadership, NSI tripled in size in just five years and was named "Agency of the year" in 2022 by National Underwriter magazine. Seikaly also has been monitoring Florida's insurance legislation moves and shares his unique perspective on this episode of Insurance Speak. Listen to our full conversation above, or subscribe to the Insurance Speak podcast on Spotify, Apple Music or Libsyn.

See also:

NOT FOR REPRINT

© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.