Maybe the sky isn’t falling, it isn’t takes time for the insurance market to catch up. Some quotes from The Insurance Journal - an industry trade mag.
“ Florida’s property insurance market is showing more signs of life, with another company requesting a large takeout order from Citizens Property Insurance and two new companies entering the arena.
Tampa-based HCI Group’s CEO Paresh Patel said in an earnings call last week that the company had applied for up to 75,000 policies from Citizens”
“In previous earnings calls, we said we expected a material, beneficial impact from the new legislation in Florida, and that impact is starting to show up in our results,” HCI’s chief financial officer, Mark Harmsworth, said in the call. HCI’s Florida subsidiaries include Homeowners’ Choice Property & Casualty Insurance, with about 88,300 policies in force, and TypTap Insurance, with some 56,000 policies. It was not clear which insurer would assume the Citizens policies.”
FULL ARTICLE
More Signs of Life in Florida: New Insurers in Market, More Citizens Takeouts