Florida insurance update

Two items about Florida’s insurance problems caught my eye recently.  This story in the Sarasota Herald Tribune discusses insurers who have begun firing back in response to Gov. Charlie Crist’s Don Rickles-like stream of invective.  One thing I note about the story: it says insurers have been intimidated by Crist’s high approval ratings.  However, look at this post from Gotcha Covered, the insurance blog of the Palm Beach Post.  Here’s a taste:

Out-of state media are already writing stories slamming Florida’s property insurance plan as a failure.

Meanwhile, Florida’s governor and insurance commissioner have downplayed the fact that an average 15 percent reduction for homeowners is less than what was previously forecast.

The final verdict should come in about a month after Florida’s 190 or so property insurers file their so called “true-up” calculations. Those filings will show insurers true cost of buying reinsurance, or insurance for insurance companies.

The state’s insurance reform plan lowers rates by selling insurers discounted reinsurance. But the first five companies to make rate filings have canceled announced rate reductions and instead want to raise rates!

That is apparently not going over well with Floridians, judging from the reader comments to the post, like this one:

Charlie the Liar Our governor – what he done to help us Nothing but drive the cost up where people are going to lose their homes

You can count me out as a vote next time Charlie unless it is for DOG CATCHER

Obviously that person is not among those adding to the governor’s high approval rating — why, he’s so mad he has totally forsaken grammar and punctuation so they won’t pollute his rant and dilute his message of righteous anger!  Could this be a foreshadowing of the boomeranging of Crist’s verbal broadsides? That’s the trouble with demonizing folks and making promises, people come to believe in your rhetoric, but unless you deliver results, it begins to look like you’re just the flip side of the coin.

Comments Off on Florida insurance update

Filed under Industry Developments

Comments are closed.