The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its assistant vice president of state government relations Logan McFaddin, regarding the Florida Senate Banking & Insurance Committee’s discussion of Florida’s property insurance market.
“APCIA appreciates Chair Jim Boyd, Vice Chair Doug Broxson, and all members of the Florida Senate Banking & Insurance Committee for proactively examining the challenges facing Florida’s property insurance market prior to the start of the 2021 Legislative Session.
“Florida’s property insurance market is at a crisis point as insurers face billions in recent losses from natural disasters and skyrocketing litigation costs. Ultimately, Florida policyholders suffer the most as many policyholders are facing a potential increase in homeowners insurance costs.
“The billions in losses from recent natural disasters have hit Floridians and insurers hard, but it pales in comparison to the impact of Florida’s deteriorating legal environment. Widespread lawsuit abuse, skyrocketing settlements, and exorbitant attorney fees have had significant consequences in the insurance marketplace and made it challenging for companies to hold the line on costs.
“APCIA looks forward to working with the committee and the Florida Legislature this session on solutions that will curb lawsuit abuse, help lower homeowners insurance costs for Floridians, and create a healthy and sustainable insurance marketplace in the state for consumers.”
The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions—protecting families, communities, and businesses in the U.S. and across the globe.