Hurricanes in Florida will soon disrupt the insurance industry!
The upcoming hurricane season has the potential to disrupt Florida’s insurance industry, according to the latest information obtained by The Live Insurance Info. Lisa Miller, former Deputy Insurance Commissioner of Florida and current advisor to insurance companies, says – ‘The storm will cause terrible devastation, and we are all worried about its consequences.
According to Miller, “If the hurricane predictions are true, it will have a massive impact on the insurance industry, and because of this, it will fail the strategies we have been preparing to reduce the increase in insurance rates. As per recent reports, 19 insurance companies in the state have either cut their insurance rates or have taken steps towards not increasing the rates.
Rising insurance rates in the state
Florida leaders have spoken out about rising insurance rates in the state – with insurance rates reaching the highest levels in the country today. Bankrate analyst Shannon Martin says that “a Florida homeowner is paying $4,000 more per year for insurance than all other states in the US combined.” Despite this, the risk is not decreasing. Insurance rates are expensive to pay, and the weather signs of disastrous consequences. Bankrate analyst Shannon Martin says there are indications from all sides that the weather will change for the worse.
Hurricanes disrupt in Florida insurance
Weather plays an important role in the research that insurance and reinsurance companies conduct to determine rates, and long-term weather predictions form a large part of this research. No one knows where hurricanes will hit this year, but if this hurricane hits the heavily populated area of Florida, insurance experts say it could lead to an increase in hurricane insurance rates next year.
Elaborating further on this, Lisa Miller said – I think the behavior the weather is showing is both new and normal. I believe that as residents of Florida, we all need to be prepared for this storm and its consequences and make every possible preparation for it.
