Insurance Regulation - Florida Braces As State Farm Waves Goodbye

This week, State Farm Insurance, the largest private insurer in the state announced that it would pull out of Florida after the maintenance of huge losses and refuse rate increases.

I am not a fan of the games and scams in the insurance sector. Although the security of life and makes modern life possible, that is full of problems. Insurance companies regularly ill-treat their own customers. They deny and minimize delays in the claims as part of standard operating procedures. But they also pay a lot of demand, and deserve to make a profit.

This environment comes with insurance regulators in 50 states. They are trying to protect the consumer. Control the swing of too little too much like a pendulum. But, now in Florida, the insurance regulators pendulum over-turned. The regulators and state legislators have corrupted the insurance market in Florida, and consumers will get burned.

The Florida Department of Insurance did not produce evidence that the insurance market has failed, which explains the rigid price regulation rather than simply allowing competition in the market to regulate fees.

In the past 15 years, Florida insurance companies are no longer profitable as a group. Dozens of insurance companies have stopped working condition. Simply deny the rate increase does not benefit consumers. Because insurers are not writing policies in Florida, which reduces the competitiveness of the poorer consumers, higher prices and limited options.

In response, the insurance companies leave because of Hurricane Andrew, Florida lawmakers created civil Property Insurance Corporation (CPIC), the loss-making state-owned insurer that sells policies below cost. It's a ridiculous price, coupled with CPIC to ensure the exit of the insurance for more than half of Florida homeowners. As CPIC lose money, and state ownership, these losses are eventually required for taxpayers and consumers to bail out another insolvent company.

The departure of State Farm Florida, the CPIC at the end of providing 80% of the homes in the state. CPIC is now nearly bankrupt. All you will have a major catastrophic hurricane to finish off. However, it will be Florida's consumers and taxpayers, it will be terminated when the state legislature had to bail out state-owned insurer.

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