David Joyner, agency owner, recently spoke at the Venetian Community Town Hall meeting on March 20th. A number of guest speakers participated and all shared important, relevant, and useful information for the audience.
As expected, David detailed information about the troubled Florida insurance market. He touched on Hurricane Ian and the impact it had on the “man-made” insurance storm we’ve been battling the last several years. Some of the debris left by this “man-made” storm include roughly a dozen company insolvencies, thousands of non-renewals, and substantial rate increases. If you’re reading this, most likely you’ve felt the impact in some fashion.
While Ian highlighted these issues and legislation was passed to repress them, we won’t feel the impact for another 18-24 months. In Summary: things will get worse before they get better – more steep rate increases are coming and fewer companies are offering new policies. New companies will eventually enter the market, and hopefully with a quieter storm season, we’ll begin seeing some stabilization in 2024.
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