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Florida CFO: Why Aren’t Insurance Costs Dropping?
August 8, 2013
Chief Financial Officer Jeff Atwater wants the state’s insurance commissioner to explain why property insurers haven’t reduced premiums at a time when reinsurance costs have dropped worldwide.
“If insurance companies can justifiably raise rates on Florida families because the reinsurance market drives their costs up, they can certainly lower the costs for Florida families when reinsurance prices fall,” Atwater wrote Wednesday to Insurance Commissioner Kevin McCarty.
“Floridians not only deserve an explanation for why they have not seen any savings to date, they also deserve to quickly begin seeing property insurance savings in their bills.”
Reinsurance is backup insurance for insurance companies.
Atwater noted that insurance companies have claimed for years that rates have increased due to reinsurance costs. However, he said he’s read that reinsurance rates are down this year, on average 15 percent to 20 percent.
Amy Bogner, spokeswoman for the Office of Insurance Regulation, said McCarty is working on a response to address Atwater’s questions.
Comments
6 Responses to “Florida CFO: Why Aren’t Insurance Costs Dropping?”
…hmmm, ive been wondering about that for years now too…just like the energy industry…mortgage industry…etc…bet they will say, they are providing jobs…just to justify their business practice…
WHY? Hmmm…
Could it be that most insurance companies are publicly traded?
Could it be that stock holders want to see a return on their investment?
Could it be that stock holders require business’ to show increased profit and growth each year?
Could it be that insurance is a scam and we are all screwed?
You bet!
I just found out that these insurance rates that have been placed on our home owners policies, for instance flood insurance and sink hole insurance can be removed, I dont live in sink hole part of this state andnor am I in danger of flooding, this is encourageable that we have been suckered by the insurance companies………………………
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One word: GREED!
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it is a election year come on….
FINALLY! Someone at that level gets it!