Florida State University College of Business Professor Charles Nyce is available to comment on Florida’s crisis-ridden property-insurance market ahead of the state Legislature’s second special session on the matter.
The Dec. 12-16 special session comes after Hurricane Ian threw the state’s insurance industry into deeper trouble, with estimated losses of about $10 billion from the storm as of Nov. 30. Even before the start of the 2022 Atlantic hurricane season, the state was losing insurance companies to insolvency, and Florida homeowners were losing coverage, Nyce said.
That prompted a May special session in which Florida legislators passed laws related to property insurance and building safety. The new special session could aim to pass legislation that will strengthen the insurance market and eventually lower premiums, according to reports.
Charles Nyce is the Robert L. Atkins Associate Professor of Risk Management & Insurance and the associate director of FSU’s Center for Risk Management Education & Research. News organizations can reach him at cnyce@fsu.edu.