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Property insurers sending billions overseas
Posted By kurtnimmo On October 25, 2010 @ 5:15 am In U.S. News | Comments Disabled
Paige St. John
October 25, 2010
MONTE CARLO, Monaco – Never before have Floridians paid so much to protect themselves from hurricanes.
And never have they received so little benefit.
A Herald-Tribune investigation shows that since the state’s last spate of hurricanes, a dramatic shift has taken place. Two-thirds of property insurance premiums now leave Florida as unregulated payments to largely offshore reinsurers — companies that sell hurricane protection to insurers and that operate without rate control or consumer oversight.
They, more than state insurers and state regulators, determine how much Floridians must pay to live in the state, and whether property insurance is available at all.
Florida’s growing reliance on this profit-driven market is eroding its ability to withstand the inevitable disaster.
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