Why are so many insurance companies pulling out of providing coverage in Florida?
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Florida has lots of natural hazards, which are increasing in frequency and severity. Construction costs are also way up. Prior to 2016, tropical storms were common but a large hurricane was less so. Since 2016 we’ve had Matthew, Irma, Michael, Ian and Nicole which were all huge loss events for insurers. Those storms tipped over the reinsurance market, which backstops larger loss events.
This is all in spite of being *the* most consumer unfriendly market for insurance regulation in the US.
The easy money is gone, so most of the market is, too.
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