I live in Florida and a ton of people are moving here. Even so, there are a ton of property insurance companies pulling out of the state. It makes no sense to me.
In: Economics
People (and politicians) are forgetting insurance is a business.
I can only speak from a similar situation as Florida as opposed to actually Florida itself so take my response with a grain of salt.
Florida sounds to from other comments have a huge amount of costs to recover to be profitable and businesses don’t have to offer services, especially if it isn’t possible to make money.
So they can set prices at what it reasonably costs to sustain themselves, but also have a fuck you go away price if they aren’t interested in really doing the work.
I’m concept though, insurers need to carry money to basically cover a large catastrophic event, which is suuuppeerrr pricey in the scheme of the world from reinsurers and overall we’ve globally had enough once in 100 year events over the previous decade all these accounts are less than healthy and in need of some downtime to recover which seems to not be happening.
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