TALLAHASSEE (CBSMiami/NSF) – The state-backed Residents Property Insurance coverage Corp. has topped 800,000 insurance policies and can exceed 1 million this 12 months amid issues within the non-public insurance coverage market, Residents President and CEO Barry Gilway mentioned Wednesday.
Gilway advised members of the company’s Board of Governors that Residents is including roughly 5,500 insurance policies per week and pointed to what he referred to as a “persevering with deterioration” within the non-public market.
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Residents had 801,341 insurance policies Wednesday, up from about 570,000 insurance policies in March 2021. Non-public corporations are shedding insurance policies and looking for hefty fee will increase, driving owners to Residents, which was created as an insurer of final resort.
Gilway mentioned insurers are shedding cash in Florida and are “terrified” about potential prices of reinsurance, which is crucial backup protection that insurers purchase.
“Only a sea of purple ink, and that’s not going to go away anytime quickly,” Gilway mentioned.
The Board of Governors assembly got here after lawmakers final week ended the common legislative session with out passing a invoice to take care of property-insurance issues.
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