Governor Ron DeSantis and Tim Cerio, CEO of Citizens Property Insurance Corporation held an open discussion with reinsurance companies in London.
In the meeting, DeSantis gave companies in attendance an update on Florida’s effort to stabilise the property insurance market.
DeSantis also secured a commitment from the companies to increase access for carriers serving Florida policyholders.
Topics of discussion included the importance of partnerships in supporting Florida’s large insurance-related economic sector, which consists of more than 4800 businesses writing over US$209 billion premiums.
Since 2019, DeSantis’ staff say he has secured unprecedented reforms in the insurance industry designed to promote market stability and ensure policyholders are protected. For example,the recent House Bill 837, signed by DeSantis, modifies the bad faith framework. It eliminates one-way attorney fees and fee multipliers, and ensures that Floridians can’t be held liable for damages if the person suing is more at fault.
Commenting on the event, DeSantis says: “Access to affordable reinsurance options for Florida carriers is important for the stabilisation and long-term growth of our property insurance market,”
He adds: “Florida is home to one of the largest and most complex insurance markets in the world and I was happy to provide an update about recent legislative reforms that have made the market more attractive to businesses.”
