Florida Chief Financial Officer Jeff Atwater is right and wrong when he says Floridians should be seeing savings in their property insurance bills. In a letter to Insurance Commissioner Kevin McCarty, Atwater asked him for his input on the failure of the state’s private insurers to pass along significant costs savings they have enjoyed as their reinsurance costs have fallen recently.
Citing a poll of insurance underwriters and brokers in The Insurance Insider, Atwater told McCarty insurers had seen reinsurance costs savings between 15 percent and 20 percent. “Can you please explain why a significant drop in reinsurance costs worldwide has not yet corresponded to a significant drop in property insurance rates for Floridians?” Atwater inquired.
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