Sarasota HeraldTribune: How Florida Insurers Make Millions on the Side

March 16, 2010

The Sarasota HeraldTribune, as part of its series on the property insurance market in Florida, has reported that half of the state’s insurers are making money not from insuring homes but by diverting premiums into side ventures.

The copyrighted report – How Insurers Make Millions on the Side— also says that insurance company overhead costs are 50 percent higher in Florida than the national average.

The Herald-Tribune said it spent more than a year reviewing the financial filings of more than 70 Florida-only companies.

The report can be read here.

Topics Carriers Florida

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Latest Comments

  • March 18, 2010 at 1:49 am
    nobody important says:
    Larry, the national carriers would have been happy to stay if they would have been allowed to charge rates that match the exposure. You can't get anything approved by the ins... read more
  • March 18, 2010 at 1:06 am
    Bernie Maddoff says:
    These start up carriers are a PONZI! 1. Start a company with borrowed 5 million. 2. Create a MGA to administer (Ha) the company. 3 Charge 65% of the premiums for doing so. 4. ... read more
  • March 18, 2010 at 11:05 am
    Larry says:
    So what politician forced these CEOs to be greedy and dishonest and divert premiums intended for claims into their own companies and pockets? You can't blame the regulators an... read more

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