Florida property insurers’ lawsuit costs hit fresh high at $3.5B last year

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Florida property insurance carriers nearly broke even last year for the first time since 2016 in a much-needed course correction for the market, despite litigation expenses rising to a new high of $3.46 billion.

▶ WATCH CHANNEL 9 EYEWITNESS NEWS

The Florida Office of Insurance Regulation’s latest market stability report shows that insurers collectively had about $100 million in net underwriting losses in 2023. While still in the red, last year’s performance is a major improvement from roughly $1.2 billion in losses in 2022.

Defense and cost containment expenses, or costs associated with defending and managing a claim, increased 17% from $2.96 billion in 2022 to roughly $3 billion in 2021, the report shows.

Read: Trump assassination attempt: Secret Service says it did not sweep building where gunman was located

Click here to read the full story on the Orlando Business Journal’s website.

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

©2024 Cox Media Group