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Daily Digest: Florida's insurance challenge, AGCS profits soar, Hurricane forecasts cut

Insurance Day

Daily Digest: Florida's insurance challenge, AGCS profits soar, Hurricane forecasts cut

What’s the matter with Florida? It is hurricane season in Florida and the Climate Prediction Center, a division of the US National Weather Service, has predicted above-average hurricane activity for the year. This prediction is not a one-off. Florida has seen an increase in powerful storms that has turned what used to be abnormal weather into the alarmingly normal. This year’s prediction marks the seventh consecutive year of an above-average hurricane season. The forecast is equally ominous for Florida’s homeowners’ insurance market, which has seen an exodus of companies willing to underwrite in the state . On August 2, American Traditions become the most recent residential insurance company to cease writing in the state.

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