FIC News Releases

This statement was released Wednesday, following Commissioner McCarty's media briefing:

From Gary Landry
FIC vice president

(850) 321-1856

It is welcome news that the OIR has successfully negotiated a means for the largest private insurer to remain a viable partner in insuring homes in Florida.

The Florida Insurance Council has maintained the viewpoint that we must do everything in our means to encourage capital into Florida’s perilous property insurance market.

We thank Commissioner McCarty for his willingness to keep the negotiations moving along and for his hard work in succeeding in his negotiations with State Farm.  We also thank State Farm for its part in crafting this important agreement.

The good news is many policyholders of State Farm will be able to maintain the long association they have enjoyed with the company and their agent.

At the same time, the negotiations remind us of the perilous nature that is the property insurance market in Florida.  We welcome continued serious talks with state officials in crafting public policy that will further entice new capital into our market and enable those companies that have invested in our state to likewise remain here.

Florida remains a very risky state for insurers. These successful negotiations signal a positive step toward seeking well-conceived solutions that are best for consumers as well as the industry.