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Business Highlights: Florida’s insurance market,
Ian threatens Florida’s already unstable insurance market
TALLAHASSEE, Fla. (AP) — Florida’s property insurance market was already in peril. Now comes Hurricane Ian. The massive storm, barreling into Florida with 150 mph winds, double digit storm surge and drenching rains, is almost certain to further damage the state’s market, which has strained under billion dollar losses, insurer insolvencies and skyrocketing premiums. The scale and scope of the storm’s damage will become more clear in the coming days. But its impact could potentially exacerbate existing problems and burden a state-run insurer that has already seen a sharp increase in policies as homeowners struggle to find coverage in the private market.