Florida Lawmakers Investigate Insurers' Profit Claims Amid Rising Rates

Florida lawmakers are investigating property insurance companies accused of exaggerating financial losses while profiting billions, following revelations from a previously undisclosed 2022 report. The report indicated that insurers reported losses of $432 million from 2017 to 2019, yet their affiliates made $1.8 billion, raising concerns about potential financial misrepresentation. This inquiry has gained momentum due to rising insurance premiums and the struggle homeowners face in securing coverage after hurricanes Irma and Michael. Key officials, including the Florida Insurance Commissioner, acknowledged the report's incomplete status but failed to clarify why it was not finalized or presented to lawmakers. Lawmakers, from both parties, expressed outrage over the lack of transparency and accountability, particularly as the insurance crisis deepens. The investigation aims to determine if the insurance companies utilized dubious accounting practices to justify premium increases while directing funds to shareholders and affiliates.