Florida’s insurance market is drowning in $1B+ of losses, report shows

U.S. property insurance companies posted the worst year of underwriting losses that the industry has seen in over a decade.

Total losses reported in 2022 stacked up to a staggering $26.9 billion, which was more than six times the losses reported in 2021, according to a report published by data analytics firm Verisk this week.

The Florida property insurance market is a poster child for the industry’s tough year. Insurance companies with business in the state collectively had losses greater…