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Nationwide Drops 40,000 Florida Customers

August 29th, 2007 by flanews

Nationwide is not on the side of tens of thousands of Florida property owners. Next month, the major insurer is dropping more than 40,000 policies. As Chris Casquejo tells us, state leaders are confident that other companies will fill the void.

Here it here: Nationwide Drops 40,000 Florida Customers

Nationwide Insurance paid out more than $1 billion in hurricane claims in 2004 and 2005. Sam Miller is with the Florida Insurance Council, a trade group representing insurers. He says many factors go into a companys decision to drop customers, including its own bottom line.
How much exposure can it maintain in Florida and be certain that following a major hurricane in Florida it can still pay all its claims, Miller said.
Nationwide customers could start receiving cancellation notices as early as next week, as the company continues its move out of the Florida property market.
Most of the 40,000 homeowners who wont have Nationwide will have another option, transferring their policies to a smaller insurance company, Security First. Governor Charlie Crist does not seem too concerned about Nationwide cutting and running.
If these companies who want to overcharge want to leave the state, fine with me,” Crist said. “We want to have companies that want to compete, that want to give lower rates, that want to do whats right for Floridians.
Since the 2004-2005 hurricane seasons, 27 new companies, mainly smaller insurers like Security First, have entered the Florida property insurance market to pick up the customers the bigger companies are leaving behind.
Nationwide will focus on auto insurance polices and financial services in Florida. It will still have 176,000 homes insured in the state.

Posted in Charlie Crist, Hurricane Season, Insurance, Politics, State News | 1 Comment »

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