TALLAHASSEE — While Florida insurers claimed to be losing money in the wake of hurricanes Irma and Michael, their parent companies and affiliates were making billions of dollars, according to a study obtained by the Times/Herald.
The start of the state’s insurance market meltdown came on the heels of those two storms between 2017 and 2019, as companies justified big rate increases to cover their losses.
But those financial hardships don’t tell the full story, according to the 2022 study that has never been made public and was released to the Times/Herald after a two-year wait for public records.
The report, the most in-depth dive into the byzantine finances of Florida’s homeowners insurance market, reveals that as the industry was…
