The Florida Homeowners' Insurance Crisis

Paper Summary:

The paper presents a detailed examination of the insurance industry as it has been impacted by the Florida homeowners' insurance crisis over the past two decades. The paper explores the crisis itself, the impact it has on the overall insurance industry and the insurance commission. The paper also explores the principles of business management, business law and economics as they pertain to this topic. The paper concludes that changing business laws to mandate stronger property construction, providing methods for acceptable premium increases and public education with regard to the crisis and the needed solutions are all elements of an overall way to handle the crisis.

Outline:
Introduction
The Crisis
Solutions
Conclusion

From the Paper:

"While Florida has always had to contend with the occasional natural disaster, the past decade has been an almost constant stream of them. Hurricanes, tornadoes and floods have battered the Sunshine State over and over again leaving behind a path of death and destruction.
"When the disaster hits the media rushes to pipe video streams into living rooms across the nation depicting the horror of it all, but inevitably once the news crews have left and the sensationalism has ended, those who live there are left to deal with the reality of what has happened."

Sample of Sources Used:

• Burr, Barry B (2006) Revenue-sharing suit filed; Florida plan calls payments to Nationwide 'kickbacks'.(Nationwide Life Insurance Co., Nationwide Financial Services Inc., Sheriff Kevin Beary) Pensions & Investments
• Blacklidge, Ray (1995) Florida Hurricane woes require a private-public solution. (insurance) From: National Underwriter Property & Casualty-Risk &Benefits Management | Date: July 17, 1995 | Author: | More results for: florida insurance management principles
• Deep Impact: New Florida Homeowners Insurance Laws Are Influencing the Insurance and Reinsurance Market in Other States and Other Lines.(Reinsurance/Capital Markets: Expanded Florida Law) Best's Review
• Fogg, Erin (2006) Florida grapples with insurance crisis: possible answers include increased sales tax, citizens' monopoly on windstorm policies.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World) Risk & Insurance
• Longman, Phillip (1994) The politics of wind. (effect of hurricanes hitting Florida on insurance sector) Florida Trend

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