Some of us reside in Florida. Many more of us have served time here with a stint or two following catastrophes that impacted the Sunshine State. In the aftermath of Andrew; the 'four in 2004', and then Wilma, old-timers and rookie adjusters alike saturated the fourth largest state and served for weeks and months.
By the end of 2005, state spokesmen proclaimed the industry was in a crisis mode. Citizens, the state created 'insurer of last resort'; (ILR), was out of breath (and money). Poe Financial, a group of carriers that had attempted to help depopulate Citizens, was on the rocks.
Now, Citizens has in excess of 1.2 million policies, and the ILR is still growing.
The newly elected Florida Legislature is having a special January session to deal with insurance matters. Very few of these lawmakers have any background or experience in the field. They will attempt to find 'out of the box' solutions, though few, are familiar with what has been 'in the box'.
Private insurers as well as Citizens are trying to tweak their coverages, such as excluding or placing limits on pool enclosures.
If the 'big one' or even several 'medium ones' hit in the next year or two, the need for cat adjusters will be rampant. Citizens may have 1.5 million policies by then; and many of us, like it or not, may find ourselves in the employ of the ILR or its vendors.
This blog will follow these trends and events. Your participation is welcome.