TBO.com - TBO is Tampa Bay Online

State Farm Exit From Florida To Highlight Insurance Summit

ADVERTISEMENT

By RUSSELL RAY | The Tampa Tribune

Published: February 23, 2009

State Farm's plan to drop 1.2 million policyholders in Florida will dominate discussions at a two-day summit on property insurance beginning Tuesday in Orlando.

Educators, insurance executives and former lawmakers will gather at Walt Disney World's Grand Floridian Resort for a series of panel discussions about the health of Florida's insurance market and the impact of State Farm's plan to get out of the property insurance business in the state.

State regulators recently approved, with conditions, State Farm's plan to withdraw from Florida. Under that plan, State Farm would drop some 700,000 homeowners policies over a two-year period beginning in November.

During the summit, panelists will discuss the market's potential for absorbing all of the policies State Farm plans to cancel. The Florida Chamber of Commerce is hosting the summit.

State Farm announced last month plans to pull out of Florida's property insurance market after regulators rejected its request to raise rates 47 percent on average statewide.

Reporter Russell Ray can be reached at (813) 259-7870.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT