This week’s report of the possible return of a Florida insurance company is being seen as a positive sign for the state’s troubled insurance landscape.
The Insurance Journal reports that Anchor Insurance is considering coming out of run-off status – no longer writing new policies and unable to collect premiums to pay claims.
According to the report, insurance reforms are being viewed positively by company executives.
“The news with Anchor, you’re seeing them now kind of showing signs of resurrection,” said Lee Wiglesworth of Wiglesworth-Rindom Insurance in Stuart. “It may be two or three years before they’re offering competitive home insurance again, but there are new companies starting up.”
But relief appears to be slow in coming for policyholders, who are still struggling with very high premiums and difficulty in finding coverage.
Lawmakers and industry experts say attracting more companies and increasing competition is the solution, but it could take months and perhaps years.
“We read in the papers and see on the news that the changes are going to fix the insurance industry, and that’s all true, except it’s not happening now,” Wiglesworth said. “We’re still getting rate increases on home insurance.”
