Monday, February 16, 2009

Insurance Companies Hit By Economy Mid-Recovery

Copied and Posted by Ryan Johnson

Many politicians, editorialists and citizens have weighed in on the recent decision by State Farm to withdraw from Florida's property insurance market.

Some of the comments have derided State Farm and some of these came long before the announcement. These comments sometimes emanate from a lack of understanding of the issues and, unfortunately, others come from people who know better.

Gov. Charlie Crist has said that Florida is better off without State Farm; he says the policies will be picked up by a group of new smaller insurers or the state's insurer, Citizens Property Insurance Company (Citizens).

The national A-rated companies have been reducing Florida business for years. State Farm is just the latest and largest example.

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