The statements: “The root cause of the broken Florida property insurance market is not, contrary to popular belief, the fact that Florida is peculiarly exposed to hurricanes. Other states and regions, such as North and South Carolina and the Texas Gulf coast, are also in harm’s way. ” is not actuarially correct. The facts show that most of the state of Florida is exposed to hurricanes, while only a tiny sliver of the coast along the Carolinas and Texas are similarly exposed. The report by First Street foundation, “7th annual assessment: Worsening winds”, on page 4 of 56, notes that Florida accounts for 80% of the entire nation’s risk” and their analysis is backed by extensive data.
The statements: “The root cause of the broken Florida property insurance market is not, contrary to popular belief, the fact that Florida is peculiarly exposed to hurricanes. Other states and regions, such as North and South Carolina and the Texas Gulf coast, are also in harm’s way. ” is not actuarially correct. The facts show that most of the state of Florida is exposed to hurricanes, while only a tiny sliver of the coast along the Carolinas and Texas are similarly exposed. The report by First Street foundation, “7th annual assessment: Worsening winds”, on page 4 of 56, notes that Florida accounts for 80% of the entire nation’s risk” and their analysis is backed by extensive data.