insurance market, replacing for-profit property insurance with a state or federally-run and subsidized insurance program, like the National Flood Insurance Program (NFIP) managed by FEMA. Pro-business Republicans will never allow it; the personal property insurance market is still very profitable, even in Florida, and nationally it's even more profitable.
'Florida Property Insurance Market Turns Profitable After 8 Years'
"The AM Best's Market Segment Report, Florida's Property Insurance Market Showing Stabilization Following Volatility, Sharp Premium Increases, found that the state's property/casualty environment is showing signs of improvement following years of volatility. In 2024, active Florida property insurers reported a combined ratio of 93.1 and an underwriting gain of $206.7 million—reversing a $174.4 million loss in 2023. Pre-tax operating income surged to $492.3 million, up from just above breakeven the previous year."
https://www.captive.com/news/florida-property-insurance-market-turns-profitable-after-8-years
'Record profits for property insurers'
"The National Association of Insurance Commissioners released a study that was incorporated into another blockbuster study about your home and car insurance rates and politics. This may be a real eye-opener for people who have lost or might lose their insurance because wildfires and car accidents, insurers say, are to blame."
"Insurers use complex bookkeeping to show losses but make a profit in 90% of the zip codes they serve. 'The industry is only suffering losses in a small minority of zip codes'...Last year these insurers made $164 billion on their investments in stocks, bonds, real estate and other financial instruments, paid for with a large chunk of customers' insurance premiums. When insurers talk about losses, they are referring to the portion of premiums held to pay claims which sometimes goes negative, but over the decades big insurers have done well...in 2024, for every premium insurers took in, they paid out only seventy-one cents...A lot of these carriers have very, very substantial surpluses. A lot of them are making very substantial profits. They're paying their executives very large amounts of money."
https://www.ktvu.com/news/insurers-really-losing-money-climate-change
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