That is correct. The Insurance companies earned a record 3.4 billion in profit in the state of Florida last year, and yet they are still canceling policies and asking for rate increases.
As usual, just like gas, and power, and other industries, insurance is quick to raise the rates but it takes months, sometimes years, to see it come back down when the economic indicators say it should.
Because of this a special Senate panel threatened Thursday to subpoena leading insurance industry executives to explain why some Florida consumers have not seen savings on their property insurance bills. The lawmakers are frustrated at the delay in getting savings back to the state’s consumers.
‘It’s time for the fork to meet the grits,’ said Sen. Bill Posey, the Rockledge Republican who chairs the Senate Banking and Insurance Committee. ‘We need to make sure this stuff is rolled back as far as it needs to be.’
Posey spoke at a news conference announcing the special Senate panel that will include half of the Senate’s 40 members. It will be co-chaired by Sens. Jeff Atwater, R-North Palm Beach, and Steve Geller, D-Cooper City. Lawmakers said they intended to put industry executives under oath during testimony before the panel.
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