Florida Insurance Companies Increase Profits

Florida Insurance Regulators are sifting through thousands of subpoenaed documents, trying to see if there was collusion between insurance companies to keep hurricane insurance rates high, even after changes in the law.

Within the State Office of Insurance Regulation, investigators are pouring over insurance company records, they are looking for evidence of collusion in the sale of reinsurance, or anything that might explain why insurance rates dropped only half as much as predicted after the state of Florida changed the law.

Insurance rates were predicted to drop 24%, but only fell by 12% on avg.

The investigation is likely to take months before any answers on why rates are still high emerge.