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Bankers Insurance Group becomes latest company to leave Fla. insurance market

Bankers Insruance Group logo
Posted at 2:15 PM, Jul 25, 2022
and last updated 2022-07-25 14:15:03-04

ST. PETERSBURG, Fla. — Bankers Insurance Group of St. Petersburg became the latest homeowners insurance company to stop its business in the state of Florida.

The company said in a statement, "recent legislative measures, unfortunately, failed to adequately address the immediate financial challenges faced by property and casualty insurers, including combating fraud and litigation which exponentially outpaces every other state."

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Bankers said it had informed the Florida Office of Insurance Regulation of its decision. It said the "difficult decision" allowed the company to remain "competitive and profitable."

The longtime insurance company had been offering policies since the late 1970s in the state of Florida.

It's the latest in a long line of homeowners insurance companies that continue to flee the state of Florida under the watch of Governor Ron DeSantis and the Florida legislature.

The Legislature held an emergency session earlier this summer to deal with the crisis, but many companies said it was too little, too late to get them to keep their business in the state.