Major storm could cripple state if insurance rates remain low - Orlando Business Journal:

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“You’ve got to get on your knees and pray thewind doesn’t blow,” said Jeff Grady, presiden and CEO of the . The state’s stance already has driveh away State Farm and eventually could push out more large insurerws ifthey can’t raise rates enough to see profits. Statew Farm decided earlier this year to discontinue property insuranc in Florida after trying unsuccessfully for yearas to raise rates to boost reserves in case a badstork hits. It will phasd out its 730,000 policyholders during the nextthree Many, like John Ritenour, CEO of in Longwood, believse Gov.
Charlie Crist should sign into law a bill that woulrd let large insurers raise rates withou tstate approval. “Let everybody go shopping. Insurancw companies want the business, and they’re goingb to be competitive.”