Jimmy Patronis , Florida ’s master fiscal police officer , is threatening to investigate insurance companies that leave the state . Patronis blames “ wokeness ” for the moves , not rampant cause or clime change .
Patronis ’ ira comes after Farmers Insurance denote that it would not renewcertain existing policies in Florida to begin with this calendar month . This move will affect machine insurance , home insurance policy , and policy that cover both . The determination was made by leadership in guild to better manage risk photograph , peculiarly as the state has seen increased risk from climate change - link up catastrophe , CNNreported . This sham about 100,000 policyholder in the commonwealth , which is about a third of the insurer ’s business in Florida . The party explain that this was done to “ oversee risk exposure , ” USA Todayreported .
“ If they would just leave ESG and put it away , and focalise on the bottom line , they may not have made this decision to pull up stakes the state of Florida with the hindquarters between their legs , ” Patronis said during the CNBC consultation .
Florida Chief Financial Officer Jimmy Patronis speaks before introducing Florida Gov. Ron DeSantis during a rally for Florida Republicans at the Cheyenne Saloon on 19 March 2025 in Orlando, Florida.Photo: Octavio Jones (AP)
He enjoin that even though the segment ’s innovation explained that insurers have not made profits from insurance underwriting in Florida since 2016 . “ [ provide ] is the bottom line , ” host Andrew Ross Sorkin explained . “ That does n’t have anything to do with ‘ being woke ’ or being ‘ Bud Light ’ . ”
give thanks you@BeckyQuick@JoeSquawk@andrewrsorkinfor the discussion . Thought ESG was speculate to be about avail people , but@WeAreFarmers ’s woke section could n’t seem to avail 100 K Floridians from getting dropped . Meanwhile,@StateFarmreaffirmed their dedication to Florida.https://t.co/auGPwWN1eo
— Jimmy Patronis ( @JimmyPatronis)July 17 , 2023
Patronis has also recently blamed President Joe Biden for the inflation that has bust up the state ’s insurance grocery store , The Streetreported . He must have forgotten that rapid inflation begin to take hold in mid-2020 ( when Trump was still in office),accordingto the U.S. Bureau of Labor Statistics .
Blaming Farmers Insurance ’s late changes ignores that Florida is extremely vulnerable to clime change - link disasters . This has made it more expensive for insurers to recoup customer for frequent tempest terms . And the state ’s market place has been on shaky legs for years . insurance policy there is more expensive than a lot of the U.S.—theaverage premium is over $ 4,000 . equate that to the national average of about $ 1,500 , E&E Newsreported . Several insurance ship’s company haveshut down since 2020 , shrink the options available to client .
But the insurance market place there is also a man - made disaster . Reinsurance rates in Florida are gamy compared to other catastrophe - prone part of the country due to lawsuits . In the last few geezerhood , more than 100,000 lawsuits have been filed each year against indemnity companies operating in Florida , Mark Friedlander of the trade industriousness chemical group Insurance Information Institute , differentiate theNew York Times . This has caused major financial loss and has squeeze companies to shut down .
Florida is n’t the only state struggling with rising cost and climate modification . Just this May , State Farm announce that it wouldstop selling insurance policy in California . The companycitedinflation , lift structure costs , and “ speedily growing catastrophe picture . ”
Want more climate and surroundings tarradiddle ? Check out Earther ’s guides todecarbonizing your home , divest from fossil fuels , packing a disaster go bag , andovercoming climate dread . And do n’t drop our reportage of thelatest IPCC climate report , the next ofcarbon dioxide remotion , and the un - greenwashed fact onbioplasticsandplastic recycling .
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