DEERFIELD BEACH, FL: The Florida Bar International Law Section recently published an article by Michael B. Greenberg, Esq., Litigation Counsel at People’s Trust Insurance. The article, titled “Florida, Insurance, and Climate Change: How Chilling Its Litigation Climate and Globalizing Its Reinsurance Market Will Help Florida Weather Future Storms,” delves into the complexities of Florida’s home insurance market, the necessity of litigation reform, and the potential benefits of embracing an open international market for property insurance and reinsurance.
Greenberg’s article sheds light on the challenges facing homeowners in Florida, where insurance costs are notably higher due to the state’s susceptibility to hurricanes. Highlighting statistics that reveal Florida’s disproportionate share of insurance lawsuits compared to other states, Greenberg emphasizes the urgent need for reform to stabilize the insurance marketplace.
“In light of the staggering number of insurance-related lawsuits in Florida, it’s imperative that we enact measures to mitigate these costs and ensure the sustainability of the insurance industry,” said Greenberg.
The article also explores recent legislative reforms that aim to curb litigation and foster a more competitive insurance market. By repealing statutes that incentivized lawsuits against insurance companies and implementing measures to streamline claims processing, Florida seeks to alleviate the financial burden on insurers and ultimately reduce premiums for homeowners.
“People’s Trust Insurance is dedicated to providing affordable and reliable coverage to Florida homeowners,” said George Schaeffer, CEO and President of People’s Trust Insurance. “We commend Michael Greenberg for his insightful analysis and advocacy for reforming Florida’s insurance landscape.”
As Florida braces for the impacts of climate change, Greenberg emphasizes the importance of embracing a globalized reinsurance market. By expanding the pool of reinsurance options through partnerships with international jurisdictions, Florida can better prepare for future weather-related challenges.
To read the full article on The Florida Bar International Law Section website, please click here.
About People’s Trust Insurance
Founded in 2008, People’s Trust Insurance is a leading home insurance provider in Florida, committed to offering affordable rates and comprehensive coverage to homeowners across the state. With a focus on innovation and customer service, People’s Trust Insurance remains a trusted partner for Floridians in times of need.
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