Resolution recognizing Florida's insurance market stress due to climate risks.
The resolution highlights the severe stress Florida's insurance market faces due to climate risks, noting that 98 percent of insurers are rated "A" or above by Demotech, which is 30 times more likely to lead to insolvency compared to other rating companies. Homeowners face high premiums, averaging $14,000 annually, and rates have risen 34 percent since late 2022.
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