P/C sector in Fla. can weather a major storm, officials say

06/2/2013 | Reuters

Florida has not experienced landfall of a major hurricane in the past seven years, enabling the state's property/casualty insurance sector to recover after previous storms, according to state insurance officials. "We are better positioned today than I have seen in 10 years," said state Insurance Commissioner Kevin McCarty. Industry experts, however, expressed doubts over the long-term stability of the state's insurance system. "It's very fortunate for Florida that [it] has been able to build up its reserves, but the fact of the matter is that Florida is living on borrowed time," said Insurance Information Institute President Robert Hartwig.

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