Insurance rates yet to catch up with reform

Just 32 homeowner's insurance companies have lowered their premiums to the standard imposed by the Florida Legislature last spring.

A presentation made to the Senate Banking and Insurance Committee by the Florida Office of Insurance Regulation shows those rates apply to 17.6 percent of the market -- or about 717,706 homeowners' policies. Those rates were cut by an average of nearly 22 percent, but exclude several companies -- including State Farm, the state's second-largest insurer behind the state-run Citizens Property Insurance Corp.

The report said no rate increases have been approved.

However, 24 companies still have final rate cuts pending, 31 have been disapproved or received notice of intent to disapprove and five have withdrawn their requests.

Some of the rejected insurers plan to refile. Others asked for an administrative hearing.

The companies with pending filings insure nearly 46 percent of the market, or 1.89 million policies, and proposed an average rate decrease of 11.1 percent. The companies with rejected filings cover 32.5 percent of the market, or 1.33 million policies, and requested an average 12.8 percent increase.

source:http://www.bizjournals.com/tampabay/stories/2008/01/07/daily36.html