Insurers in Florida formed a new trade group to press for changes in the car and home insurance markets in the state.
The Personal Insurance Federation of Florida (PIFF) says it wants to help create an efficient and competitive marketplace that gives consumers more choices. Charter members are Allstate Insurance Co., Progressive Insurance Co. and State Farm Insurance Co., which represent 45 percent of the auto insurance market and more than 25 percent of the home insurance market in the state. The group says it will lobby state legislators and regulators and work with consumer and business groups.
"Florida consumers deserve more choices in the market, both in terms of the kinds of products they might purchase and the companies from which they may purchase," Michael Carlson, executive director of the new association, said in a press statement.
Consumers have had to scramble to find home insurance in recent years as insurers pulled out of the hurricane-troubled market.
"PIFF is committed to working for solutions that ensure company solvency, increase the availability of insurance, and promote competitive pricing," the group stated in its announcement.
Meanwhile consumers have faced increased car insurance rates as insurer costs have grown from a rising number of insurance fraud cases.