State senator speaks on uncovered 2022 report on Florida insurance losses

An uncovered internal analysis from 2022 suggests that Florida insurance companies may not have been entirely truthful about their financial losses following several hurricanes.

The study, conducted by the Office of Insurance Regulation, was never made public, and state lawmakers were not aware of its existence.

The Tampa Bay Times acquired the report after a two-year wait through a public records request. According to their review, Florida insurance companies did lose millions due to hurricanes Irma and Michael in 2017 and 2019.

However, at the same time, company executives were reportedly funneling billions to investors and affiliate companies.

State Sen. Jonathan Martin expressed concern about the lack of transparency.

“We’re board members for the state of Florida. Our job is to write policy, and we need to make sure that we have all the information in front of us while we’re writing policy,” said Martin. “Nobody would ever serve on a board for any company and not look at the financials, so it’s malpractice for us to legislate without looking at the financials, so I think it’s detrimental to our job and our constituents, and what we were called to do, and what we swore an oath to do.”

Martin highlighted the impact this situation has on local residents, citing the rising insurance rates and cancellations affecting his community.

“I mean, selfishly, I pay for insurance. My insurance rates have gone up. My neighbor’s insurance rates have gone up. My friends insurance rates have gone up. My family’s insurance rates have gone up,” said Martin.

He continued, “The people who live in this district need insurance. We live it. We live in an area in the coastal community, and I need to make sure that if their insurance rates go up, they’re getting something for it, that it’s not just going to a bunch of people who are crying poor and then at the same time sliding some money over to a different pocket and and not being poor.”

He suggested that the attorney general should investigate the matter further.

“I think we need to hold everyone’s feet to the fire. Who’s involved? Who? Who’s, first of all, dragged their feet, or Secondly, who’s hidden information from us?” said Martin. “Again, we’re the policy makers. We can’t make policy unless we have all the information. And if somebody’s hiding that information or or misconstruing that information, they need to be held accountable and answer.”

WINK News reached out to the Office of Insurance Regulation about the internal analysis.

We received a statement saying, “The report does not clearly show where the capital was spent or concludes that all the monies were profit. The report does say additional oversight was needed.”

The Office of Insurance Regulation explained that the study was considered a draft and never finalized, which is why state lawmakers never saw it.

WINK News has requested further clarification and will provide updates as they become available.