State Farm's Florida storm tab nearly $600 million
TALLAHASSEE - As it sought to remind Floridians that the 2023 hurricane season is entering its busiest months, State Farm insurance said Wednesday that it received nearly 59,000 claims and paid out $597 million after Hurricane Ian and Hurricane Nicole last year.
Ian crashed into the Southwest Florida coast on September 28th before crossing the state, while the smaller Nicole made landfall in November on the East Coast.
State Farm said last month it would continue "our substantial presence in the Florida insurance marketplace." That statement came after Farmers Insurance announced plans to stop offering residential, auto and umbrella policies in the state.
State Farm pointed, in part, to changes passed by the Legislature to reduce lawsuits against insurers.
"Our current plans include a commitment to responsible growth so that we can maintain the financial strength to deliver on our promises to our customers," State Farm spokesman Roszell Gadson said in a statement. "We are encouraged by the recent insurance reforms and efforts to curb legal system abuse and we will continue to work constructively with the Florida Legislature and the Office of Insurance Regulation to improve the marketplace on behalf of our Florida customers."