OIR Releases Annual Report
The Florida Office of Insurance Regulation has released its most recent annual report on the state of the Florida insurance market. The report describes the organizational structure of the Office of Insurance Regulation. In addition, the report discusses the economic impact of the insurance industry in Florida, stating that the industry accounts for $19.9 billion of Florida’s $744.1 billion gross domestic product (as of 2008, which was the last year for which data was available). The insurance industry also provides 181,757 jobs in Florida (again as of 2008).
The annual report includes insurers’ experience by line of business and lists the top writers in Florida’s various lines. The report provides a financial abstract for authorized insurers transacting business in the state. Finally, the report includes a complaint index by which insurers’ ratios of sustained complaints can be compared to their market shares by line of business.