Chief Financial Officer Jeff Atwater is asking for state insurance regulators to explain why property insurance companies don't seem to be passing along their cost savings to consumers.
At the heart of the issue is the drop in the cost of re-insurance, which has dropped in price after a series of legislative reforms. Atwater asked the same question to Florida Insurance Commissioner Kevin McCarty in an August letter. McCarty responded in a letter, and at a recent Cabinet meeting, and said that rather than reduce the cost of premiums for consumers, insurers were purchasing more re-insurance.
Now, Atwater wants better answers and he is asking McCarty to prepare a report by Dec. 18.
"My question to you is simple: 'Why have rates not come down?',” Atwater writes. Here's his letter: Download 10.29.2013 Letter to McCarty Regarding Property Insurance Costs (1)