Florida lawmakers set to meet on ailing insurance market

TALLAHASSEE, Fla. (AP) — The Florida Legislature will meet next week for a special session on property insurance and property tax relief in the wake of damage caused by Hurricane Ian, officials announced Tuesday.

The leaders of the Florida House and Senate issued the proclamation convening the Legislature from Dec. 12 to 16.

Lawmakers will be tasked with reforming elements of the state's troubled property insurance market, providing tax or other financial relief related to damage from Hurricanes Ian and Nicole, and creating a toll credit program for frequent Florida commuters.

The session comes as Florida's property insurance market has dealt with billions of dollars in losses, rising prices for consumers and insurer insolvencies, even before the powerful Hurricane Ian slammed into the state in September and caused widespread damage.

Next week's special session will be the second time the Florida Legislature met this year to address issues in the property insurance market.

Lawmakers in May passed legislation creating a $2 billion reinsurance program, offering grants to homeowners who retrofit properties to be less vulnerable to hurricane damage and limiting various attorney fees in some insurance-related lawsuits.

The legislative package was seen by many in the statehouse as a meaningful first step in repairing the market, though some said it did not do enough to immediately lower rates for homeowners.

The insurance industry blames overzealous litigation for problems in the market. Florida law allows attorneys to collect high fees in property insurance cases. State insurance regulators say the state accounts for almost 80% percent of the nation's homeowners' insurance lawsuits but just 9% of all homeowners insurance claims.

Attorneys' groups have argued insurers are...