General Insurance

Office of Insurance Regulation Commissioner Kevin McCarty, address to Florida Atlantic University's Executive Fourm, March 13, 2008 

As you know, Florida is the fourth most populous state in the union. What you may not know is that Florida is the third largest insurance market, by premium, in the union. In 2007, the Florida provided over $100 billion dollars in premium to the global market. To put this in perspective, if Florida were a separate sovereign nation, it would be the 8th largest insurance market on the planet.

This $100 billion represents insurance products purchased across all lines of insurance business, from health insurance, life insurance, annuities, property and casualty insurance. These insurance products are provided by primary insurance companies domiciled here in Florida, in all of the other states, as well as internationally. The reinsurance used to support these products truly comes from a global marketplace. Nowhere is this more evident than in our property insurance market.

The Florida Poperty Insurance Market

Nowhere does the global insurance market come to bear on Florida more than in the property insurance market. Of the $100 billion dollars in premium I mentioned earlier, about $11.5 billion of that is spent on residential property insurance (about 6.3 million policies insuring homeowners, condominiums, mobile homes, etc.). At least an equal amount is spent on non-residential property insurance.  Over $7.5 billion is spent in Florida just on homeowner’s insurance.

Overall, there is almost $2 trillion dollars of insured property in Florida. Combined with our unique geography, this creates an interesting insurance and risk transfer marketplace. As you may have heard, Florida is somewhat exposed to the risk of hurricanes; and unlike many other coastal states, our exposure spans the entire state.

The result is the Florida property market relies more heavily on reinsurance than almost any other single property insurance market. The direct writers cannot possibly provide the amount of risk capital needed to finance this exposure; the ongoing business model then requires laying off a significant amount of that risk to reinsurers.

The result is that, on a statewide average, slightly over half of all property insurance premiums go to buy reinsurance. This reinsurance is purchased annually in the global market place. In fact, over 90% of the reinsurance provided in Florida comes from outside the United States. Florida is the single largest market for the Bermuda reinsurers, as well as the Lloyd’s reinsurers and provides a considerable portion of annual revenue for many other continental European reinsurers. I can remember the first time I met with some Lloyd’s reinsurers in their boxes on Lime Street in London and noticed with some surprise that their desks were covered with Florida newspapers, magazines and maps. Suffice to say, they’ve heard of us.

Other Florida markets

Property insurance is not the only market where Florida is front and center in the evolution of insurance. Our relatively high concentration of elderly resulted in Florida being one of the first states to witness development of the life settlement or viatical settlement market. This is the market where an individual can sell the beneficiary rights of their life insurance to third parties for a cash payment today. As this market has developed and grown, we at my agency have been intimately involved to ensure that individuals are not being taken advantage of or cheated. Our long-term care market advanced well ahead of most other states; as a result, we have been active in helping to correct early mispricing and to ensure again that individuals purchasing this product got a fair deal. We continue to be active in monitoring the various investment products offered by the insurance industry, not to restrict the market, but to ensure that people know what they are getting and in fact are getting what they purchased.


This is a summary of 2006 Surplus Lines Aggregate Premium for Florida. It is the assessment base for the Florida Hurricane Catastrophe Fund.

This is excerpted from a Raymond James & Associates report to the FHCF Advisory Council, October 16, 2007.

Surplus Lines: 2006 Premium for Florida

This is a summary of 2006 Direct Written Premium for Most Property & Casualty Lines in Florida. It is the assessment base for the Florida Hurricane Catastrophe Fund - all P&C premium except medical malpractice and workers' compensation.

This is excerpted from a Raymond James & Associates report to the FHCF Advisory Council, October 16, 2007. While not all P&C premium in Florida, it still is a valuable resource with the reported premium broken down by specific lines and separated between the private market and residual markets.

2006 P&C Premium for Florida


Use these associations to find an independent insurance agent in Florida:

Florida Association of Insurance Agents Internet site to find a local independent insurance agent.

Go to

and click “Find an Agent”.

Professional Insurance Agents of Florida:call 00-277-1171 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Some insurance companies, including FIC members Allstate, Nationwide, Blue Cross & Blue Shield of Florida and Humana, have designated and/or sole agents. "Google" the company to get information on its Florida agents force.


Mission Statement

The Florida Insurance Council’s mission is to provide value through education, research, and representation before consumer, legislative, regulatory, and judiciary organizations. The Council is dedicated to the highest standards of business ethics and professionalism; committed to promoting and protecting the viability of the insurance market; resolved to earn consumer confidence and trust, and determined to foster a positive public image of the insurance community.

Vision Statement

The Florida Insurance Council’s vision is to be the premier organization representing the insurance profession in Florida.  The Council will be the recognized and preferred source of information on insurance matters including economic, legislative, regulatory, and consumer issues.

The Florida Insurance Council is the vision and voice of Florida’s insurance community. 
Today's Florida Insurance Council is the evolutionary product of the development, growth, and merger of three separate state insurance trade organizations the Florida Association of Domestic Insurance Companies (FADIC), the Florida Insurance News Service (FINS) and the Florida Insurance Council (FIC). In 1994, key insurance leaders recognized the potential benefit of bringing the three organizations together, and the merger effort began. The groups' similar missions and goals created a natural fit, and the result is the new Florida Insurance Council --- a strategically integrated insurance trade dynamo that serves the industry with a single, powerful voice.

The Florida Insurance Council was established in 1962 to represent the insurance sector in legislative, regulatory, judicial and executive branch forums.

The Council is now Florida's largest company trade association, representing 42 insurers groups - consisting of 245 companies - which write over $20 billion a year in premium volume and provide all lines of coverage. Council members hold more than 90 percent of the market share in residential and private passenger automobile coverage. FIC also has five national trade association members - the American Council of Life Insurance, the Health Insurance Association of America, the National Association of Independent Insurers, the Alliance of American Insurers and the American Insurance Association.

The Council not only represents the industry in legislative and regulatory matters, but in judicial and executive branch forums as well. Additionally, FIC tracks, analyzes and communicates all public policy developments to members via state-of-the-art technology. FIC educates the media, consumers and the general public on the business of insurance. The Council is the key contact for the insurance industry in Florida's landmark Emergency Management-Insurance Community Cooperation Pact, which ensure swift claims handling following a hurricane or other catastrophe.

Full membership is available to insurance companies admitted or authorized to do business in the state by the Florida Department of Insurance. Dues are based on annual Florida premium volume. Associate membership is available for national trade organizations. Subscriber membership for reinsurers, members of law, accounting, actuarial and other professional firms. A standard dues applies to associate members. It is established periodically by the FIC Executive Committee and Board.

The current chair of the FIC Executive Committee and Board is George Grawe, Allstate. The Council's President is Guy Marvin and Sam Miller is Executive Vice President.

Membership in the Florida Insurance Council is available to insurance companies which are admitted or authorized to do business in the state by the Florida Department of Insurance. Dues are based on annual Florida premium volume and range from $7,925.00 a year to a percent of premiums.

Associate membership is available for national trade associations and similar entities. Dues are $7,500.00 a year.

Subscribing membership is available for business entities involved in insurance, but not qualifying as either a member or associate member. These include law, accounting and actuarial firms and other professional firms. Subscribing member dues are $7,500.00.

See what FIC members have to say about their association:

MetLife is a member of the Florida Insurance Council for access to news and information affecting the insurance industry in Florida, and to participate in consensus-building on legislative and regulatory matters that impact our company and our industry.

Because FIC is the voice of the insurance community in Florida. Florida Farm Bureau Insurance is a member of FIC to support our fair share of the needed efforts for all of the insurance community.

"We believe that membership in a strong trade association is critical to the appropriate representation of our views to the levels of government that regulate our business. An association provides a scale of economics that provides representation of views to the state government and believe that the sharing of costs to represent those views are well spent in supporting the excellent job done by FIC" - Sunshine State Insurance Company

CNA is a member of FIC due to its ability and reputation to influence insurance public policy. FIC is also a tremendous forum for companies to get together and share viewpoints to affect positive change.  FIC is the preeminent insurance association in Florida.

Located at: 150 South Monroe Street, Suite 206
Tallahassee, Florida 32301

For more information, contact FIC and ask for Vicky Dingwell. Vicky is available at: (850) 386-6668 ext. 229, (fax: 386-7371) or Vicky Dingwell.

From the Office of Insurance Regulation

●Blue Cross & Blue Shield of Florida, $4.95 billion in premium and 22.5 percent market share
●Humana Medical Plan, $3.3 billion in premium and 15.3 percent market share
●Aetna Health Inc of Florida,  $2 billion and  9.24 % market share
●United Health Care of Florida, $1.7 billion and 7.96 % market share
●Health Options, $1.2 billion and 5.6 % market share
●Wellcare of Florida, $1.03 billion and 4.7 % market share
●AvMed, $884 million and 4.0 % market share
●Vista Health Plan, $674 million and 3.08 % market share
●CarePlus Health Plan, $641 million and 2.93 % market share
●Humana Health Insurance, $514 million and 2.35% market share

From the National Council for Compensation Insurance.


Liberty Mutual              20.8 percent

AIG                              12.6 percent

FCCI Group                    6.1 percent

Zenith                            5.9 percent

 Hartford                        5.3 percent

Zurich                            3.7 percent

Travelers                       3.6 percent

C N A                             3.3 percent

AmComp                        2.9 percent

First Commercial            2.8 percent