Reflections on 2024: A Defining Year for the Insurance Industry

As 2024 winds down, we look back on a year that was forecasted to be one of the most active hurricane seasons on record—driven by near-record warm ocean temperatures and reduced wind shear in the Atlantic, courtesy of La Niña conditions. The season began with a historic event: Beryl, the earliest Category 5 hurricane in Atlantic history. It was followed by four more major hurricanes, collectively causing over $232 billion in damages and more than 400 deaths.

Despite the devastation, Florida’s insurance industry rose to the challenge. Thanks to the Insurer Accountability Act, claims were processed faster than ever before, demonstrating the positive impact of regulatory reforms. Yet, even with these successes, public sentiment toward insurance remains concerning.

A Climate of Distrust

Perhaps nothing underscored the broader discontent toward the insurance industry more than the December 4 murder of UnitedHealth Group CEO Brian Thompson. The shocking event, reportedly driven by the suspect’s grievances with the health insurance industry, ignited a firestorm of social media discourse. Supporters of the suspect raised funds through GoFundMe and GiveSendGo, with some even calling him a hero. A former professor of his went as far as saying she had “never been prouder to be a professor” in the wake of the assassination.

Just over a week later, a Florida woman was arrested for making a veiled threat to Blue Cross Blue Shield—her words referencing a phrase found on the shell casings at Thompson’s murder scene. Frustrated over a health insurance dispute, she told the insurer on a recorded call: “Delay, deny, depose—you people are next.”

These incidents reveal a disturbing trend: the growing animosity toward the insurance industry, particularly health insurance. But the concern extends beyond that sector. With hurricanes battering the Southeast and homeowner insurance premiums rising sharply, property insurance is also in the crosshairs of public frustration.

The Media’s Role in Shaping Perception

The situation wasn’t helped by sensationalized media reports throughout the year. A 60 Minutes segment in early October focused on a Hurricane Ian claim but only presented one side of the story. Then came the Weiss Ratings report, which grossly misrepresented claim denials in Florida from 2023. These narratives only served to fuel public skepticism.

The Weiss report claimed that Citizens Property Insurance “denied” over 50.4% of their claims in 2023. However, the report failed to distinguish between actual denials and cases where:

• The claim amount was below the policy deductible
• The claim was withdrawn by the policyholder
• The claim was a duplicate submission

In reality, as Citizens CEO Tim Cerio clarified in a December 4 report to the Board of Governors, only 13.2% of claims from Hurricanes Debby, Helene, and Milton were fully denied—a stark contrast to the Weiss report’s misleading numbers. Florida’s Office of Insurance Regulation (OIR) even issued a subpoena to Weiss Ratings over its flawed report.

Meanwhile, Lisa Miller, former Deputy Insurance Commissioner of Florida, and Locke Burt, CEO of Security First Insurance, tackled these inaccuracies in a podcast discussion, reinforcing what those within the industry already knew: carriers aren’t looking for ways to deny claims—they’re working to pay them whenever coverage allows.

The Reality of Property Insurance

It’s understandable why some people, influenced by pop culture and media narratives, view insurance with cynicism. The famous words of Al Bundy from Married with Children come to mind:

“Insurance is like marriage. You pay, pay, pay, and you never get anything back.”

But as someone who has spent years in the property insurance industry, I can tell you that no carrier I have worked with ever sought to deny valid claims. The goal has always been to find coverage where it exists.

One of my most rewarding experiences in the field came after a hurricane when I met an elderly woman struggling with her claim. After an hour of reviewing her situation, I was able to tell her:

“Your insurance company is going to pay for all your repairs and cover your hotel costs while your home is unlivable.”

She had no idea she was entitled to additional living expenses, and when she realized she’d be fully covered, she burst into tears of joy, followed by a heartfelt hug. That moment remains one of the highlights of my career.

Looking Ahead to 2025

As we step into 2025, I hope to see a shift in the narrative. I hope we hear more stories about the good that insurance companies do—the thousands of families they help rebuild after disaster strikes.

I also hope that the frustrations surrounding health insurance don’t spill over into the property insurance sector. Home and property insurers aren’t the villains. Every carrier I’ve worked with has been focused on helping policyholders recover and rebuild.

Insurance is not just about numbers and policies—it’s about people, their homes, and their lives. That’s a message worth amplifying in the new year.